Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, called it a 'bold move' that will usher a new era. Wam
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, called it a 'bold move' that will usher a new era. Wam
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, called it a 'bold move' that will usher a new era. Wam
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, called it a 'bold move' that will usher a new era. Wam

Dubai's virtual assets regulator becomes world's first authority to enter the metaverse


Alvin R Cabral
  • English
  • Arabic

Dubai's Virtual Assets Regulatory Authority said it has entered into the metaverse with the establishment of its Metaverse HQ, making it the first regulator to have a presence in the emerging digital space.

The expansion of Vara's resources to a borderless audience is part of Dubai's strategy to create a prototype decentralised regulator model. It also aims to make it accessible to government and industry leaders, other authorities and virtual asset service providers to help shape the future digital economy, The Executive Office said in a statement on Tuesday.

MetaHQ will serve as the primary channel to engage global virtual asset service providers to initiate applications, welcome new licensees, share expertise and drive worldwide interoperability, it added.

Vara's MetaHQ will utilise The Sandbox platform, the Ethereum blockchain-based application backed by Japanese investment conglomerate SoftBank, that allows users to create, sell and purchase digital assets.

The "bold move" will be "ushering a new era" that will see the Dubai government leverage modern innovations to "extend its services and regulatory power to audiences in an open technological expanse, without constraints or borders", Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, said.

“Dubai maintains a leading position at the forefront of technological transformation. We have exceeded the role of an early adopter to become an innovator and participant in shaping the future of this technology," Sheikh Hamdan said.

Dubai views the virtual asset industry as the driver of the global future economy. Reuters
Dubai views the virtual asset industry as the driver of the global future economy. Reuters

"Vara represents a serious effort to build a new, powerful economic sector that contributes to the nation's economy and creates new investment opportunities, and this is possible through the safe and modern regulatory solutions we envision."

Vara was established by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, on March 9 under the Dubai Virtual Asset Regulation Law, the first law in the emirate that regulates virtual assets.

The body aims to create an advanced legal framework to protect investors and provide international standards for virtual asset industry governance to enable responsible business growth in the emirate.

The metaverse is the emerging digital space in which people, represented by avatars or three-dimensional likenesses, can interact in virtual worlds. It is part of Web3, which is being touted as the next iteration of the World Wide Web, with blockchain, decentralisation, openness and greater user utility among its core components.

These new-age technologies are opening up new benefits, with more companies tapping into its potential by developing more use cases to streamline economic and societal activities.

Vara's MetaHQ will "enable the dynamic virtual assets sector to build economic resilience, accelerate social inclusion and address environmental sustainability", Sheikh Hamdan said.

"Our presence in the metaverse, therefore, marks the beginning of a new phase in the Dubai government's march for the future, one that will have a positive impact in the long run."

In the UAE, metaverse activity is growing. Dubai Municipality, in March's World Government Summit, said it will create a digital twin city of the emirate in a virtual world, called One Human Reality. Sharjah, meanwhile, held its first non-fungible token art exhibition at House of Wisdom in March.

The global metaverse industry, which was valued at $47.69 billion in 2020, is projected to grow at a compound annual rate of 43.3 per cent to $828.95bn in 2028, according to Emergen Research.

Web3, meanwhile, is expected to be valued at about $6.2bn in 2023, and is projected to grow at a CAGR of 44.6 per cent from 2023 to 2030, according to Market Research Future.

Tuesday's announcement will see Vara join private sector game-changers, innovators and market makers across a number of vital industries. These include ICT, finance, professional services, lifestyle, entertainment and fast-moving consumer goods to enable economic freedom in the metaverse, the statement said.

“Dubai views the virtual asset industry as the driver of the global future economy," Helal Almarri, director general of the Dubai World Trade Centre Authority, said.

"Vara's acquiring land in The Sandbox is symbolic of our belief in this sector, and the onus is on us as government to be the bridge that allows investors and consumers to safely adopt, and collaboratively scale the economy."

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home. 

