DUBAI - H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of Dubai Executive Council, and Chairman of the Board of Trustees of the Dubai Future Foundation (DFF), Tuesday announced the launch of the Dubai Metaverse Assembly, 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 Dubai Metaverse Assembly, to be organised by the DFF on 28th and 29th September at the Museum of the Future and Emirates Towers, will explore how the revolutionary technology can be deployed across vital sectors to create a better future and quality of life for humanity.

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 analyse the metaverse, understand its impact on humanity, discuss the potential of humanising its applications, and identify the best ways to leverage opportunities across strategic sectors of countries, governments, and companies.

Estimates of the value of the metaverse market globally vary between $10 trillion and $30 trillion within 15 years, underscoring the massive potential of the new platform.

Sheikh Hamdan said, "The metaverse is a promising digital world. We aim to harness this technology to enhance the quality of life in the UAE and across the globe."

He highlighted that the Dubai Metaverse Assembly embodies the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, for Dubai to become a global hub for innovation and futuristic transformations and a key driver for digital and knowledge-based economies around the world.

"We want Dubai to lead globally in adopting the technology of the future, understanding its developments, harnessing its potential, and driving change," he said.

The announcement of the Dubai Metaverse Assembly follows the launch of the Dubai Metaverse Strategy, which 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.

The assembly’s programme includes three main tracks – Educate, Inspire, and Contribute – based on Dubai’s philosophy for designing a better future for humanity. The Educate track will consist of more than 10 in-depth sessions on the metaverse. Presented by several partners, the Inspire track will showcase use-cases of the metaverse in tourism, logistics, retail, education, and healthcare sectors. The Contribute track will include workshops for metaverse foresight and use-case reviews.

The Dubai Metaverse Assembly will host various activities such as panel discussions and specialised workshops for major companies and organisations to generate tangible outcomes. The assembly will also be a platform for thought leaders to share their vision of the future, considering the infinite opportunities and unprecedented solutions offered by the metaverse. Reports estimate expenditure on virtual products in the metaverse reached $54 billion in 2020, whereas, in 2021, just the NFT or non-fungible tokens market amounted to nearly $41 billion.

The Dubai Metaverse Strategy is the first initiative of the higher committee formed under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum during the fifth meeting of the Dubai Council in May 2022.

The committee, chaired by H.H. Sheikh Hamdan bin Mohammed bin Rashid, aims to oversee all future technological developments in Dubai’s digital economy and ensure that Dubai’s legislative and legal framework keeps up with the rapid developments of the digital economy and tremendous technological progress.