New Directives Issued To Set Up A Task Force To Track The Digital Economy 

His Highness Sheikh Handan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairmen of Executive Council of Dubai, and His Highness Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of the Dubai emirate, Deputy Prime Ministry, and Minister of Finance, examined crucial technology directions in the metaverse and granted orders to form a task force to track the current evolvements in the digital economy.

The step is part of the directives granted by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice president and Prime Minister of the United Arab Emirates and Ruler of the Dubai emirate, throughout the previous meeting of the Dubai Council. His Highness had directed the establishment of a greater commitment to direct technological evolvements in the emirate and supervising evolvements in the digital economy, supporting increasing the status of Dubai as the best emirate in the virtual spot thanks to inventive services and its modern regulatory and legal structure.

His Highness Hamdan stated the establishment of the greater committee to direct technological advancements in the Dubai emirate shows the proactive desire of His Highness Sheikh Mohammed Bin Rashid, who always looks forward and takes aggressive and quick decisions to exploit probable possibilities. The decision will build the status of the Dubai emirate as a major city in the metaverse, High Highness added.

“The directives of His Highness Sheikh Mohammed Bin Rashid to build a high committee to lead the Dubai emirate’s future technological evolvements show the significance of facing the future with an open mind. The step would assist us completely comprehending reality and analyze remarkable concepts that would build a brighter future for Dubai and the United Arab Emirates, increasing future business possibilities,”

Sheikh Hamdan remembered that the committee had begun to act on major pillars and the purposes of the Dubai Digital Strategy. Depending on data and detail, the method set the target to enhance the support of the digital sector to the economy of the Dubai emirate to USD4 billion by 2030 and enhance its contribution to Dubai’s GDP to 1%.

Throughout the meeting, His Excellency Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote work applications, and Chairman of the Dubai Chamber of Digital Economy, summarized how the Dubai emirate stands to advantage from the digital in a manner that makes it capable to produce business prospects outside its physical borders.

The committee set the target to execute digital technologies that can assist enhance the performance of tenant surgeons by 230% and increase the efficiency of engineers by 30%, moreover to support 42,000 jobs to become virtual. The Dubai emirate plans to stand as a major player in the virtual sphere and is evolving a regulatory and legal structure for the industry. This is also inaugurating assignments and industries that would increase its stature in the virtual sphere.

The committee is recently working on identifying prospects and difficulties and constantly the evolvement of the legal structure that covers the future needs of all sectors. Moreover, the committee is working on qualifying human capital that can excel in the virtual world. The metaverse is a virtual reality space where utilizers communicate with computer-produced climates and other utilizers. This merges components of social media, virtual reality, extended reality, cryptocurrency, video games, and other modern technologies.

Previous this month, the emirate’s Virtual Assets Regulatory Authority stated it has entered the metaverse with the formation of its metaverse HQ, making it the first regulator to have an existence in the developing digital space. Extending VARA’s resources to a worldwide public is part of its strategy of Dubai to make a prototype decentralized regulator mode. This also set the target to make it reachable to government and industry administrators, other authorities and virtual asset service providers to assist form the future digital economy. VARA’s MetaHQ would utilize The Sandbox platform, an Ethereum blockchain-based application that permits utilizers to make, purchase, and sell digital assets.

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