UAE ON METAVERSE
Syed Asif Zaman
ICAEW Council Member | Specialist- Fintech & Emerging Technologies FCA-ICAP, ACA-ICAEW, BFP, UAECA, FPFA, FAIA, CISA, MBA, B.Sc.
The potential contribution of the metaverse to GCC economies could be around $15 billion annually by 2030, according to the latest report by?Strategy & Middle East, part of the PwC network, of which $7.6 billion would be in Saudi Arabia and $3.3 billion in the UAE.
Qatar is next with $1.6 billion, followed by Kuwait ($1 billion), Oman ($800 million), and Bahrain ($400 million).
?What is Metaverse?
Metaverse is a virtual world created using advanced technology where you can virtually move, shop, get entertained, meet people, play, and work. It is a digital universe that lets you do almost everything you can in the physical world but virtually.
Metaverse is built using various advanced technologies, such as
It is a constantly developing digital universe where new technologies are used to enhance the user experience. However, many other technologies could be used tomorrow to optimize the metaverse experience.
?Key Highlights of the UAE’s Latest Metaverse Strategy
The UAE is rapidly fostering its metaverse ecosystem. Launched in the second half of 2022, Dubai Metaverse Strategy aims to turn Dubai into one of the world's top 10 metaverse economies as it strives to act as a global hub for the metaverse community.
Earlier this year, the city hosted the Dubai Metaverse Assembly, which brought together more than 300 global experts, policymakers, thought leaders, and decision-makers to identify the best ways to leverage opportunities in the Metaverse, spanning government and industries. Overall, the strategy aims to promote Dubai's ambitions to multiply its blockchain presence and support more than 40,000 virtual jobs by 2030.
Based on market size, growth potential, and government focus, the report, titled “Creating a New Reality: The Metaverse in MENAT,” examines the ten most relevant use cases in the UAE.
The Metaverse Strategy’s key pillars focus on:
Which industries is Dubai focusing on to implement its Metaverse strategy?
In Dubai, the Metaverse strategy gravitates towards the industries with the most significant opportunities. The following is a list of initiatives the Dubai technology market focuses on to implement Metaverse app solutions in their businesses.
Give Exams and interviews remotely in Metaverse; examiners monitor the process using AI.
The UAE's Ministry of Health and Prevention (MoHAP) announced the launch of a metaverse program for specialists and consultants to give exams and interviews remotely. The system will be used to support medical exams of healthcare professionals like consultants and specialists while they are in their own country.
?Ajman Police set up a metaverse service to help the public.
Ajman police unveil the "Request for Sponsorship" metaverse service where users can communicate with police via their avatars.
Public members can meet and interact with Ajman Police in the Metaverse, a virtual reality platform where avatars of officers will answer people's queries.
?Burj Khalifa in the Metaverse
The tallest building in the world is now in the Metaverse. Individuals can move around the building and experience 360-degree views of Dubai. A detailed digital twin of the Burj Khalifa is available on the Metaverse, designed to give users the entire experience.
The demonstration video shows virtual avatars walking around different areas of the building; individuals can also go up the elevators and walk around the corridors before entering the viewing deck, offering replicated views of the city.
?DEWA in the Metaverse
Dubai Electricity and Water Authority (DEWA) has launched "DEWAVerse," a platform on the Metaverse, to extend its services to customers, employees, and society. The move has made DEWA the first government entity to launch in the Metaverse,
The Dewaverse will allow users to visit a customer service center, communicate with DEWA agents to answer queries, and complete transactions in virtual reality. A virtual DEWA workplace, which will allow users to hold meetings and move around DEWA buildings, is also being developed.
Commercial Bank International in the Dubai Metaverse
Dubai-based Commercial Bank International (CBI) is now in the Metaverse. The bank announced the launch of its metaverse location, making it the first UAE bank to have a presence in the Metaverse.
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Visitors can access CBI's virtual location via Decentraland at cbi.dcl.eth or (63, -127) using the Decentraland map coordinates. The bank's virtual location can also be accessed through portals.
Dubai Airport Freezone in the Metaverse
Dubai Airport Freezone (DAFZ), part of Dubai Integrated Economic Zones Authority (DIEZ), has revealed it is to join the Dubai metaverse.
