Dubai Future Foundation launches new report on future of the metaverse

DUBAI – Dubai Future Foundation has published a report on the outcomes of the inaugural Dubai Metaverse Assembly held in September at the Museum of the Future under the patronage of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council and Chairman of the Board of Trustees of Dubai Foundation Future. The report was prepared in partnership with PwC, the knowledge partner of the Dubai Metaverse Assembly, to highlight the main recommendations that came from the assembly, as well as the major trends and applications that were discussed. The assembly was attended by around 600 technology experts and specialists from 50 countries. Over the course of two days, they participated in more than 25 workshops and panel sessions that hosted more than 30 speakers and 40 local and international institutions and technology companies. The report addresses the most important topics and discussions that arose from the assembly relating to the future of the metaverse. It focuses on metaverse applications in sectors such as business, communications, education, entertainment, gaming, travel, and real estate. The report identified four main areas that governments and companies should focus on to achieve success in the metaverse, including strengthening collaboration between the government and private sectors, developing legislation and regulations related to data protection, privacy and cybersecurity risks, defining clear roles and responsibilities for all stakeholders, and accelerating the adoption of advanced technologies and the exchange of experiences. Dubai Metaverse Assembly was the first event in Dubai to focus on the metaverse. It was hosted following the approval by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum to launch the Dubai Metaverse Strategy in July 2022. The strategy aims to add $4 billion to Dubai's GDP to support the creation of 40,000 virtual jobs by 2030, attract 1,000 technology companies to the emirate, and position Dubai as one of the 10 largest metaverse economies in the world. Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, said, “Dubai Metaverse Assembly hosted the largest gathering of experts and organisations concerned with designing the future of the metaverses. The event highlighted the importance of keeping pace with technological developments and employing new applications in realising future visions and plans and developing governments, economy, health, education and communities. It also showcased the positive impact of using new tools that facilitate people's lives and open promising horizons in the future”. Khalfan Belhoul, CEO of Dubai Future Foundation, said, “The report aims to share the insights and knowledge revealed by global experts during Dubai Metaverse Assembly with the world through a new report on the untapped potential of the metaverse. We believe it’s crucial to share knowledge on future trends, as it allows governments, businesses, and civil society to take advantage of the immense opportunities presented by advanced technologies. This report will serve as a resource for anyone seeking to understand how the metaverse will impact vital economic sectors and help create a better future for humankind built on sustainability, wellbeing and prosperity.” Guy Parsonage, PwC’s Metaverse Lead, said, “The Middle East economy is currently undergoing a rapid digital transformation leading to an industry-wide disruption across various sectors. Dubai is a prime example of this as it aims to become one of the top ten metaverse economies, with an ambition to be a role model in metaverse technologies. In line with The Dubai Metaverse Strategy, our strategic partnership with the Dubai Future Foundation (DFF) explores new and advanced technologies to create a better future, allowing us to connect between real and virtual worlds seamlessly. Furthermore, this partnership demonstrates our commitment to helping clients in their digital transformation journeys and ensuring we deliver sustainable outcomes while building trust in our society.” Governments and corporations should take the initiative to reap the inevitable socioeconomic benefits created by the metaverse, which will grow at a faster rate than internet or mobile connectivity speeds. All stakeholders must continue to explore new pathways for collaboration in the metaverse, the report found. Case studies should be the cornerstone of any new tests or projects in the metaverse, and they should be designed to foster credibility and build trust among developers, regulators and the public. The report highlights how the metaverse can add value in myriad ways. From enhancing the ability of individuals to control – and one day monetize – personal data – to helping nations achieve diplomatic parity, as evidenced by Barbados' plans to launch an embassy in the metaverse, there are endless opportunities. The control and the monopoly enjoyed by social media platforms today will be challenged by the metaverse; it has the potential to provide billions of people with richer experiences from enhanced education to intimate live performances from the world’s biggest artists and musicians. The full report is available on: (https://www.dubaifuture.ae/dma-outcomes)

Dubai Future Foundation launches new report on future of the metaverse

DISCOVER MORE

Bahrain's real GDP grows 4.9% in 2022; hits 10-year high

Family businesses contribute 60% of UAE’s GDP: KPMG

UAE approves 24 national initiatives to double re-export industry

UAE, Costa Rica launch preliminary CEPA negotiations

Mohamed bin Zayed, Mohammed bin Rashid attends launch of ‘National Genome Strategy’

Dubai Airports recognised as one of Best Employer Brands in LinkedIn MENA Talent Awards

Jobs in UAE during Ramadan: Hiring picks up for these roles during the holy month

UAE’s MoE imposes fines worth $6.15mln on 29 DNFBP firms

BP and UAE's ADNOC bid for stake in NewMed Energy

UAE banking sector to remain stable in 2023 – KPMG

UAE approves 24 national initiatives to double re-export industry

Saudi’s fintech sector starts to rival UAE, Egypt as number of firms nearly doubles

Saudi banks likely to remain profitable in 2023 – A&M

Saudi: KAUST partnerships in China to accelerate knowledge, technology exchange

Saeed Mohammed Al Tayer inaugurates DEWA Disruptive Lab

Dubai’s RTA announces new digital experience lab for customers to evaluate services

Apple CEO praises China's innovation, long history of cooperation on Beijing visit

UAE: Breakthrough by Emirati engineers could make prosthetic limbs cheaper, more easily available

LATEST VIDEO

VIDEO: Why is China's Belt and Road Initiative facing setbacks?

ZAWYA COVERAGE

UAE approves 24 national initiatives to double re-export industry

Saudi Industrial Investment Group to acquire stake in Danish firm Unibio for $70mln

VIDEO: Why is China's Belt and Road Initiative facing setbacks?

Global energy transition needs $35trln investment by 2030 – IRENA

Gold edges lower as banking relief, steady dollar dampen demand

Dollar on the defensive as banking fears ebb; yen drops

Asia will be a major driver for global growth: Asian Development Bank

Asian stocks rally as banking anxiety eases; Alibaba surges

UAE: Suffering from shingles? Vaccines, prevention; all you need to know

THE BRI REPORT

China is reshaping the Belt and Road Initiative ahead of a post-pandemic era

DISCOVER MORE

LATEST VIDEO

ZAWYA NEWSLETTERS

ZAWYA COVERAGE