There is high level of awareness in UAE ,Saudi Arabia and Oman when it comes to Crypto(77%),NFTs(49%),and the Metaverse(46%).
What is Metaverse
The metaverse concept is essentially a parallel, virtual, and the augmented universe. Proponents of the digital world think that developing it could change humanity forever.
Some say it has already started to do that.
It has influential backers, notably Mark Zuckerberg, of what was formerly Facebook, and now, in a nod to new priorities, Meta.
The company will launch its enhanced VR headset, needed for accessing the metaverse, later this year.
Some governments, including the UAE, are also taking note. Dubai has announced a metaverse strategy, which aims to create 40,000 jobs and add $4 billion to the emirate’s economy.
Development
Global efforts to speed up the development of the metaverse are kicking off. And the UAE had the vision to be a first-mover and now finds itself at the forefront.
The potential of this technology, possibly the most transformative to be developed Thus far in the Internet Age, was fleshed out at the Dubai Metaverse Assembly.
A gathering of 500 experts, members of the metaverse community, government officials, and private sector representatives.
Development at Government Level
Beyond hosting meetings, the Emirates is pushing development by encouraging government departments to think about how the technology could help them.
The UAE Ministry of Economy unveiled its new headquarters in the metaverse, or a “third address”, at the forum. It is supposed to complement the work of physical offices.
Dubai has even said it will start to measure “GMP”, a gross metaverse product.
Assembly in Dubai
With such a radical idea comes great variety. At the Metaverse assembly, topics up for discussion ranged from the technology’s potential role in aviation to the possible creation of a Barbados Metaverse Embassy.
For those who couldn’t make it in person, there was even the option of attending in the metaverse.
With all this in mind, the potential is awe-inspiring. But the UAE is also using its position at the heart of the technology to have more practical conversations, too.
For example, it has set up a Virtual Asset Regulatory Authority and often hosts discussions on the role of governments and regulators in this sphere.
At Global Level
However, globally much work remains to be done. Accessing the metaverse will require an internet connection, and a good one at that, too.
The IMF says that: “half of the world’s population does not have access to the Internet.
Either through a mobile device or through fixed line broadband.” If the metaverse becomes so powerful, global inequality will only be driven if it is the reserve of a lucky few.
Issues
There are also safeguarding issues. The internet’s development is an important lesson in the need to not only get caught up in the optimism of innovation.
The web has enriched our lives, but there have been and still are terrible instances of abuse, and the world often is forced to play catch in clamping down on them.
A key theme at the forum was regulating the brave new world of Web 3.0, which is upon us.
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Dubai Forum
None of this is a reason to block progress, which, frankly, is inevitable and can be an important force for good. It is instead a call for those who have the ambition and foresight to start having these important conversations now.
So that the metaverse can be rolled out with as much safeguarding in place as possible.
UAE
At the forum, the UAE is demonstrating it aims to be one of these central countries. It is preparing itself for a long, exciting, and profitable journey.
One speaker at the event describes the current state of the field as “the early 90s in internet terms”.
Thinking about the metaverse today, therefore, could hardly be a better long-term investment.
Development of Dubai
The story of Dubai’s major landmarks is, in many ways, the story of the city itself. They are a collection of global, very modern firsts.
The Dubai Mall is the most-visited lifestyle destination on earth. The Burj Al Arab has several world records to its name, including the tallest hotel atrium.
They, like the city, are also known for succeeding against tough conditions. An entire artificial island had to be constructed to house the Burj Al Arab.
The Burj Khalifa, the world’s tallest building, emerged as the centerpiece of a new district, breaking a slew of its world records as it did so.
Projects of Dubai
Another project at the heart of the city’s identity is the Palm Jumeirah. It is an artificial island that now houses some of the city’s most famous hotels and valuable homes.
Recently, one of its mansions sold for $82 million, the most expensive house sale in the city’s history.
By some measures, Palm Jebel Ali, an echo of the other man made island further up the Dubai coast, has had to overcome an even greater challenge.
With the site laying dormant for the past few years. After more than a decade on hold, work might be about to restart on its development.
Project Development
All this would take place in a global economy that is struggling. But the fact that amid this uncertainty, and in the aftermath of the pandemic, UAE developers still have the confidence to float ideas as grand as these.
Shows that much like its skyline, Dubai’s economy has developed.
