September 29, 2022

UAE Ministry Launches New HQ in Metaverse

UAE Ministry of Economy

UAE Ministry of Economy

The UAE Ministry of Economy announced launching its new headquarters at the metaverse on Wednesday. 

This announcement was made by UAE Minister of Economy Abdalla bin Touq Al Marri while addressing the attendance at the Dubai Metaverse Assembly, organized by Dubai Future Foundation (DFF). 

Bin Touq said that the metaverse could be a gate that qualifies the UAE to be a digital export hub and a prominent metaverse economy. 

According to Bin Touq, the metaverse is an economic equalizer that transforms key industries from logistics to real estate. 

“The UAE has continued to support and empower emerging economic industries built around knowledge, innovation, and artificial intelligence,” the UAE minister underlined.

 He described the metaverse as one of the exciting applications which could redefine the UAE’s diversified economy, adding asserting the importance of digital technology for his country’s economic model in the coming 50 years. 

Bin Touq said the global metaverse market is predicted to hit $1.6 trillion by 2030, with total annual growth of 43.3%, pointing out that the UAE has the potential to be one of the top 10 metaverse economies in the world and a global investment center in this domain.

He added that his country became a center to develop leading web3 technologies and applications, referring to analysts’ predictions that the web3 market would hit a valuation of $80 billion by 2030. 

UAE Minister of Economy Abdulla Bin Touq Al Marri

How To Enter The Ministry in The Metaverse

Khalifa Al Jaziri, the avatar representing the ministry in the metaverse, said visitors can enter the ministry’s headquarters after getting a virtual ticket or token and sending a notification to the ministry’s customer happiness center. 

Jaziri noted the citizens are not required to visit the real-world headquarters as all services could be done in the digital world, adding each floor will have different purposes. 

About The Event

The assembly is the first event that comes as a result of the implementation of the Dubai Metaverse Strategy approved by Sheikh Hamdan Rashid Al Maktoum in July. 

The strategy aims to increase Dubai’s GDP by $4 billion, create 40,000 virtual jobs by 2030, lure 1,000 companies specializing in blockchain and metaverse technologies as well as transforming Dubai into a leading metaverse economy around the globe. 

Many international organizations and companies are participating in the event, such as the World Economic Forum, META, MasterCard, Binance, BCG Digital Ventures, the Sandbox, PwC, Accenture, Dubai Blockchain Center, Bedu, and DeCentraland, among others. 

Government entities and local organizations are also taking part in the event such as the Dubai International Financial Centre, DAMAC, Majid Al Futtaim, VARA, and Dubai Digital, among others, with the aim of evaluating national projects and exchanging experiences on the metaverse.

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