The inaugural Dubai Metaverse Assembly, first announced by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, and organised by the Dubai Future Foundation, is set to take place on September 28 and 29.
A host of global organisations will be in attendance, as Dubai showcases how it is at the cutting edge of future technology and will remain so in the future.
What will happen at the event?
The Dubai Future Foundation said that the assembly aimed to position Dubai as one of the best cities in the world by investing in promising economic opportunities, adopting and deploying metaverse technology, and developing digital infrastructure that supports global transformations and the digital economy.
The assembly will establish a global platform for launching discussions that will help to identify the opportunities of the metaverse and harness its potential, state news agency Wam reported.
It added that specialised workshops will bring together major companies, specialists and pioneers. This is with the objective of capitalising on metaverse technologies to create tangible outcomes and enhance the quality of life in both the real and virtual worlds.
The metaverse assembly serves as a global platform convening technology experts and the wider metaverse community from around the world to map out opportunities and harness the potential of this promising virtual world, according to Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, Deputy Managing Director of Dubai Future Foundation.
"The specialised event is a first for the region and a unique opportunity to exchange knowledge and ideas on the best solutions, projects and industries likely to benefit from the metaverse’s vast potential. Through this inaugural event, we highlight the extraordinary potential of this immersive world to accelerate economic growth, drive innovation and create a fundamentally better future for humanity.”
Who is attending?
There will be more than 300 global experts and more than 40 specialised organisations discussing, exploring and shaping the future of the metaverse.
The event will host the likes of the World Economic Forum, Meta, Mastercard, Emirates airline and Accenture.
Demand for places at the event was "immense", Hamad Al Shirawi, Dubai Future Foundation's director of projects, told The National last month.
“There’s been immense demand from the government, private companies, technology start-ups and innovators in Web3 locally and internationally,” he said.
“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.”
Live streaming will be available to those unable to attend.
What is the metaverse?
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 value of the global metaverse market is forecast to exceed $1.6 trillion by 2030 at a compound annual growth rate of more than 50 per cent, from an estimated $40 billion in 2021, Canada-based Precedence Research said.
What about the Dubai Metaverse Strategy?
This was announced in July and aims to create 40,000 jobs and add $4bn to the emirate's economy in the next five years.
Sheikh Hamdan said the plan was the “next revolution in the technological and economic field that will affect all aspects of life over the next two decades”.
The initiative aims to double the number of blockchain companies and the metaverse by five times.
As of July, there were 1,000 companies in Dubai working in the metaverse, Sheikh Hamdan said.
Dubai has also formed a higher committee for future technology and digital economy, as it seeks to establish itself as a global hub for the future economy.
In May, Dubai's Virtual Assets Regulatory Authority said it had entered into the metaverse with the establishment of its Metaverse HQ, making it the first regulator to have a presence there.
The authority was established in March by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, under the Dubai Virtual Asset Regulation Law, the first such law in the emirate.
Where is the assembly being held?
It will be at the Museum of the Future and Emirates Towers.
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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Tips for taking the metro
- set out well ahead of time
- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines
- enter the right cabin. The train may be too busy to move between carriages once you're on
- don't carry too much luggage and tuck it under a seat to make room for fellow passengers
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if you go
The flights
Etihad and Emirates fly direct to Kolkata from Dh1,504 and Dh1,450 return including taxes, respectively. The flight takes four hours 30 minutes outbound and 5 hours 30 minute returning.
The trains
Numerous trains link Kolkata and Murshidabad but the daily early morning Hazarduari Express (3’ 52”) is the fastest and most convenient; this service also stops in Plassey. The return train departs Murshidabad late afternoon. Though just about feasible as a day trip, staying overnight is recommended.
The hotels
Mursidabad’s hotels are less than modest but Berhampore, 11km south, offers more accommodation and facilities (and the Hazarduari Express also pauses here). Try Hotel The Fame, with an array of rooms from doubles at Rs1,596/Dh90 to a ‘grand presidential suite’ at Rs7,854/Dh443.
Leaderboard
15 under: Paul Casey (ENG)
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-10 Laurie Canter (ENG) , Sergio Garcia (ESP)
-9 Kalle Samooja (FIN)
-8 Thomas Detry (BEL), Justin Harding (SA), Justin Rose (ENG)
UAE currency: the story behind the money in your pockets
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Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
Keep it fun and engaging
Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.
“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.
His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.
He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.
