In line with this, many initiatives are seen across sectors. Recently, the Dubai International Financial Centre (DIFC) unveiled the ambitious ‘DIFC Metaverse Platform’, signalling a strategic move to establish Dubai as a Metaverse leader.
The DIFC initiative encompasses an innovative accelerator program and a dedicated Metaverse technology studio. These components serve as more than just catalysts for nurturing a creator community within the Metaverse; they also drive venture building and innovation while shaping Metaverse laws and regulations. What sets Dubai’s Metaverse journey apart is its seamless alignment with the Dubai Metaverse Strategy, a visionary course charting the city’s digital transformation.
Additionally, Dubai’s foray into the Metaverse extends to education, as a Dubai university student prepared to launch the unique property event ‘Real Estate Worldscape 2023’ in the Metaverse in October 2023. This innovative initiative, supported by the Rochester Institute of Technology (RIT) Dubai, in partnership with the Mohammed Bin Rashid Smart Learning Program (MBRLP), showcased Dubai’s commitment to supporting innovation through Metaverse technology.
H.E. Omar bin Sultan Al Olama, UAE Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, underscores the UAE’s commitment to advanced technologies, aligning with global trends and driving Dubai’s status as a hub for cutting-edge technology.
Arif Amiri, CEO of DIFC Authority, lauds the Dubai government’s visionary approach to advancing the Metaverse strategy, underlining the platform’s role in accelerating Dubai’s digital aspirations.The DIFC Metaverse Platform comprises three pivotal initiatives:
- The Accelerator Program and Metaverse Technology Studio: Promoting innovation, nurturing startups, and shaping Metaverse policies. This initiative forges bonds within the Metaverse community and enhances the user experience.
- Metaverse Policy Development and Legislation: Beyond fostering innovation, the platform plays a crucial role in shaping Metaverse laws and regulations, including open data, digital identity, and company law frameworks.
- Metaverse Community Development: Fostering a collaborative Metaverse community focused on enhancing the user experience.
Over the coming years, the Metaverse Accelerator program aims to attract over 500 applications, identify the top 50 graduates, and facilitate investment opportunities, exemplifying the DIFC’s dedication to nurturing innovative Metaverse startups.
Key business stakeholders in Dubai share that the metaverse presents an opportunity to transform across sectors such as tourism, education, government services, real estate and more.
In a recent interview, Mo Akram, Founder & CEO of MetaSpace, emphasised the transformative potential of Metaverse technologies across various sectors, heralding their ubiquity in government processes, judicial proceedings, medical practices, entertainment, and the tech sector. He highlighted Dubai’s receptiveness to new technologies and its supportive frameworks for businesses in the Metaverse.
Akram’s perspective underscores the growing importance of Metaverse technologies and their potential to revolutionise how we work, communicate, and interact with the digital world. His emphasis on Dubai’s receptiveness to new technologies and its supportive frameworks for Metaverse businesses suggests that Dubai is actively positioning itself as a global leader in adopting and promoting cutting-edge digital innovations.
Pallavi Dean, a Dubai-based entrepreneur, creative director and metaverse designer, emphasises that Metaverse and AI are tools for enhancing everyday life. However, she acknowledges the need for infrastructure growth to fully realise the Metaverse’s potential. She acknowledges that while these technologies are enablers for various industries, challenges related to infrastructure readiness need to be resolved for the full realisation of the Metaverse’s futuristic potential.
“There is a transformative potential of the Metaverse, but it is also important to recognise that there is work to be done in terms of infrastructure development to fully support the immersive 3D digital space that the Metaverse represents,” said Dean.
In conclusion, Dubai’s embrace of the metaverse and other futuristic technologies is not merely a local endeavour but a global phenomenon with transformative implications. The city’s visionary strategies, investments, and initiatives promise to unlock boundless opportunities, positioning Dubai at the forefront of the digital age and business of the future.
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This article is contributed by Sindhu Kashyap.
Disclaimer – This article is a part of featured content series on Business in Dubai.