The initiative aims to attract foreign direct investment (FDI) and businesses to the free zone by uncovering DAFZ’s unique offerings, products, and solutions to advance the Emirate’s leading position as a hub for competitive and constructive technology.
METADAFZ will enable clients from across the globe to conduct meetings via a virtual platform, offering a unique and semi-realistic experience regardless of the physical location.
?Yas Island in the Metaverse
It is only a short drive across the UAE from Dubai. Still, soon people in any part of the world will be able to experience the wonders and joys of Yas Island destinations without having to travel to the UAE capital.
They will be able to explore the many offerings at the island on leading metaverse platforms after a coalition of key Abu Dhabi entities came together to take Yas Island into the Metaverse.
The virtual experiences conceptualized by these businesses will enable users to gather, socialize, play, create, and transact. From building and purchasing digital homes to discovering cultural attractions to enjoying theme park adventures, special events, premier golf courses, and a world-class motorsport racing circuit, individuals can experience all Yas Island has to offer in a digital-first journey. Customizable avatars and surprise rewards will be part of every user's personalized adventure.
e & in the Dubai Metaverse
e& the Company, formerly known as Etisalat Group, is entering the Dubai metaverse significantly. The country's leading telecom provider, whose 5G network is going to play a vital role in the UAE's journey to becoming a force in the virtual world, is looking at the development as a significant achievement in the group's transformation journey to a global technology and investment conglomerate.
Based on the limitless possibilities available in metaverse adoption and in line with its commitment to digitally empower societies, e& is taking a significant step forward in the technology by announcing the launch of e& universe, hosted virtually in Arcadia Planitia on Mars.
The Metaverse Service, in collaboration with HTC VIVE, is a platform designed to maximize user experience through multiple virtual spaces and avatars. Etisalat by e&'s business center showcase collaborates with Huawei, where e& is innovatively demonstrating the future of retail using a 3D retail experience.
?Fashion in the Dubai Metaverse
The metaverse sector in the UAE is gearing for a flashy, red-carpet makeover, with digital fashion startups such as The Rebels making inroads into the virtual fashion street, exploring new-age luxury collections of wearables.
Investors also seem to be cheering up fashion ventures foraying into the metaverse sector, with Silicon Valley-based venture capital a16z – or Andreessen Horowitz – readying a billion-dollar fund to support blockchain ventures, while Nike is lapping up virtual collectibles venture RTFKT.
?The buzz about virtual fashion brands in the UAE is growing amid predictions about metaverse fashion to become a $55 billion industry globally by 2030.
?6 Ways to start formulating a Metaverse Strategy:
?1.????????Imagine the possibilities: Organizations must imagine the possibilities. They should imagine how they can provide realistic experiences to customers in a make-believe environment.
?2.????????Identify relevant business use cases for pilot projects: Organizations must think strategically and practically about the use cases best suited to their business model and most aligned with their organizational purpose and aspirations—and then develop pilot projects.
?3.????????Build a robust digital infrastructure: A robust digital infrastructure is a prerequisite for developing metaverse experiences. The Metaverse requires massive computing power, meaning organizations’ digital operations must expand considerably.
?4.????????Get on the ball with blockchain: Organizations must master blockchain, which is vital to ensure authenticity and maintain a clear chain of custody for records.
?5.????????Get smarter about data: Companies need robust, scalable data architectures and next-generation advanced analytics powered by machine learning. They also need people with related skills, such as proper data governance and management skills.
?6.????????Make cybersecurity a priority: User acceptance depends on ensuring that organizations will safeguard customer and visitor information. In the Metaverse, that information goes beyond a user's payment and account information. They must build their cyber defenses with stronger infrastructure and systems and the necessary human expertise.
?Source:
Reality Capture Consultant for Science, Art and Entertainment
5 个月Very insightful article. UAE's investment in the metaverse economy is impressive but it has not even come close to reaching its peak potential. There are many sectors to join the metaverse including cultural heritage and tourism. Here for example Dubai and Abu Dhabi have made notable strides in cultural tourism including the Louvre Abu Dhabi, a museum that bridges the gap between Eastern and Western art, is a testament to the UAE's commitment to cultural exchange and education. Similarly, the Dubai Historic District offers a glimpse into the UAE's past, with preserved sites and buildings telling the story of Dubai's evolution from a small fishing village to a global metropolis.