Hamdan and Maktoom bin Mohammed briefed on the main technological changes in the Metavirus sector

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 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 use of opportunities." The economy 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 for the emirate, and raising the total contribution of the metaverse sectors to $4 billion in the emirate’s economy by by 2030, and raise the sector’s contribution to Dubai’s GDP to reach 1%.”

Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, and Chairman of the Dubai Chamber of Digital Economy, gave a presentation on how to use the “virtual universe” as a way 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 optimize the emirate's presence in the virtual world.

The term “virtual universe” refers to a set of interconnected three-dimensional metaverse worlds that enable people to communicate, interact and shop electronically in a direct way through a decentralized digital economy that integrates the digital world and the real world.This technology has revolutionized several sectors such as e-commerce, games, media and entertainment and real estate.

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 with each other 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.

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