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UAE’s Bet On The Metaverse

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Tourism in the United Arab Emirates (UAE) is a vital component of the Emirati economy. In 2018, the tourism industry contributed over 164.7 billion
dirhams ($44.8 billion) to the country’s GDP. Tourism in UAE has employed over 604,300 people and is expected to continue growing. Come 2027, the revenue is expected to hit a record increase of 12,4% in the country’s GDP, and the employment rate soaring over 800,000 in the industry.

UAE represents one in many countries whose leaders are thinking outside the box, far beyond what the eyes can see, stretching into the future and maximizing all there could ever be.

The Metaverse is a network of digital spaces intended as an extension of the physical world where users will be able to game, work, study and does business among other things. UAE plans to explore the replete avenues in the metaverse.

Dubai Metaverse Assembly
In a project launched at Dubai’s gleaming Museum of the Future, it announced that the UAE’s economy ministry has started to materialize her move into the immersive virtual world.

UAE’s Minister of Economy Abdulla bin Touq Al Marri speaking at the inaugural Dubai Metaverse Assembly, said

“In the last couple of years we’ve seen investments, we’ve seen companies move in, and with the changes of the (visa) regime… we see talent coming in,”

“We trained our employees to immerse themselves in the metaverse, use the metaverse and engage with the Generation Z that is going to come,” he added.

The UAE has a history of bold projects including the 830-metre (2,723-foot) Burj Khalifa, the tallest tower in the world; The World archipelago and Palm Jumeirah also in Dubai; Sheikh Zayed Mosque and Yas Marina Circuit in Abu Dhabi; Al Hajar Mountains in Fujairah.

In its bid to become one of the world’s top-10 metaverse economies, Dubai wants to attract 1,000 companies specialising in blockchain and related technologies, helped by eased visa rules for freelancers, entrepreneurs and creatives.

“We thought the metaverse is a phase technology” that might take 10 to 20 years to emerge, Covid-19 immersed us so fast and expedited the use of the metaverse – Al Marri added”

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