During the Dubai Metaverse Assembly, organised by Dubai Future Foundation, the UAE Ministry of Economy represented by Abdulla bin Touq Al Marri, Minister of Economy, launched the Ministry’s third office in the metaverse.
Also during the event Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, revealed the Emirate’s Metaverse Strategy at the Dubai Metaverse Assembly. Al Olama said the economic sectors in which the metaverse strategy would be deployed are, tourism, education, government services, retail and real estate.
In addition a top UAE Minister stated, “The country’s economic success will now be measured using Gross Metaverse Product (GMP) instead of Gross Domestic Product (GDP).”
As for the Ministry of Economy’s headquarters in the metaverse, Bin Touq said that the Ministry of Economy’s third office would offer an immersive experience for governments, global corporations and the public to connect and collaborate. It will also be equipped with advanced technology for the Ministry to sign bilateral agreements with other nations in the metaverse, bolstering the UAE’s ability to become a global hub for next-generation technologies.
Bin Touq added, “The UAE has continued to support and empower emerging economic industries built around knowledge, innovation and artificial intelligence. Digital technology is vital to our new economic model for the next 50 years and the metaverse represents one of the most exciting applications in this field. In line with the UAE’s forward-looking vision, we understand how the metaverse can transform and redefine our diversified economy and have continued to launch strategies to unlock its potential.”
He added, “The global metaverse market is expected to reach US$1.6 trillion by 2030, with total annual growth of 43.3 percent. “
