The Dubai Metaverse Assembly will be held at the Museum of the Future and Emirates Towers. AFP
The Dubai Metaverse Assembly will be held at the Museum of the Future and Emirates Towers. AFP
The Dubai Metaverse Assembly will be held at the Museum of the Future and Emirates Towers. AFP
The Dubai Metaverse Assembly will be held at the Museum of the Future and Emirates Towers. AFP

Business

Technology

'Immense demand' for places at Dubai Metaverse Assembly

Participants from a wide range of sectors are keen to attend event, Dubai Future Foundation executive says

Ian Oxborrow
Ian Oxborrow

August 25, 2022

  • English
  • Arabic

Demand for places at Dubai's first metaverse event next month has been “immense”, said Hamad AlShirawi, Dubai Future Foundation's director of projects.

The inaugural Dubai Metaverse Assembly was announced by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, in July and will take place at the Museum of the Future and Emirates Towers on September 28 and 29.

It is expected to draw more than 300 experts, policymakers and officials, as well as 40 organisations involved in the metaverse.

People from a wide range of sectors are keen to attend the event, Mr AlShirawi said.

“There’s been immense demand from the government, private companies, technology start-ups, innovators in Web 3.0 locally and internationally,” he told The National.

“With limited seats, we will always offer live streaming to the global audience.

“We expect speakers from leading and most innovative global players in the metaverse-sphere to gather at the assembly to engage in meaningful dialogue around key topics such as the role of government, enabling factors for creating ecosystems on the metaverse, how Web3 technologies are enabling new business models and interactions on the metaverse, and how private entities are driving change in sectors such as gaming, art, education and finance.”

The metaverse is where people, represented by avatars or three-dimensional likenesses, can interact in virtual worlds. It is part of Web3, the next evolutionary step of the internet, with blockchain, decentralisation, openness and greater user utility among its core components.

The announcement about the assembly in July came a day after the unveiling of the Dubai Metaverse Strategy, which aims to create 40,000 jobs and add $4 billion to the emirate's economy in the next five years.

“We want Dubai to lead globally in adopting the technology of the future, understanding its developments, harnessing its potential and driving change,” Sheikh Hamdan said at the time.

The event next month will help Dubai progress in its metaverse ambitions by bringing together technology companies building on the metaverse and Web3 to Dubai to discuss their work with a wider audience of government and enterprise leaders, Mr AlShirawi said.

It will create a “global platform for collaboration and opportunities around emerging technologies, elevating the readiness of Dubai government as a whole”.

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Dubai's Museum of the Future - in pictures

  • The Museum of the Future opened in Dubai. The emirate is focusing on 'industries of the future' to boost its economy. All photos: Chris Whiteoak / The National
    The Museum of the Future opened in Dubai. The emirate is focusing on 'industries of the future' to boost its economy. All photos: Chris Whiteoak / The National
  • Avatar Aya speaks to guests as they go to the first chapter, OSS Hope space station.
    Avatar Aya speaks to guests as they go to the first chapter, OSS Hope space station.
  • The museum gives visitors a glimpse of Dubai in 2071.
    The museum gives visitors a glimpse of Dubai in 2071.
  • Visitors travel to the first chapter, OSS Hope.
    Visitors travel to the first chapter, OSS Hope.
  • Visitors look at key elements of the solar system.
    Visitors look at key elements of the solar system.
  • Visitors become Mars colony ambassadors to Earth.
    Visitors become Mars colony ambassadors to Earth.
  • Visitors look at a model of OSS Hope.
    Visitors look at a model of OSS Hope.
  • Vault of Life uses cutting-edge virtual and augmented reality technology to introduce visitors into an interactive experience where they collect samples from nature.
    Vault of Life uses cutting-edge virtual and augmented reality technology to introduce visitors into an interactive experience where they collect samples from nature.
  • Their task is to contribute to efforts being made to restore the natural environment, rehabilitate the forest with its plants and animals, and help to repair the damage inflicted.
    Their task is to contribute to efforts being made to restore the natural environment, rehabilitate the forest with its plants and animals, and help to repair the damage inflicted.
  • The nature simulator allows visitors to list the living organisms they contributed to saving virtually.
    The nature simulator allows visitors to list the living organisms they contributed to saving virtually.
  • Visitors enjoy the second chapter, the Heal Institute.
    Visitors enjoy the second chapter, the Heal Institute.
  • The Heal Institute is a research centre focused on preserving the planet's ecosystem through the use of the latest AI and bio-technology.
    The Heal Institute is a research centre focused on preserving the planet's ecosystem through the use of the latest AI and bio-technology.
  • The library, where arguably the museum’s most stunning feature lies.
    The library, where arguably the museum’s most stunning feature lies.
  • Tomorrow Today exhibition includes advanced and pioneering technology that can help to shape the future of humanity.
    Tomorrow Today exhibition includes advanced and pioneering technology that can help to shape the future of humanity.
  • Teslaglove that allows you to feel virtual reality objects.
    Teslaglove that allows you to feel virtual reality objects.
  • A full metal jacket, made of 65% copper and resistant to viruses, is on display at the Tomorrow Today section.
    A full metal jacket, made of 65% copper and resistant to viruses, is on display at the Tomorrow Today section.
  • MARS, Modular Artificial Reef Structure, at the Tomorrow Today section.
    MARS, Modular Artificial Reef Structure, at the Tomorrow Today section.
  • Visitors in the Tomorrow Today section.
    Visitors in the Tomorrow Today section.
  • The Future Heroes floor has been designed for children under the age of 10 to stimulate scientific curiosity.
    The Future Heroes floor has been designed for children under the age of 10 to stimulate scientific curiosity.
  • It takes young people and younger generations on a future journey that expands their positive view of our world.
    It takes young people and younger generations on a future journey that expands their positive view of our world.
  • It also enhances their confidence in their abilities to make positive changes.
    It also enhances their confidence in their abilities to make positive changes.
  • The children's floor aims to consolidate their belief in the potential of humanity to affect significant change and reinforce their conviction that nothing is impossible with science.
    The children's floor aims to consolidate their belief in the potential of humanity to affect significant change and reinforce their conviction that nothing is impossible with science.
  • Al Waha focuses on health and wellness, offering visitors an opportunity to reconnect with themselves, away from the distraction of external influences and always-on technologies.
    Al Waha focuses on health and wellness, offering visitors an opportunity to reconnect with themselves, away from the distraction of external influences and always-on technologies.
  • It takes them to a world that simulates the senses and heightens their response mechanism to external influences.
    It takes them to a world that simulates the senses and heightens their response mechanism to external influences.
  • This allows them to meditate and enhance the natural balance within them without the use of technology.
    This allows them to meditate and enhance the natural balance within them without the use of technology.
  • The Connection Therapy in Al Waha.
    The Connection Therapy in Al Waha.
  • The Museum of the Future will be a space for knowledge that gathers intellectuals and futurists from all over the world.
    The Museum of the Future will be a space for knowledge that gathers intellectuals and futurists from all over the world.
  • A drone of an octopus at the Museum of the Future.
    A drone of an octopus at the Museum of the Future.
  • A drone of a penguin at the Museum of the Future.
    A drone of a penguin at the Museum of the Future.
  • The Museum of the Future in Dubai opened its doors to the public on Wednesday.
    The Museum of the Future in Dubai opened its doors to the public on Wednesday.
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. 

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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