Published on: 03/10/2022
UAE Ministry of Economy reveals metaverse headquarters
United Arab Emirates’ Minister of Economy Abdulla bin Touq Al-Marri revealed that the country’s Ministry of Economy would have a third office in the metaverse at the Dubai Metaverse Assembly.
According to Al-Marri, the ministry is planning on using the metaverse location to enable global collaboration between governments, corporations and the general public.
“The virtual government office would also be equipped with advanced technology for the ministry to sign bilateral agreements with other nations in the metaverse. It will bolster the UAE’s ability to become a global hub for next-generation technologies,” said Al-Marri.
“With advanced physical and digital infrastructure, the UAE can build on its position as a gateway for global trade to become a digital export center and a leading metaverse economy.”
Dubai’s Metaverse Strategy and growth
This announcement comes off the back of the Dubai Metaverse Strategy, which aims to add $4 billion to Dubai’s GDP, create 40,000 virtual jobs and attract metaverse and blockchain companies. Al-Marri said UAE’s “forward-looking vision” incentivizes them to invest in digital technologies, with a particular focus on the metaverse.
“Digital technology is vital to our new economic model for the next 50 years, and the metaverse represents one of the most exciting applications in this field,” said the minister.
“In line with the UAE’s forward-looking vision, we understand how the metaverse can transform and redefine our diversified economy and have continued to launch strategies to unlock its potential.”
Strategic Market Research released a report in June 2022 estimating that the global metaverse market would be worth $1.6 trillion by 2030. Currently, North America holds majority of the users at 45% but Dubai’s strategy is looking to change that. Al-Marri said the ministry is well aware of the fast-growing nature of the field and is looking to position itself as a top metaverse economy to attract investors.
“We are moving fast to secure a share of this prize. With advanced physical and digital infrastructure, highly skilled talent and pro-business laws, the UAE have the competitive advantages to become one of the world’s top ten metaverse economies — and a global hub for investments in this field,” said Al-Marri.
Sharjah-based environmental management company Bee’ah Group also announced the creation of its digital headquarters. However, unlike the Ministry of Economy’s office, the Bee’ah Group’s metaverse location would directly mirror the physical location, updating itself in real-time and using AI technology to improve energy efficiency.
Besides the metaverse office, Web3 technology company Metaverse Holdings announced that Dubai would become the company’s first virtual city as part of its global metaverse rollout. Users from all around the world will be able to experience Dubai’s landmarks through the metaverse, alongside merging digital and physical utility by allowing users to interact with shops from big retail brands across the city.
“After carefully examining other leading regions, the decision was made for Dubai and Abu Dhabi to be the very first simulated cities within our new high-end metaverse,” said the founder of Metaverse Holdings, Priven Reddy. “This is going to solve a huge problem in the web3 space, and we are fully committed to delivering a world-class platform.”