Metaverse in Dubai, UAE is without a doubt a booming industry. If investors, futurists, and analysts are to be believed, the Metaverse is where we will shop, play, work, and even go on vacation in the not-too-distant future.
The virtual worlds built within the metaverse will be where we invest our money, hang out with friends, and even own real estate. By 2030, the Dubai metaverse economy will be valued at about $4 billion a year. So, a high business-profit probability along with entertainment is right there in the Metaverse.
In this piece of writing, we will be talking about what metaverse in Dubai has for business-minded people and those who are looking to entertain themselves using this latest technology.
What is the Metaverse in Dubai, UAE?
The Metaverse in Dubai, UAE is a digital world where avatars or three-dimensional likenesses of people can interact with each other in virtual environments.
It is a part of Web3, the subsequent evolution of the internet, whose fundamental elements include decentralization, blockchain, increased user utility, and openness.
According to Canadian-based Precedence Research, the value of the global metaverse industry is expected to surpass $1.6 trillion by 2030, growing at a compound annual growth rate of more than 50% from an anticipated $40 billion in 2021.
Dubai Metaverse Strategy
The Dubai Metaverse Strategy, which was unveiled in July, intends to boost the economy of the Emirates by $4 billion and generate 40,000 new employment opportunities in the upcoming five years.
According to Sheikh Hamdan, Dubai’s crown prince, Metaverse in Dubai is the coming economic and technological revolution that will transform all facets of life over the next 20 years.
The program intends to multiply the Metaverse by five times and the number of blockchain businesses by two. In Dubai, there were a thousand businesses operating in the Metaverse in Dubai as of July.
In an effort to position itself as a worldwide center for the future economy, Dubai has also established a higher committee for the digital economy and future technology.
The installation of Headquarters of the Dubai’s Virtual Assets Regulatory Authority in Metaverse made VARA the first regulator to have a presence in the metaverse.
Vice President and Ruler of Dubai, Sheikh Mohammed bin Rashid, formed the authority in March in accordance with the Dubai Virtual Asset Regulation Law, the first of its kind in the UAE.
Virtual Environments of the Metaverse in Dubai, UAE
The Dubai Metaverse Strategy, which was introduced in May, was confidently predicted to easily sustain up to 42,000 virtual jobs.
The strategy, which is overseen by Dubai’s Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, is based on three main pillars: the development of available talent, innovation, and the use of metaverse technologies by the government.
Recently, a lot more UAE companies have announced their intentions to join Metaverse. Thanks to these startups and companies, you will be able to do various things in Metaverse Dubai, UAE. Some of the activities that you can perform in the Dubai Metaverse include getting your eyes checked, visiting tourist sites, walking in the park, investing, or having a meeting with a government agency virtually.
Have a look at a few of the virtual environments that the Dubai Metaverse will offer in the coming future:
Eyesight Test
The US-based CLEAR, a digital eye care firm created by former NASA optical scientist Brandon Zimmerman and Dubai-based health tech startup ShopDoc is collaborating to introduce eyeglass prescription tests in the Dubai metaverse.
Accurately calculating and simulating consumer optical prescriptions and 20/20 vision performance are some of the primary goals of the project by making use of frontier mathematics and the latest optical modeling.
With ambitions to later expand it to other regional markets, the metaverse digital eye exam initiative will initially launch in the Indian and UAE markets.
Commercial Bank International
Commercial Bank International (CBI), based in Dubai, has entered the metaverse. This is the first bank in the UAE to establish a presence in the metaverse. The bank also announced its metaverse location to the public.
The bank’s founders take great pride in being among the first in the Middle East and the first UAE bank to offer the metaverse experience to its clients in the Emirates.
Anyone can access the virtual location of the CBI through Decentraland at CBI.dcl.eth or (63, -127) using the coordinates of the Decentraland map. People can also access the bank’s virtual location via portals.
Fashion Brands
With digital fashion firms like The Rebels exploring new-age luxury collections of wearables and making inroads into the virtual fashion streets, the metaverse industry in Dubai, UAE is getting ready for a showy, red-carpet makeover.
Investors also appear to be encouraging fashion startups to enter the metaverse industry of the UAE. Nike is snatching up virtual collectibles startup RTFKT. In addition to that, Silicon Valley-based venture capital a16z, also known as Andreessen Horowitz, is getting ready to launch a $1 billion fund to support blockchain startups.
