Metaverse might seem a jargon to you but unbeknownst to you, it has already entered your life in various ways. Think Photoshop, Lightroom, Snapchat filters, AI emojis and digital products such as movies, music, e-books, video games, in-game items, software, online courses, artwork, and of course, NFTs! Or simply check out why your kiddo is so addicted to Roblox! The Roblox metaverse has already taken the world by storm. Also, if you didn’t already know, there are thoughtfully crafted virtual influencers on Instagram like Miquela and Bermuda who hold an enormous fan following. And why go far, your fave social media app, Facebook is Meta now! Doesn’t it seem a dead giveaway that the concept of the metaverse is no longer just limited to science and fiction movies or novels?
Dubai is never late in the game, when it comes to advanced technology!
The time is not far when people will be living, studying, working, shopping and interacting with others — all from the comfort of their couch or whatever in the physical world. Second Life, a Metaverse-based online community, has already communicated the same. While the world is girding up for the new world redefined by the metaverse, how can the UAE, being one of the stay behind? Home to the swoon-worthy Museum of the Future, Dubai is going to take advantage of a $30 trillion market opportunity with Sheikh Hamdan’s metaverse strategy and by adopting the latest metaverse trends.
A Quick Recap!
“Metaverse” didn’t become a household term in Dubai until the Dubai Metaverse Assembly was announced by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of The Executive Council of Dubai, and Chairman of the Board of Trustees. Organised by the Dubai Future Foundation on 28th and 29th of September 2022 at the Museum of the Future and Emirates Towers, the Dubai Metaverse Assembly will explore how revolutionary technology can be deployed across vital sectors to vide humanity a better future and quality of life. A global event bringing together regional and international experts in Dubai to shape the future of the metaverse and explore its promise and potential applications, the assembly aims to position Dubai as one of the best cities in the world by investing in promising economic opportunities, adopting and deploying metaverse technology, and developing digital infrastructure that supports global transformations and the digital economy. Further, the assembly will host more than 300 global experts, policymakers, thought leaders, and decision-makers from more than 40 organisations. Delegates will participate in sessions and workshops to take a deep dive into the metaverse, understand its impact on humanity, discuss the potential of humanising its applications, and figure out the best ways to leverage opportunities across strategic sectors of countries, governments, and companies.
Pillars of Dubai Metaverse Strategy
- government adoption of metaverse technologies
- talent development
- and a focus on innovation
How close is Dubai to metaverse?
Every step since the strategy was out takes Dubai one step closer to the universe of metaverse. The Dubai Metaverse Strategy introduced by Sheik Hamdan bin Mohammed bin Rashid al-Maktoum, crown prince of Dubai back in July aims to add $4 billion to the UAE economy in the next 5 years. This strategy is predicted to support nearly 40K new jobs and provide huge funding to foster business competitiveness.
While the basic idea of being able to engage in a virtual online world has been around for many years, a true metaverse where lifelike interactions are possible is still years away. Businesses still can expect that within the next couple of years most virtual meetings will shift from two dimensional square boxes to the metaverse — a 3D space with participants appearing as digital avatars.
Sectors in Dubai to dive into the sea of Metaverse
Considered the next evolution of the internet, the metaverse will take many forms, including gaming, online communities and business meetings where people collaborate via a digital facsimile or avatar of themselves. A swarm of companies across a variety of sectors, just like retail, fashion and apparel companies, are becoming increasingly active in the Web3 space. These industries include real estate, energy, education, gaming, tourism, consumer goods, healthcare, entertainment and media, logistics, finance and e-commerce.
Dubai’s Steps to Metaverse: Announcements, Trends, Highlights & Initiatives
The UAE is set to take advantage of a $30 trillion market of the metaverse. Dubai’s recently announced plan to boost the contribution of the metaverse to the economy to $4 billion by 2030 will be supportive of the emirate’s overall growth and improve the lives of residents some key steps taken by the Emirate towards metaverse.
- The announcement of Dubai Metaverse Strategy with an objective to foster innovation in new technology
- Dubai Metaverse Assembly kicked off last month on 28th and 29th September 2022 and hosted over 300 global experts at the Museum of the Future
- Metaverse to underpin 40000 virtual jobs and add $4 billion to Dubai’s economy in 5 years
- 5-times increase is expected in the number of blockchain and metaverse
- UAE Ministry of Economy to set up shop in the metaverse
- Metaverse focussed Indian ventures set to enter the UAE market
- Major announcements by leading companies at the Dubai Metaverse Assembly
- Latest metaverse trend: Digital only shoes
- DP World to use metaverse technology to solve supply chain challenges and expand reach
- Emirates to hire 4,000 new cabin crew to train in the metaverse
- Dubai’s Burj Khalifa, the tallest building in the world, is now in the metaverse. A fully replicated digital twin of the iconic skyscraper on the metaverse allows users to have the full experience with 360-degree views of the city
- Dubai Electricity & Water Authority (DEWA) has put in motion its ‘DEWAVerse’ platform on the metaverse to render services to customers, employees, and members of the society. The move, has made DEWA the first government entity to launch in the metaverse, and is part of DEWA’s efforts to contribute to the Dubai Metaverse Strategy, which aims to place the emirate as a global hub
What’s news for others is opportunity for you!
For B2B and B2C companies, the metaverse offers opportunities for new ways to do business, rethink & reimagine customer journeys, business models and operational processes. The metaverse is sure to help unlock economic opportunities for communities and businesses across industries. The sectors include real estate, energy, education, gaming, tourism, consumer goods, healthcare, entertainment and media, logistics, finance and e-commerce. We can’t deny the fact that technology is giving people new opportunities to become entrepreneurs and content creators, and the metaverse has a grand role to play here.
Dubai is home to more than 1,000 establishments operating in the metaverse and blockchain sector, which contributes $500 million to the national economy. Metaverse focussed Indian ventures such as Delhi-based XR Central are prepping up to enter the UAE market, with ambitious plans to grow into the larger Middle East market, amid Dubai’s high-decibel campaign to make it a metaverse hub. Therefore, if you are wondering about entering the UAE market and capturing the market share then – the earlier the better! For any assistance in business formation in the metaverse sphere of the UAE, get in touch with one of our top business setup advisors in Dubai. Click here to book a free consultation with our business formation specialists in Dubai.