Future Beat - the stories that will impact our lives

Hello there. It's been all about the Dubai Metaverse Assembly this week - and what an event it turned out to be.

I was in attendance for both days, and you could feel the excitement, curiosity and hype as more than 500 experts learnt about and discussed the next big digital transformation.

For me, the highlight was probably being given a glimpse of the?UAE's Ministry of Economy metaverse, which it described as its "third address".

It will provide its full portfolio of services and is intended as a major update of its website.

The visuals were smooth, it appeared to be straightforward to navigate and the avatar personalisation seemed spot-on.

Amid the general good feeling and positivity around the event, there was a stark warning which kept cropping up during the panel discussions - and that was the need for regulation and uniformity, and it will need to be developed quickly because we heard how the metaverse is projected to grow "at the speed of a rocket".

The metaverse is set to change so many facets of life, but it remains to be seen how it will be governed globally.

Hopefully, it will be much clearer by the time the Dubai Metaverse Assembly returns next year, with the organisers having confirmed the event for October 11 and 12, 2023.

Have a good week.

Ian Oxborrow , Business Audience Growth Editor

The Big Story

Dubai plans to start new economic metric called 'gross metaverse product'

In brief?| No, it won't be a typo - get ready to hear "GMP". That is gross metaverse product, and it sounds just right, doesn't it. The UAE Minister of State for?Artificial Intelligence, Digital Economy and Remote Work Applications outlined plans to implement a new economic output metric to measure the contribution of the metaverse to its economy. It will showcase how the emerging technology is poised to be a significant contributor to the future economy.

Quoted?| “Gross metaverse product will be able to create billions of dollars in returns from Dubai without people being physically in the emirate but experiencing it in the metaverse.” — Omar Al Olama, Minister of State for?Artificial Intelligence, Digital Economy and Remote Work Applications

Why it matters?| With so many sectors set to benefit from the metaverse - namely tourism, education, retail and property - it's only right that such benefits can be measured economically. Look forward to more details being revealed on this in the future.

Brain port?| Amid the hours of discussion at the Metaverse Assembly,?there was one quote?which stood out as being more wonderful than any other. It came from Abdulla Bin Touq , UAE Minister of Economy, who said: "The UAE's economy, throughout the decades, has always been built upon technologies and innovations. That's really what brings us where we are today, why we're taking this leap to a new phase of technology … we've moved from a sea port to an airport and today, where we are is like a brain port." That the UAE is a country of thinkers and innovators was a constant theme in the discussions.

Digital twins?| Property companies are looking to?use the metaverse to boost sales?by creating virtual equivalents of the homes they are trying to sell. It means investors who are, say, overseas can get an accurate feel of a project without actually being physically present.

Metaverse embassy?| Need a visa? Head to the metaverse! Gabriel Abed , ambassador of Barbados to the UAE, told how his country is?aiming to set up an embassy in the metaverse. This could be an option for countries struggling to foot the cost of real bricks and mortar.

Predicting the future?|?Signal or noise??Emirates airline's chief operating officer Adel Al Redha?made an important point?at the Metaverse Assembly about how the company will retain its human touch despite the carrier's push into the metaverse. "I am there when you need me — not to stop the process or slow it down. Intervention from the human is as and when required," he said. "The metaverse provides us the chance to do that."

This is signal?| For a company such as Emirates, customer service is everything, and there will be plenty among the millions of travellers they serve who won't be present in the metaverse. They will need that human interaction, and it will need to be just as friendly and cooperative as ever. The metaverse doesn't mean we're going to spend all day in our homes wearing a VR headset.

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