April 3, 2023

DIAC Launches Dispute Resolution Services in Metaverse

DIAC Launches Dispute Resolution Services in Metaverse Featured Image

The Dubai International Arbitration Centre (DIAC) announced offering its services in the metaverse, DIAC said in a press release. 

DIAC metaverse will allow parties to take part in dispute resolution from anywhere in the world in a virtual reality space without the need for physical transportation. The center’s move to the metaverse comes in line with its goals around equity, sustainability, and accessibility. 

Through the metaverse technology, DIAC offers an effective and accessible dispute resolution experience as it allows all parties to participate in the proceedings with less financial resources, the press release read. 

In this regard, Chairman of DIAC’s Board of Directors Tariq Humaid Al Tayer: “The launch of DIAC’s metaverse came after months of hard work and dedication from the team. This new offering comes in line with Dubai’s aspiration to be a global metaverse hub. Further, it reinforces DIAC’s position as the leading international arbitration center, enhances our capabilities to offer innovative and novel methods for resolving disputes, and reflects our vision to be the ultimate global destination for dispute resolution.” 

Earlier, Boston Consulting Group (BCG) said the UAE is an adequate ground for unlocking the potential of ten metaverse-based use cases like virtual and augmented shopping, virtual collaboration, telehealth, virtual assets, augmented tourism, live augmented events, digital training, and digital twins.

A recent report by BCG, in collaboration with Meta, titled “Creating a New Reality: The Metaverse in MENAT,” examined the growth potential of these ten use cases in the UAE, highlighting the UAE market’s key role in expanding the uses of the metaverse.

In November 2022, Crown Prince of Dubai Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum approved the new stage of the Dubai Metaverse Strategy, which aims to promote its digital economy and implement measures that boost the usage of the metaverse and future technology in the emirate.

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