His Excellency, Abdulla Bin Touq Al Marri, the UAE’s Minister for Economics, launched the UAE Ministry of Economics headquarters in the Metaverse recently, at a place no better than where it could be presented for its context-specific nature, the Dubai Metaverse Assembly, organized by the DFF (Dubai Future Foundation).
UAE Ministry Of Economy Unveiled Its New Headquarters In The Metaverse!
With more than 500 delegates and 40 global companies addressed, such as Emirates, Accenture, PriceWaterhouseCoopers, Meta, Microsoft, and Binance, His Excellency stated that the third office of the Ministry of the Economy would offer governments
an immersive experience, coupled with potential space for multinational corporations and the public to interact with each other in fruitful ways.
He further went on to add that this is an advanced way for governments to sign bilateral agreements with mutual benefit, likely to strengthen the UAE’s ability to become the hub for over-the-horizon technologies.
At the opening session’s discussion panel, he described the virtual commercial space created by Meta as having the ability to equalize economics, where service-based businesses can also double as real estate, further expanding on their lucrative nature and economic output. Such measures, he went on to say can lead to Dubai’s intensified focus as an export and digital infrastructure-based IoT (Internet of Things) economy leader.
The United Arab Emirates in the past has shown its ability to be flexible and adaptive, so it is that with this new and emergent technology, the UAE can and will utilize the economic powers of knowledge, innovation, and AI to its fullest, as has been seen in the past, from its transformation of nature, from a semi-nomadic economic model to a high-end service-based economy.
A market of 1 trillion 6 hundred billion dollars by 2030, with an annual growth of 43.3% has given the UAE a distinct opportunity to harness this capacity for growth and direct its highly competitive advantages of a highly skilled workforce and business-friendly laws to reach for the top.
The aim for the UAE among other things is to expand its economy’s size by a double by the time 2030 rolls around and these technologies and their respective supply chains mature, which the Emirati people and governments hope will be centered around them, due to their pivotal location at the Persian Gulf and the Arabian Sea. It would likely lead to the UAE being a place where Web 3.0 can sprout effortlessly.
People who joined the Minister for economics were Bashar Kilani, Accenture, Mark Zeleski, BCG Digital Ventures, and Karl Tlais of iAdvisor. This is likely to show the Emirati government’s intentions when they stand and sit with people who likely represent those among the cutting edge in their fields and this one too.
The assembly about Web 3.0, IoT, virtual real estate, and metaverse economics, which took place in Dubai, is the first publicized event of its kind since the King, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum launched the strategic plan for Metaverse in Dubai, its expansion, promotion, business diplomacy, infrastructure, and other planning, funding and fundraising among various other important metrics of progress measurement.
Progress will be measured by 40,000 new virtual jobs, 1000 new companies that will feel welcome in Dubai and to seed, start, grow and expand their blockchain, IoT, Web 3.0, metaverse tech, etc., the addition of 4 billion dollars to Dubai’s economy, among other factors, which will help to catapult Dubai’s status as the Top 10 blockchain,
IoT, Digital Real Estate, Web 3.0, and as further mentioned above economies.
The hope is that Dubai’s successes will be measured by other countries and its gain will be the gain and benefit of the rest of us all and that their model if proven to be successful can be adapted for the remainder of nations in the world so that we can all see such success.