The hype and excitement that surrounds the potential of the metaverse was felt within the corridors of Dubai's Museum of the Future on Wednesday and Thursday.
But there was also a strong message from the 500 or so experts attending the inaugural Dubai Metaverse Assembly on the brave new world of Web 3.0 — and that was the need for regulation and preparation for what is to come.
There were fascinating glimpses of the future, such as the UAE Ministry of Economy's metaverse headquarters where people can hold meetings and even sign legal documents.
Elsewhere at a government level, Gabriel Abed, ambassador of Barbados to the UAE, said his country is aiming to set up an embassy in the metaverse.
The virtual facility will ensure diplomatic parity, future-proofing national services, international coverage, immersive experiences, resource efficiency and a broader reach, he said.
These high-level services will require responsible actions by users and stringent regulation from those hosting them in the metaverse.
“The speed of the change of the market is astounding, but the vision is being set from the top down,” said Keith Jordan, vice president of innovation at Mastercard.
“Regulators and policymakers can either follow the market or lead the market. One country is saying 5 per cent of GDP [gross domestic product] will be driven by the metaverse by 2030 … we need to think what needs to be regulated. We have to look 5-10 years out and start building the policy for that.”
Dubai is setting “the global standard for regulation” with the emirate having this year launched the Virtual Assets Regulatory Authority as the central authority for the global virtual asset industry, Mr Jordan said.
“Innovation has to occur in a safe, regulated way. The next rate of change is going to be so fast.”
Another important point of discussion was how society will adapt to being both inside the metaverse and retaining the physical aspects of doing business.
Emirates airline's chief operating officer, Adel Al Redha, said the Dubai carrier will ensure it retains its “human touch” while also advancing its technological offering in the metaverse for customers.
“We need to maintain that human touch with our customers but at the same time you are looking for efficiency,” he said.
“I am there when you need me — not to stop the process or slow it down. Intervention from the human is as and when required. The metaverse provides us the chance to do that.”
Dubai is seeking to boost various sectors through the metaverse, including tourism. It plans to hold metaverse events and set up a task force to scale up its tourism potential and global outreach.
Education was another sector regularly referenced during the assembly.
Amin Al Zarouni, chief executive of Dubai-based metaverse start-up Bedu, gave an example of how the metaverse could and should benefit the youth.
He said he doesn't want his children to go through the same physics classes that he had.
“In the metaverse, you can target a much younger age with the way it is taught,” he said.
It could be that schoolchildren are assisted by devices such as a haptic glove, which is set to be introduced by Meta.
This will allow for experiences in the metaverse to be physically felt, such as playing the guitar or moving chess pieces.
Other future technologies shown off by the Facebook parent include a new VR headset due to be released this year, a language tool which will allow people to converse in the metaverse with instant translation and an AI algorithm that allows people to generate and import things using voice commands.
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
The biog
Favourite hobby: I love to sing but I don’t get to sing as much nowadays sadly.
Favourite book: Anything by Sidney Sheldon.
Favourite movie: The Exorcist 2. It is a big thing in our family to sit around together and watch horror movies, I love watching them.
Favourite holiday destination: The favourite place I have been to is Florence, it is a beautiful city. My dream though has always been to visit Cyprus, I really want to go there.
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Zakat definitions
Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.
Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.
Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.
Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
The bio
Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district
Was a middle distance state athletics champion in school
Enjoys driving to Fujairah and Ras Al Khaimah with family
His dream is to continue working as a social worker and help people
Has seven diaries in which he has jotted down notes about his work and money he earned
Keeps the diaries in his car to remember his journey in the Emirates