The metaverse, a digital space that allows users to communicate and move virtually in their three-dimensional avatars or digital representations, is being seen as the future of business and human interaction.
Last month, Chipotle Mexican Grill offered free burritos to customers who visited the restaurant virtually on Roblox – an online gaming platform.
Each day from October 28 to 31, the first 30,000 Roblox users who visited the virtual Chipotle restaurant in a Halloween-themed costume received a code for a free burrito.
“As a digital innovator, we are always experimenting on new platforms to meet our guests where they are,” said Chris Brandt, chief marketing officer at Chipotle.
“Roblox's popularity has boomed over the past year … and we know our fans will be excited to celebrate the next evolution of burrito in the metaverse,” Mr Brandt said.
Here is a look at the history of the metaverse and its potential opportunities.
What is the metaverse?
The term was coined by Neal Stephenson in his 1992 sci-fi novel Snow Crash, which covered subjects such as computer science, politics, cryptography and philosophy.
Hailed as a successor to the internet, the metaverse is a set of immersive spaces shared by users, where they can interact, innovate and engage other people who are not in the same physical space. They do it by creating 3D avatars.
Based on augmented reality principles, it merges physical and virtual existences in a shared online space.
How does it work?
It is a mix of work and play.
With the metaverse, users can create their digital representation and use it while attending virtual family gatherings or office meetings. They can also attend the virtual streaming of a music concert where their 3D avatar will appear among the audience. Their digital representation can shop online, lend their belongings to colleagues or friends, try new products, such as clothes and shoes, at virtual shops and pay for them using digital currencies.
But we are still in the initial stages of the development of the metaverse. Industry experts say it might take 10 to 15 years to fully realise metaverse products and it will work well when all stakeholders create a compatible digital ecosystem.
An underappreciated innovation opportunity for Facebook
Social networking site Meta, formerly Facebook, plans to spend $10 billion this year on Reality Labs – its metaverse division – despite the platform facing controversies that have led to calls for tighter regulation.
Industry analysts say despite the recent hype, the metaverse is Facebook’s “most potent and underappreciated innovation opportunity”.
“About every decade we believe companies need to reinvent themselves to address large new markets and satisfy investors for the long term,” the US venture capital company Loup Ventures said in a note to clients.
“For a company the size of Facebook, with an expected $150 billion in revenue next year, maintaining growth requires a massive, greenfield opportunity … we believe the metaverse is a sufficiently large opportunity for a company the size of Facebook to chase.”
Who else is eyeing the metaverse?
Technology giant Microsoft aims to allow avatars to share PowerPoint presentations and Excel files in Teams – an app that offers workspace chat, videoconferencing and file storage – next year.
Software maker Unity is developing a concept called “digital twins” – a virtual copy of the real world. Graphics chip maker Nvidia is developing a technology called Omniverse that will link 3D virtual worlds in the metaverse.
Tencent Holdings, the world's largest gaming company by revenue, is reportedly developing an advanced gaming studio to focus on the metaverse.
In September, the Chinese company filed to register nearly 100 metaverse-related trademarks. They include QQ Metaverse, QQ Music Metaverse and Kings Metaverse, similar to the names of the company’s messaging app, music-streaming service and mobile game Honour of Kings.
In March, Gucci released branded virtual trainers, allowing users to wear them on social media only.
UK start-up Auroboros has launched what it calls a “biomimicry digital collection”, which allows users to buy looks to wear on Snapchat. Buyers submit an image of themselves, on to which high-quality sci-fi fantasy digital wear is added. This image can then be uploaded to Snapchat through a filter.
How safe is the metaverse?
While building the metaverse, companies need to minimise the amount of data that is used and build a parallel digital world that gives users control over their data.
Industry experts say developers need to make sure these technologies are designed inclusively and in a way that is accessible.
It is essential to keep people safe online and give them tools to act or get help if they see something they are not comfortable with, Facebook said.
Motori Profile
Date started: March 2020
Co-founder/CEO: Ahmed Eissa
Based: UAE, Abu Dhabi
Sector: Insurance Sector
Size: 50 full-time employees (Inside and Outside UAE)
Stage: Seed stage and seeking Series A round of financing
Investors: Safe City Group
Mohammed bin Zayed Majlis
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7.45pm: Nakeel Graduate Stakes - Conditions (TB) Dh100,000 (T) 1,600m
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8.55pm: The Palm Fountain - Handicap (TB) Dh95,000 (D) 1,200m
9.30pm: The Palm Tower - Handicap (TB) Dh87,500 (T) 1,600m
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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MATCH INFO
Sheffield United 2 Bournemouth 1
United: Sharp (45 2'), Lundstram (84')
Bournemouth: C Wilson (13')
Man of the Match: Jack O’Connell (Sheffield United)
What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
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Moral education needed in a 'rapidly changing world'
Moral education lessons for young people is needed in a rapidly changing world, the head of the programme said.
Alanood Al Kaabi, head of programmes at the Education Affairs Office of the Crown Price Court - Abu Dhabi, said: "The Crown Price Court is fully behind this initiative and have already seen the curriculum succeed in empowering young people and providing them with the necessary tools to succeed in building the future of the nation at all levels.
"Moral education touches on every aspect and subject that children engage in.
"It is not just limited to science or maths but it is involved in all subjects and it is helping children to adapt to integral moral practises.
"The moral education programme has been designed to develop children holistically in a world being rapidly transformed by technology and globalisation."