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UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
SPEC SHEET

Display: 10.9" Liquid Retina IPS, 2360 x 1640, 264ppi, wide colour, True Tone, Apple Pencil support

Chip: Apple M1, 8-core CPU, 8-core GPU, 16-core Neural Engine

Memory: 64/256GB storage; 8GB RAM

Main camera: 12MP wide, f/1.8, Smart HDR

Video: 4K @ 25/25/30/60fps, full HD @ 25/30/60fps, slo-mo @ 120/240fps

Front camera: 12MP ultra-wide, f/2.4, Smart HDR, Centre Stage; full HD @ 25/30/60fps

Audio: Stereo speakers

Biometrics: Touch ID

I/O: USB-C, smart connector (for folio/keyboard)

Battery: Up to 10 hours on Wi-Fi; up to 9 hours on cellular

Finish: Space grey, starlight, pink, purple, blue

Price: Wi-Fi – Dh2,499 (64GB) / Dh3,099 (256GB); cellular – Dh3,099 (64GB) / Dh3,699 (256GB)

THE BIO

Ms Davison came to Dubai from Kerala after her marriage in 1996 when she was 21-years-old

Since 2001, Ms Davison has worked at many affordable schools such as Our Own English High School in Sharjah, and The Apple International School and Amled School in Dubai

Favourite Book: The Alchemist

Favourite quote: Failing to prepare is preparing to fail

Favourite place to Travel to: Vienna

Favourite cuisine: Italian food

Favourite Movie : Scent of a Woman

 

 

House-hunting

Top 10 locations for inquiries from US house hunters, according to Rightmove

  1. Edinburgh, Scotland 
  2. Westminster, London 
  3. Camden, London 
  4. Glasgow, Scotland 
  5. Islington, London 
  6. Kensington and Chelsea, London 
  7. Highlands, Scotland 
  8. Argyll and Bute, Scotland 
  9. Fife, Scotland 
  10. Tower Hamlets, London 

 

UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
How the bonus system works

The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.

The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.

There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).

All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.

Fight card

1. Featherweight 66kg: Ben Lucas (AUS) v Ibrahim Kendil (EGY)

2. Lightweight 70kg: Mohammed Kareem Aljnan (SYR) v Alphonse Besala (CMR)

3. Welterweight 77kg:Marcos Costa (BRA) v Abdelhakim Wahid (MAR)

4. Lightweight 70kg: Omar Ramadan (EGY) v Abdimitalipov Atabek (KGZ)

5. Featherweight 66kg: Ahmed Al Darmaki (UAE) v Kagimu Kigga (UGA)

6. Catchweight 85kg: Ibrahim El Sawi (EGY) v Iuri Fraga (BRA)

7. Featherweight 66kg: Yousef Al Husani (UAE) v Mohamed Allam (EGY)

8. Catchweight 73kg: Mostafa Radi (PAL) v Ahmed Abdelraouf of Egypt (EGY)

9.  Featherweight 66kg: Jaures Dea (CMR) v Andre Pinheiro (BRA)

10. Catchweight 90kg: Tarek Suleiman (SYR) v Juscelino Ferreira (BRA)

Profile of MoneyFellows

Founder: Ahmed Wadi

Launched: 2016

Employees: 76

Financing stage: Series A ($4 million)

Investors: Partech, Sawari Ventures, 500 Startups, Dubai Angel Investors, Phoenician Fund

The 12 Syrian entities delisted by UK 

Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV

The%20specs
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UAE Team Emirates

Valerio Conti (ITA)
Alessandro Covi (ITA)
Joe Dombrowski (USA)
Davide Formolo (ITA)
Fernando Gaviria (COL)
Sebastian Molano (COL)
Maximiliano Richeze (ARG)
Diego Ulissi (ITAS)

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%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3EDual%20permanently%20excited%20synchronous%20motors%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E516hp%20or%20400Kw%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E858Nm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle%20speed%20auto%3Cbr%3E%3Cstrong%3ERange%3A%20%3C%2Fstrong%3E485km%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh699%2C000%3C%2Fp%3E%0A
The biog

Most memorable achievement: Leading my first city-wide charity campaign in Toronto holds a special place in my heart. It was for Amnesty International’s Stop Violence Against Women program and showed me the power of how communities can come together in the smallest ways to have such wide impact.

Favourite film: Childhood favourite would be Disney’s Jungle Book and classic favourite Gone With The Wind.

Favourite book: To Kill A Mockingbird for a timeless story on justice and courage and Harry Potters for my love of all things magical.

Favourite quote: “We make a living by what we get, but we make a life by what we give.” — Winston Churchill

Favourite food: Dim sum

Favourite place to travel to: Anywhere with natural beauty, wildlife and awe-inspiring sunsets.

STAY%2C%20DAUGHTER
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Dr Afridi's warning signs of digital addiction

Spending an excessive amount of time on the phone.

Neglecting personal, social, or academic responsibilities.

Losing interest in other activities or hobbies that were once enjoyed.

Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.

Experiencing sleep disturbances or changes in sleep patterns.

What are the guidelines?

Under 18 months: Avoid screen time altogether, except for video chatting with family.

Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.

Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.

Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.

Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.

Source: American Paediatric Association
COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
Updated: May 04, 2022, 4:48 AM`