The promise of the metaverse and web 3.0 technologies has been quantified in the UAE through the Dubai government's strategy to create 40,000 jobs and add $4 billion to the emirate's economy in the next five years from the digital transformation.
Abdulaziz AlJaziri, deputy chief executive and chief operations officer at Dubai Future Foundation, talks to host Mustafa Alrawi about the opportunities and the road ahead as the country embraces the new immersive era of the internet.
In this episode
Dubai's ambitions in the metaverse (0m 11s)
Getting the basics right and setting up regulations (3m 48s)
Looking at the bigger picture (8m 52s)
Dubai Future Foundation's role in shaping the future (11m 38s)
Read more
Will the metaverse live up to the hype?
Dubai to host its first metaverse industry event in September
Metaverse market to reach $5tn by 2030, McKinsey finds
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
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.
Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
The years Ramadan fell in May