Dubai (Union)
In implementation of the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, may God protect him, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, and His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum , Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, on the features of the main technological changes in the metaverse sector, and instructed them to form a working group to monitor all developments in the digital economy.
This came as part of the efforts of the Higher Committee to Supervise Technological Developments in Dubai, which His Highness Sheikh Mohammed bin Rashid Al Maktoum directed to form during the last meeting of the Dubai Council. It offers innovative services and an advanced legislative and regulatory framework.
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum stressed that the formation of the Higher Committee to oversee technological developments in Dubai reflects the unique future vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, which always looks to the future and the need to take quick measures and decisions to harness future potential and opportunities and enhance the emirate’s distinguished position. As a hub city at the heart of metaverse technologies.
His Highness the Crown Prince of Dubai said: “The directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum to form the Higher Committee to Supervise Technological Developments in Dubai reflect the importance of preparing for the future with a conscious and advanced thought that understands reality in all its details and proceeds from it with unique ideas that contribute to shaping a bright future for Dubai and the UAE and maximize the benefit from Economic opportunities in all sectors, especially those that are expected to play a major role in the future.”
His Highness added that the committee immediately embarked on its tasks to formulate the main axes and future objectives of the Dubai Metaverse strategy based on reliable data and data. An integrated set of goals was identified, foremost of which is opening markets and creating new investment opportunities for the emirate, and raising the total contribution of the metaverse sectors to $4 billion in the emirate’s economy By 2030, and raise the sector’s contribution to Dubai’s GDP to reach 1%.”
virtual universe
His Excellency Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, Chairman of the Dubai Chamber of Digital Economy, gave a presentation on how to use the “virtual universe” as a means for Dubai to transcend its geographical borders to create more economic opportunities around the world.
During the next stage, the committee aims to apply Metaverse technologies capable of improving the performance of medical students and surgeons during the coming period at a rate of 230%, and 30% in increasing the productivity of engineers, in addition to supporting 42 thousand jobs to be virtual.
Dubai seeks to formulate an integrated vision to consolidate its presence as a pivotal and influential destination in the virtual space, through a set of axes that cover all aspects of service, legislative and regulatory, in addition to launching qualitative projects and initiatives to optimally activate the emirate’s presence in the virtual world.
The committee is currently working on monitoring opportunities, identifying challenges and continuing to develop the legislative environment to enhance its ability to deal with all future requirements necessary for the growth of all sectors, and to qualify specialists in all fields according to the highest standards, ensuring the presence of competencies and human resources capable of performing the various tasks required in each A virtual world.
The term “virtual universe” refers to a set of interconnected three-dimensional metaphysical worlds that enable people to communicate, interact and shop electronically in a direct manner through a decentralized digital economic system that integrates the digital world and the real world. This technology has revolutionized several sectors such as e-commerce, gaming, media, entertainment and real estate.
Economic revenue
Dubai is seeking to tap into this huge potential, as most metaphysics worlds are currently independent from each other, but in the future will become interoperable by sharing data, users or infrastructure.
Current estimates suggest that economic revenue from metaviruses could grow from $180 billion in 2020 to $400 billion in 2025.
The step of forming the Higher Committee to oversee technological developments comes as part of an integrated strategy adopted by the emirate to consolidate its position as the capital of the future. Through modern futuristic tools, by creating a prototype for a decentralized regulatory framework, and encouraging thought leaders around the world, including international authorities, regulators, governance stakeholders, and business leaders, to participate, share knowledge and collectively solve problems.
The authority had announced the establishment of its headquarters in “The Sandbox”, the fastest growing decentralized virtual world, with the aim of enabling the sector and facilitating cooperation between global virtual asset service providers, strategic partners in the virtual asset sector, and international regulatory authorities, which falls within The Authority’s endeavors and objectives to provide a secure and advanced framework.
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