In the UAE, there is increasing talk about virtual fashion companies as the metaverse fashion industry of Dubai is expected to grow to be a $55 billion industry worldwide by the year 2030.
Dubai Airport Freezone
The Dubai metaverse will soon include the Dubai Airport Free Zone (DAFZ), a unit of the Dubai Integrated Economic Zones Authority (DIEZ).
The program intends to catch the eye of Foreign Direct Investment (FDI) and firms to the free zone by showing the DAFZ’s catchy solutions, offerings, and products to strengthen the UAE’s top position as a hub for beneficial and competitive technology.
Regardless of physical location, META-DAFZ will allow foreign clients from all over the world to do meetings via a digital platform, providing an almost realistic and distinctive experience.
e& in the Metaverse Dubai, UAE
e& is making a significant entry into the Dubai metaverse. The company was previously called Etisalat Group. The company is the best telecom operator in the UAE. The breakthrough is being viewed as a significant accomplishment in the group’s transformation journey to an investment conglomerate and worldwide technology. It is so because the company’s 5G network will play a crucial part in the country’s quest to become a solid force in the digital world.
By announcing the debut of e& universe, a virtual world hosted in Arcadia Planitia on Mars, the company is making important technological advancements based on the never-ending possibilities that are possible with metaverse adoption and in accordance with its goal to make societies stronger digitally.
A platform called The Metaverse Service is developed in conjunction with HTC VIVE. It aims to give the best user experience via a huge range of virtual avatars and spaces. With the help of a new 3D retail experience in a new way, Etisalat by e& is showcasing the future of retail at its business center showcase in partnership with Huawei.
Yas Island
Although locations of Yas Island are easily accessible from the UAE’s capital by car, soon visitors will be able to enjoy their wonders and joys without having to travel to Dubai.
After a coalition of significant Abu Dhabi entities joined forces to bring Yas Island into the metaverse, they will be able to explore the numerous offerings at the island on top metaverse platforms.
Users will be able to transact, socialize, play, group up, and create through the virtual experiences that these companies have planned. People will be able to explore all that Yas Island has to offer in a digital-first trip, from buying and creating digital houses to learning about cultural attractions, to enjoying top-notch golf courses, unique events, theme park adventures, and a world-class motorsport racing circuit. Every user’s unique trip will include unexpected surprises and customizable avatars.
Dubai Electricity and Water Authority (DEWA)
In an effort to broaden the range of services, it offers to users, staff members, and society at large, Dubai Electricity and Water Authority (DEWA) have introduced DEWAVerse, a platform on the Dubai metaverse.
This step has made DEWA the first government organization of the UAE to open in the metaverse. The Dewaverse will let consumers make transactions, talk with DEWA personnel to receive answers to their questions, and visit a customer care center in virtual reality. Additionally, a virtual DEWA workplace is being created for letting customers wander around DEWA facilities and have meetings.
Roads and Transport Authority (RTA)
RTA will also become a part of the Dubai metaverse using augmented reality technology. The authority will be showcasing Dubai Metro’s rail network through digital twins.
In order to show minute details and other crucial scenarios that positively or negatively impact asset lifecycles, the digital twin platform integrates historical maintenance data from the last 12 years of Dubai Metro service with real-time data acquired by external data-collection devices.
The platform provides suggestions for enhancing the asset life cycle using real-time and historical data, including various permitted procedures such as modifying timely maintenance plans. It also takes help from system development and machine learning to detect potential problems in the future.
Burj Khalifa
The metaverse now houses Burj Khalifa, the tallest building on the planet. On the metaverse, a comprehensive and detailed digital twin of the Burj Khalifa is accessible. It is intended to provide users with a whole new and real-lifelike experience. People can move about the structure to take 360-degree views of Dubai, UAE.
The project was introduced by Eventcombo. This model in the metaverse Dubai does not need VR hardware such as gloves or headsets. It can be accessed with a keyboard and a standard device.
In the presentation film, virtual avatars can be seen exploring various parts of the structure. Users can even use the elevators and wander through the hallways before coming on the viewing deck, which gives them realistic views of Dubai.
