Learn about the features of the main technological changes in the “Metaverse” sector
Hamdan and Maktoom bin Mohammed direct the formation of a working group to monitor the developments of the digital economy
The directives of Hamdan bin Mohammed and Maktoom bin Mohammed came as part of the efforts of the Higher Committee to oversee technological developments in Dubai.
From the source
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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, 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 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.
Dubai Council
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, where the general axes and future goals of the strategy were presented, which would form the basis for the emirate’s existence as the best city in space. The virtual, with its innovative services, and an advanced legislative and regulatory framework.
vision
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum stressed that the formation of the Higher Committee to Supervise 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 to the need to take quick measures and decisions to harness potentials and opportunities. The future, and the consolidation of the emirate’s distinguished location, a pivotal 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 country. The Emirates, and maximizing the benefit of economic opportunities in all sectors, especially those that are expected to play a major role in the future.”
direct tasks
His Highness stressed that the committee immediately began its tasks to formulate the main axes and future goals of the "Dubai Metaverse Strategy", based on reliable data and data, as an integrated set of goals was identified, foremost of which is the opening of markets, the establishment of 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, raising the sector’s contribution to Dubai’s GDP to 1%.
virtual universe
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 establish 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 42,000 virtual jobs.
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 covering all service, legislative and regulatory aspects, as well as launching qualitative projects and initiatives to optimally activate the emirate's presence in the virtual world.
OPPORTUNITIES AND CHALLENGES
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, to ensure the presence of competencies and human resources capable of performing the various tasks required in Every virtual world.
worlds of metaphysics
The term “virtual universe” refers to a group of interconnected three-dimensional metaverse worlds that enable people to communicate, interact and shop electronically directly 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, games, media, entertainment and real estate.
Dubai is seeking to take advantage of this huge potential, as most of the worlds of “Metaverse” are currently independent from each other, but in the future they will become capable of merging with each other, by sharing data, users or infrastructure.
Current estimates suggest that economic revenue from metaverses could grow from $180 billion in 2020 to $400 billion in 2025.
Hamdan bin Mohammed:
• «The formation of the Higher Committee to oversee technological developments in Dubai reflects the vision of Mohammed bin Rashid, who always looks to the future».
• “Preparing for the future with a conscious and advanced thought, aware of reality in all its details, and proceeding from it with unique ideas that contribute to shaping a bright future for Dubai and the UAE.”
• "Our goal is to raise the total contribution of the (metavirus) sectors to $4 billion in the emirate's economy by 2030, and to 1% of the gross domestic product."
Dubai Virtual Asset Regulatory Authority
The step of forming the Higher Committee for Supervising Technological Developments comes as part of an integrated strategy adopted by the emirate to consolidate its position as the capital of the future. Government, regulatory, and oversight services to an open and cross-border audience, through modern futuristic tools, by creating a prototype for a decentralized regulatory framework, 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 goals. Aiming to provide a secure and advanced framework.
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