UAE: Ministry of Economy launches headquarters in metaverse
The UAE’s Ministry of Economy has joined the league of government and private organisations with real estate in the metaverse.
Minister Abdulla bin Touq Al Marri revealed the Ministry’s headquarters in the metaverse at the Dubai Metaverse Assembly on Wednesday.
“The virtual government office would also be equipped with advanced technology for the Ministry to sign bilateral agreements with other nations in the metaverse. It will bolster the UAE’s ability to become a global hub for next-generation technologies,” the Minister stated.
The Dubai Metaverse Assembly is the first event of its kind since Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, launched the Dubai Metaverse Strategy in July.
The strategy aims to add $4 billion to Dubai’s GDP, support 40,000 virtual jobs by 2030 and attract 1,000 companies specialising in blockchain and metaverse technologies to turn Dubai into one of the world’s top ten metaverse economies.
The global metaverse market is expected to reach $1.6 trillion by 2030, with total annual growth of 43.3 per cent. “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 have the competitive advantages to become one of the world’s top ten metaverse economies – and a global hub for investments in this field,” he added.
