Dubai Metaverse Assembly Highlights the Potential of Metaverse Across Vital Economic Sectors 

Dubai Metaverse assembly, held by the Dubai Future Foundation, booted off beneath the custom of Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum.

Over 500 representatives comprising government ministers, business leaders, international companies, major decision formers, and the metaverse community joined this assembly that set the target to comprehend the metaverse deeply and solve its possibility.

His Excellency Abdulla Bin Touq declared the inauguration of the Ministry of Economy’s metaverse office throughout the first-panel session, in line with the country’s desire to become an international administrator in the digital economy.

“The UAE has the probability to become one of the best 10 metaverse economies of the world and an international hub for the metaverse community,” he stated. “We are forming a 3rd office – this time in the metaverse – to complement our physical spots in Dubai and Abu Dhabi. The metaverse is a new economic equalizer and under the desire of our administrators, we would constantly paving the path for a new age of possibilities that accelerate our knowledge-driven economy.”

The existence of His Highness, Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum revealed for the first time that 5 pillars would underpin the new Dubai Metaverse Strategy – real estate, retail, tourism, and government services.

“Dubai is serious about finding the prospect of the metaverse and sowing the seeds to make sure we reap the economic rewards in the future,” he stated. “our populations in the metaverse are already similar size as those in India and China, despite our smaller geographic size. This indicates that we constantly punch about our weight as a country. And as we target to become a top ten metaverse economy, we would make a digital twin of the emirate simulate our schemes for tourism, education, real estate, government, and retail services in the virtual world.”

His Excellency Sultan bin Sulayem, Group Chairman and Chief Executive Officer, DP World, participated in a fireside chat on the significance of forming a backbone for web 3.0 technologies that would permit people and trade to flow smoothly throughout the virtual world. 

“We are exploring how to deploy the metaverse across our services, comprising simulations of warehousing and terminal functions, container and vessel repair inspections, safety training, and other commercial utilizes, he stated.” “Our customers would not stand capable to watch and comprehend the entire supply chain from end to end with complete visibility and take corrective action in terms of logistics bottlenecks. We expect that utilizing this technology, we would stand capable to maintain trade flowing, enhance visibility and decrease disruption to form trade networks right for the future.” 

His Excellency Khalfan Belhoul, CEO of Dubai Future Foundation, gave his thought – “Technology has become ubiquitous, revolutionizing our regular lives and playing an existential part in crucial fields comprising finance, education, energy, and healthcare as well. By using new technologies and tools, we can watch enhancement in living norms. The metaverse would likely infiltrate each field in a certain manner in the coming years, with the market opportunity average of more than USD 1 trillion in yearly revenue. Under the country’s administration, Dubai can become a testbed to form a connection of technology administrators and make cooperations to form a metaverse ecosystem that would permit us to smoothly link between real and virtual worlds.” 

Ihab Foudeh, Public Sector General Manager, Middle East, and Africa at Microsoft, gave a keynote speech on the future of the metaverse. He underlined new possibilities for governments, societies, and corporates, and addressed why investors are placing big bets on the metaverse. 

Asma Shabab, Senior Director of Innovation Advisory at Accenture, and Ann Griblin, Director of Accenture Labs, emphasized the significance of improving trust and neutralizing concerns over privacy, bias, human influence, and fairness. They also talked about how to handle the blurring line between the digital and physical lives of individuals. 

Jaid Meskel from Magic Leap Company showed a session on metaverse apps and the role of augmented reality in evolving crucial industries and successfully using new and inventive techniques in modern healthcare, automotive, and manufacturing. 

Accenture, the World Economic Platform, Meta, Asiarath, The Economist, and Outlier Ventures organized closed side sessions throughout the first day of the Assembly, moreover, nine long experiences for representatives to explore the metaverse. 

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