The emergence of Web3 and the metaverse has begun to have an impact in the UAE. The UAE Ministry of Economy, Abdulla bin Touq Al Marri, launched the Ministry’s headquarters in the metaverse at the Dubai Metaverse Assembly.
Dubai in the metaverse! The UAE has the potential to become a hub for both talent and innovation in the web3 space.
The Crypto Times has been following the UAE’s journey from the formation of a high-level committee for future technology chaired by the Dubai Crown Prince to the recent announcement of virtual asset marketing and promotion guidelines.
The UAE Ministry of Economy has now announced the opening of its new address, which can be ‘visited’ from anywhere in the world because it is located inside the metaverse.
The virtual office, or “new headquarters”, according to Al Marri, is the “digital twin” of the ministry’s offices in Dubai and Abu Dhabi, where avatars can hold meetings, network, and even sign legally binding agreements.
The Dubai Metaverse Assembly is the first event of its kind organized by the Dubai Future Foundation (DFF) since the Dubai Metaverse Strategy was launched in July by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai.
According to Al Marri, the metaverse is an economic equalizer, transforming key industries ranging from logistics to real estate. He explains that the UAE’s forward-thinking vision sees the metaverse as having the potential to transform and redefine a diverse economy.
“The global metaverse market is expected to reach $1.6 trillion by 2030, with total annual growth of 43.3 percent. We are moving fast to secure a share of this prize. With advanced physical and digital infrastructure, highly skilled talent, and pro-business laws, the UAE has the competitive advantages to become one of the world’s top 10 metaverse economies – and a global hub for investments in this field,” he said.
