Dubai International Financial Centre launches new metaverse platform

Its first initiative is a six-month accelerator programme that seeks to attract and support start-ups in the sector

The platform seeks to address policy development and legislation on open data, digital identity and company law frameworks in the metaverse. Photo: DIFC

Dubai International Financial Centre has launched a metaverse platform to attract technology innovators from around the world as part of the emirate's efforts to become a hub for the metaverse.

The move is part of a "comprehensive strategy" being developed by the centre to accelerate Dubai’s status as a global metaverse leader, Dubai Media Office said in a statement on Monday.

The platform will include the creation of an accelerator programme with a dedicated physical studio for metaverse technology that will promote the development of a creator community and venture building.

It will also address policy development and legislation on open data, digital identity and company law frameworks in the metaverse.

The initiative also aims to foster the development of a metaverse community that will explore ways to enhance the experience for customers, the statement said.

"The development of the integrated DIFC Metaverse Platform will accelerate the achievements of Dubai’s aspirations in this sector," Arif Amiri, chief executive of DIFC Authority, said.

"The initiative is a natural extension of our Innovation Hub proposition.”

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.

In July, the Dubai government unveiled the Dubai Metaverse Strategy, which aims to create 40,000 virtual jobs and add $4 billion to the emirate's economy by 2030. It also aims to attract 1,000 companies specialised in blockchain and metaverse technologies to the emirate.

In November, Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, approved four key strategies aimed at using metaverse technology to provide government services and a comprehensive study aimed at identifying the social benefits of introducing metaverse services.

The initiatives aim to build the skills of Emiratis and create a large metaverse community in Dubai that includes metaverse companies, start-ups, investors and users.

They also include strategic projects featuring partnerships with private sector players and events aimed at making the emirate a hub for regional and global metaverse-related events.

DIFC's new metaverse platform is the first in a series of initiatives that aim to strengthen Dubai's position as a global platform for the latest digital trends and accelerate the pace to achieve the objectives of the Dubai Metaverse Strategy, said Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, chairman of the Dubai Chamber of Digital Economy, and vice chairman of the Dubai Higher Committee for Future Technology and Digital Economy.

The platform also supports the recently launched Dubai Economic Agenda D33 to generate economic value worth Dh100 billion ($27.2 billion) from digital transformation annually.

The metaverse accelerator programme, the first initiative to be launched under the platform, will start accepting applications this month, the statement said.

The programme seeks to attract more than 500 applications, identify 50 of the most promising graduates from the programme and stimulate investment opportunities that will help the sector grow.

It will run over a period of six months, during which the cohort of start-ups will be introduced to training and workshops to upskill and reskill themselves in both technical and intrapersonal aspects of the metaverse.

The programme also aims to facilitate partnerships between start-ups and corporates to create proofs-of-concept and new metaverse solutions.

It will help innovative metaverse start-ups explore partnerships, gain exposure to investors, access a regulatory sandbox and obtain marketing support, the media office said.

In November, DIFC's financial technology accelerator – DIFC FinTech Hive – hosted its annual investor day on the metaverse platform.

DIFC Fintech Hive also partnered with Dubai's biggest bank Emirates NBD to launch and co-create their own metaverse accelerator programme, which received more than 100 global applicants, the media office said.