It will take some time before this project can be delivered, but in the interim investors can look to stories such as these as a sign that the country’s post-pandemic recovery is continuing at pace.
Dubai Metaverse Community
The Dubai Metaverse Strategy aims to turn Dubai into one of the world’s top 10 metaverse economies as well as a global hub for the metaverse community.
The strategy aims to build on Dubai’s achievement of attracting more than 1,000 companies in the fields of blockchain and metaverse.
It also promotes Dubai’s ambitions to support more than 40,000 virtual jobs by 2030. This would further boost Dubai’s economy and support the UAE government’s vision
Of increasing the number of blockchain companies by five times the present number.
Dubai Strategy
The strategy also aims to develop global standards in building safe and secure platforms for users and develop metaverse infrastructure and regulations to accelerate the adoption of these technologies.
The Strategy’s Key Pillars focus on:
Extended reality (which blends the physical and virtual worlds)
augmented reality (AR)
·virtual reality (VR)
mixed reality
and digital twins (a virtual representation of an object or system).
The strategy aims at leveraging real-time data, using machine learning and IoT, and employing AI simulation and blockchain to enhance human thinking processes.
Technology Pillars of the Strategy
They are data, network, cloud, and edge computing . That focus on real-world data obtained, validated, stored, processed, and managed.
Other pillars include promoting the full deployment of 5G networks to enable edge computing and provide on-demand computer system resources.
Edge computing allows data to be collected, stored, and processed locally via smart devices and local networks, instead of the cloud.
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The Dubai Strategy
Foster innovation, enhance the metaverse economic contributions through R&D collaborations, and promote advanced ecosystems.
Utilizing accelerators and incubators that attract companies and projects to Dubai
Foster talent and invest in future capabilities by providing the necessary support in metaverse education aimed at developers, content creators.
And users of digital platforms in the metaverse community develop Web3 technology and its applications to create new governmental work models .
And development in vital sectors, including tourism, education, retail, remote work, healthcare, and the legal sector.
Aims of Dubai Strategy
The strategy also aims to develop global standards in building safe and secure platforms for users and develop metaverse infrastructure and regulations to accelerate the adoption of these technologies.
Now you don’t need to physically visit the world’s tallest building to enjoy the sights. You can get the experience and watch the city from the top of the Burj Khalifa from the confines of your home.
Through the metaverse. Metaverse to add $15 billion to GCC economies by 2030
GCC Countries
Saudi Arabia stands to gain ,most from the metaverse at $7.6 billion ,followed by the UAE $3.3 billion. The Metaverse could contribute around $15 billion annually to GCC economies by 2030.
According to a study by Strategy & Middle East part of the PwC network.
Saudi Arabia is expected to account for more than half of this figure.This reflects the aggressive efforts of both countries in leveraging the metaverse in their respective national programmes .
Dubai Crown Prince sets 100 day plan for government entities to coordinate their contributions in the development of the digital economy.
Qatar is next with $1.6 billion ,followed by Kuwait ($1 billion),Oman ($800 million) and Bahrain ($400 million).
The metaverse holds a world of possibilities that extends beyond next-generation gaming and internet based home buying or shopping .
The metaverse is the latest stage in the advancement of the human/computer interface.
One that is designed to create a seamless ,pervasive ,immersive,touchable ,simulated experience so realistic as to parallel reality.
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Saudi Arabia – Development
Saudi Arabia’s $500 billion city on the Red Sea -NEOM , uses the metaverse to inform construction and provide architects,engineers,designers and others.
An experience that allows for collaboration and customization.
NEOM’s digital subsidiary has created a metaverse that allows people to be simultaneously in the city.
And the virtual world in the form of of an avatar or a hologram.
FAQs
How many Countries are there in GCC?
The GCC is an alliance of States that currently consists of six countries in Western Asia.
All member states comprise a total area of 0.99 million square miles ,2.57 million kms and about 59.56 million people.
This is 1.70% of the habitable area around the world and 0.76% of the world population.
Which GCC Country is the biggest?
The Kingdom of Saudi Arabia the largest with 28.5 million people .It has 16% of the world’s proven oil reserves.
Who is the Leader of GCC countries?
The current Secretary General is Nayef Falah Mubarak Al Hajraf .
Which GCC Country is rich?
Qatar has been ranked as the richest Arab country and the 4th wealthiest on a global scale per findings by the Global Finance’s latest report.
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