Governments have the responsibility to take the lead in developing the metaverse, and countries providing the right infrastructure and legislation will spearhead the transition, UAE officials said at the Dubai Metaverse Assembly.
An influx of investments into the metaverse is also expected to help make the technology more economical, lowering the barriers of entry and providing an environment for everyone to participate in, according to industry leaders at Wednesday's event.
“The UAE's economy, throughout the decades, has always been built upon technologies and innovations,” Abdulla bin Touq, Minister of Economy, said.
“That's really what brings us where we are today, why we're taking this leap to a new phase of technology … we've moved from a sea port to an airport and today, where we are is like a brain port,” he said, in reference to the virtual nature of the metaverse.
The metaverse is the emerging space where people, represented by avatars or three-dimensional representations, 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 UAE has taken a number of steps to integrate the metaverse and its related technology, including cryptocurrencies, into the economy, government and society.
In July, the government unveiled the Dubai Metaverse Strategy, which aims to create 40,000 jobs and add $4 billion to the emirate's economy over the next five years.
In May, Dubai's Virtual Assets Regulatory Authority established its Metaverse HQ, making it the first regulator to have a presence there.
The metaverse is an economic opportunity worth between $8 trillion and $13tn, heavily dependent on how much companies are willing to invest in the emerging innovation, said consultancy PwC.
Discussions on the metaverse are among “the most important dialogues of the Fourth Industrial Revolution [4IR]", Khalfan Belhoul, chief executive of the Dubai Future Foundation, said at the event.
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Presentations regarding different facets of Metaverse at the Dubai Metaverse Assembly at Museum of the Future. All photos: Khushnum Bhandari / The National -
Sandeep Nailwal, co-founder of Polygon, speaks about The Building Blocks for WEB 3.0 and the Metaverse. -
From left, Alex Gubbay, Head of Digital at 'The National', moderator Amin Al Zarouni, of Bedu, Abdelrahman Mohamed, of MetaCon Global, Abdulla Mohamed Al Dhaheri, of Chaintech Lab, and Haya Al Gussain, of Evolve Network Club take part in the UAE Metaverse Contributors' panel discussion. -
From left, Jane Witherspoon of Euronews moderates a panel discussion on 'Which sectors is the Metaverse already impacting' with Yusuf Bahadir, of GoArt, Vishal Gondal, founder and CEO of GOQii, David Clark-Joseph, of Pixelynx and Bradford Bird, of The Fabricant. -
Tom Urquhart from Arabian Radio Network speaks about gaming with Ahmed Tehemar, of Gamefi. -
From left, Mustafa Alrawi of 'The National' speaks to Adel Al Redha, CEO of Emirates about 'Opportunities in Aviation'. -
A visitor tests a virtual reality headset at the Dubai Metaverse Assembly at Museum of Future. -
From left, moderator Mina Al-Oraibi, Editor-in-Chief at 'The National', HSBC's Catherine Zhou, Alexander Chehade from Binance, Keith Jordan from Mastercard, DIFC Authority's Christian Kunz and Vinit Shah from the Virtual Assets Regulatory Authority discuss the role of governments in virtual worlds. -
Ziad Traboulsi from Meta addresses the assembly. -
Gabriel Abed, ambassador of Barbados to the UAE, speaks about the future of nations in the Metaverse. -
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, attends the event at Museum of the Future. -
From left, Euronews moderator Laura Buckwell, Cathy Li of the World Economic Forum, Digital Dubai's Marwan Al Zarouni, Meta's James Hairston and Balsam Danhach of FTX discuss 'Maximizing the Potential of Ecosystems on the Metaverse'. -
Brandy Scott of the Arabian Radio Network, left, and Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World discuss 'How the Metaverse will Enable People and Operations'. -
Omar Al Olama, Minister of State for Digital Economy, AI and Remote Working System, speaks about 'Unlocking Dubai's Potential'. -
Asma Shabab of Accenture leads the 'Building the Responsible Metaverse' discussion with virtual speaker Anne Groeppelin, also from Accenture. -
Ms Li, left, and Mr Hairston, right, listen as Mr Al Zarouni makes a point. -
Mr Al Olama, who is also Chairman of Dubai Chamber of Digital Economy and Vice Chairman of the Higher Committee for Future Technology and Digital Economy in Dubai. -
Moderator Ms Buckwell leads the panel discussion on 'Maximizing the Potential of Ecosystems on the Metaverse'. -
From left, The National's Sarah Forster moderates a discussion with Samuel Hamilton of the Decentraland Foundation, Majid Al Futtaim's Joe Abi Akl, Damac Properties' Ali Sajwani and Guy Parsonage from PwC on 'Opportunities in Virtual Real Estate'. -
Ihab Foudeh from Microsoft speaks on the topic of 'Unravelling the Metaverse and its Future'. -
Khalifa Al Jaziri Al Shehhi gives a presentation on 'Metaverse and the Economy'. -
Some of the audience at the Dubai Metaverse Assembly. -
From left, Mr Abi Akl, Mr Sajwani and Mr Parsonage continue their discussion. -
The audience takes in the discussion. -
Front-row seats for the Dubai Metaverse Assembly. -
Minister of Economy Abdulla bin Touq, second from left, joins a discussion on 'Metaverse and the Economy' moderated by Karl Tlais, left, founder and strategic advisor of iAdvisory, Accenture managing director Bashar Kilani, second from right, and BCG Digital Ventures managing director and partner Mark Zaleski. -
Khalfan Belhoul, CEO of the Dubai Future Foundation gives the opening address.
Boosting the adoption of advanced 4IR technologies, especially in sectors such as manufacturing, is among the central planks of the UAE's economic diversification strategy. Both Abu Dhabi and Dubai have unveiled multi-billion dollar strategies to achieve this goal.
The UAE's economic transformation has always relied on making “big bets” in adopting innovation, and it has translated into success, Mr bin Touq said.
“This does not mean we didn't make mistakes or learn many things along the way, but we leveraged the success stories and took them to the next level to set an example as a nation,” he said.
The growing number of companies ramping up their investments in the metaverse will also allow the technology to become inclusive and not only reserved for those with the financial means, said Mark Zaleski, managing director and partner at BCG Digital Ventures.
“The vast majority of businesses can be successful in the metaverse. It’s a lot less expensive, but not necessarily cheap, and those that wait will lose this time around, because it will evolve so quickly,” he said.
“The more people engage in the metaverse, the lower the barrier for entry and costs. It won’t be just for the wealthy and will allow everyone else to afford to be in it — and this is an overlooked aspect of the metaverse.”
The UAE is considered to be a leader in promoting the metaverse, having the “energy” that Silicon Valley had 25 years ago, Mr Zaleski said.
The Emirates' strengths include enablers such as digital ID systems, virtual payments, online services and its robust laws, in addition to measures to ensure cyber security, said Bashar Kilani, managing director of consultancy Accenture.
Mr Belhoul, however, also warned of the adverse effects of new technologies, particularly on the younger generation.
Physical interactions “are at risk. We see our kids and our younger siblings literally glued to the screens. And we haven't even scratched the surface of the metaverse”, he said.
“Those are serious challenges that we really need to think about because we haven't really discussed what is going to happen in such an immersive digital world.”
The reality is that the future of economies will depend on these technologies and how governments align their strategies with them, Mr Belhoul said.
“I'm not here to scare you; I'm here to tell you there is a lot of opportunity,” he said.