UAE Ministry of Economy
A third location in the metaverse is soon to be unveiled by the UAE Ministry of Economy. Abdulla bin Touq Al Marri, the Emirati minister, claims that the ministry has currently two physical locations: one each in Dubai, Abu Dhabi, and the third one is set up in the metaverse.
The minister revealed that the new metaverse facility features an auditorium and is equipped to contract signings, host meetings, and conducting various other events. The brand-new service center will be an interactive space where individuals can move around, socialize with other people, make purchases, and access services exactly like they could in actual places.
FAQs – Frequently Asked Questions
What is metaverse in Dubai?
Metaverse in Dubai is a digital world where people will be able to perform real-time physical activities from the comfort of their homes. The goal of the Dubai Metaverse Strategy is to establish Dubai as a hub for the global metaverse community and one of the top 10 metaverse economies in the world. The plan intends to expand on Dubai’s success in luring more than 1,000 businesses in the metaverse and blockchain sectors.
What is MetaWeek?
MetaWeek is an of the companies which will become operational in the Dubai Metaverse. Large organizations that embrace the Metaverse and have placed significant bets on the growth of virtual realms were on display at MetaWeek. The culmination of a week-long event was the MetaWeek Summit, a 2-day core conference, and expo held at the Grand Hyatt Dubai on September 12–13.
What are the major industries in Metaverse Dubai?
Following are some of the major industries in Metaverse Dubai:
- Education
- Entertainment
- Construction
- Trading
Dubai – World’s First Virtual City
Dubai will become the first virtual city in the world and a worldwide hub for digital innovation, according to Metarverse Holdings, a cutting-edge Web3 technology business incorporated by Delaware. This announcement is part of their global metaverse rollout. The introduction of Dubai into their metaverse is a significant advancement in the “immersive metaverse mission” of well-known tech entrepreneur Priven Reddy to create a sustainable digital future for everybody.
The Emirates will be the first “used” center in the virtual environment that imitates real-world locations, events, and experiences. Their virtual world will reflect actual, true places and events; a beta version is launched in the October of 2022 and is made widely accessible
Dubai will offer a vast choice of options, attractions, and opportunities that will give you the impression that you are actually there in real life. It is the first of several hyper-realistic virtual cities.
The Dubai metaverse will encompass everything, from schools and colleges and events to big malls and commercial areas. Dubai is making a case for itself as a cutting-edge virtual metropolis by collaborating with Metaverse Holdings. Dubai will provide a fun and realistic experience. It will play a significant role in future international cooperation and important conduit of communication
Through a number of agreements, the new platform is bringing a thorough, utility-based, real-world metaverse with complete multi-device compatibility. In contrast to current virtual reality applications that create miniature, digital fantasy environments, it is intended to stream quickly.
Users can establish synergy between the web3 blockchain platform and their requirements. The opportunity to explore and shop from the largest retail chains and stores, attend simulated lectures, purchase advertising space in the virtual city and more will be included.
Metaverse Holdings has committed $54 million to the venture for the platform’s ongoing and future development. Their objective is to build a secure metaverse where anyone can feel at home and interact with other people online in a fun way.
To make it a reality, the Metaverse Holdings team is currently in Dubai working with various stakeholders to build partnerships and implement cutting-edge technologies that will make the online experience really engaging and more interactive, which is unmatched.
Afdal Baig, a strategy partner at Metaverse Holdings, assures that this platform will link the mission of the UAE government with the opportunity to use the major focus sectors of tourist attractions, real estate, government services, education, retail, professional services, and healthcare. This is in line with the UAE government’s aggressive efforts to advance the adoption of digital assets, blockchain technology, and the metaverse across the Middle East.
Conclusion
So, that is it about the Metaverse in Dubai, UAE. It has provided a platform for businesspeople, investors, and entrepreneurs to take their business formation journeys to another level. Not only that, people will be able to get benefit from the virtual reality infrastructures available in the Metaverse. They will be able to perform tons of real-time activities physically in the digital world from the comfort of their home.
If you are looking to start a business in Metaverse in Dubai, UAE, you should get in touch with RIZ & MONA business setup experts in Dubai, UAE. We will handle the process for you and make sure to take care of everything so that you can get going with your business activities in the Metaverse in no time. For more information, contact us now.
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