The first Dubai Metaverse Assembly took place in September at the Museum of the Future. It was sponsored by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, who is the Crown Prince of Dubai, Chairman of the Dubai Executive Council, and Chairman of the Board of Trustees of Dubai Future Foundation.
The study was made with the help of PwC, which was the knowledge partner of the Dubai Metaverse Assembly. Its goal was to show what the assembly’s most important ideas were and what the most important trends and applications were.
About 600 experts and experts in technology from 50 different countries were there. Over the course of two days, they went to more than twenty-five seminars and panel discussions. There were more than thirty speakers and forty local and international institutions and technology businesses.
The most important part of the metaverse is its uses
The report talks about the most important themes and conversations about the metaverse that came up during the assembly.
It looks at how the metaverse can be used in business, communications, education, entertainment, gaming, tourism, and real estate, among other fields.
The report pointed out four key areas that governments and businesses should focus on to be successful in the metaverse: improving collaboration between the public and private sectors; making laws and rules about data protection, privacy, and cybersecurity risks; giving everyone clear roles and responsibilities; and speeding up the use of new technologies and the sharing of experiences.
Metaverse Strategy
The first event in Dubai that was all about the metaverse was the Dubai Metaverse Assembly. It happened after Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum agreed that the Dubai Metaverse Strategy would start up in July 2022.
The goal of the strategy is to raise Dubai’s GDP by $4 billion to help create 40,000 virtual jobs by 2030, bring 1,000 tech companies to the emirate, and make Dubai one of the 10 largest metaverse economies.
Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, said, “Dubai Metaverse Assembly hosted the largest gathering of experts and organizations interested in designing the future of metaverses.
The event stressed how important it is to keep up with changes in technology and use new applications to reach future goals and plans and help governments, the economy, the health care system, schools, and communities grow. It also talked about the benefits of using modern tools that make people’s lives easier and give them hope for the future.
Opportunities
CEO of Dubai Future Foundation Khalfan Belhoul said, “The report aims to share the insights and knowledge revealed by global experts during Dubai Metaverse Assembly with the world through a new report on the untapped potential of the metaverse.”
“We believe it’s crucial to share knowledge on future trends, as it allows governments, businesses, and civil society to take advantage of the immense opportunities presented by advanced technologies.”
“This report will serve as a resource for anyone seeking to understand how the metaverse will impact vital economic sectors and help create a better future for humankind built on sustainability, wellbeing and prosperity.”
Guy Parsonage, who is in charge of PwC’s Metaverse practice, said, “The Middle Eastern economy is going through a fast digital transformation, which is causing disruptions across many industries. Dubai, which wants to be one of the top 10 metaverse economies and a leader in metaverse technologies, is a good example of this.
In line with The Dubai Metaverse Strategy, our strategic partnership with the Dubai Future Foundation (DFF) looks into new and cutting-edge technologies that will help make the future better and allow us to blend the real and virtual worlds together.
This relationship also shows how committed we are to helping clients with their digital transformations, delivering lasting results, and building trust in society.
Socio-economic benefits
Governments and businesses should take the lead to take advantage of the social and economic benefits of the metaverse, which will grow faster than the internet or mobile networks. The paper said that everyone involved needs to keep looking for new ways to work together in the metaverse.
Case studies should be the basis for any new metaverse testing or projects. They should be set up in a way that gives developers, regulators, and the general public confidence in them.
The research lists the different ways that the metaverse could be useful. There are a lot of possibilities, from giving people more control over their personal data and the chance to sell it in the future to helping governments reach diplomatic parity, as Barbados wants to do by opening an embassy in the metaverse.
The metaverse will challenge the dominance and monopoly that social media platforms have today. It will be able to give billions of people better experiences, from better education to intimate live performances by the world’s most famous artists.
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