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UAE Ministry of Economy launches headquarters in the metaverse

Virtual office to be equipped with advanced technology to sign bilateral agreements

Published: Wed 28 Sep 2022, 6:03 PM

Updated: Wed 28 Sep 2022, 7:30 PM

  • By
  • Dhanusha Gokulan

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KT photo by Rahul Gajjar

KT photo by Rahul Gajjar

The UAE’s Ministry of Economy has joined the league of government and private organisations with real estate in the metaverse.

Minister Abdulla bin Touq Al Marri revealed the Ministry’s headquarters in the metaverse at the Dubai Metaverse Assembly on Wednesday.

The Minister revealed the new headquarters during a panel discussion at the first-of-its-kind Assembly.

The metaverse HQ would be the Ministry of Economy’s third office, offering an immersive experience for governments, global corporations and the public to connect and collaborate, said Al Marri.

“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,” the Minister stated.

Al Marri described the metaverse as an economic equaliser, transforming key industries from logistics to real estate.

“With advanced physical and digital infrastructure, the UAE can build on its position as a gateway for global trade to become a digital export centre and a leading metaverse economy,” said the Minister

The Dubai Metaverse Assembly is the first event of its kind since Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, launched the Dubai Metaverse Strategy in July.

The strategy aims to add $4 billion to Dubai’s GDP, support 40,000 virtual jobs by 2030 and attract 1,000 companies specialising in blockchain and metaverse technologies to turn Dubai into one of the world’s top ten metaverse economies.

“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.

Al Marri, said, “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.”

The global metaverse market is expected to reach $1.6 trillion by 2030, with total annual growth of 43.3 per cent. “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,” he added.

Metarverse Holdings to make Dubai world's first virtual city

Earlier this month, Delaware incorporated Metarverse Holdings, an advanced Web3 technology company, officially announced that Dubai will become the world's first virtual city and a global centre for digital innovation in their global metaverse rollout.

Users worldwide will experience Dubai and Abu Dhabi’s most fantastic attractions and landmarks alongside real-world utilities from the comfort of their homes– merging physical and digital worlds. A Beta version of the technology is expected to go live in the fourth quarter of 2022 and will become available globally shortly after that.

Dubai-based Virtual Assets Regulatory Authority (VARA) is the world’s first regulator to enter the metaverse. The government department opened an HQ in the metaverse in May this year.

Earlier this year, Sharjah- based environmental management company Beeah Group also said that its new headquarters, designed by Zaha Hadid, will feature a ‘digital twin’ in the metaverse.

The digital twin will replicate its headquarters’ physical structure and systems, tracking parameters and data in real time.

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