Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.
With an annual growth of 43.3%, the global metaverse is expected to reach $1.6 trillion by 2030.
The United Arab Emirates has been one of the few countries that are fast embracing new emerging technologies. After opening its arms to some crypto and blockchain-related firms, the UAE Ministry of Economy has made a groundbreaking appearance on the metaverse. This was disclosed by the UAE Minister of Economy Abdulla bin Touq Al Marri at the Dubai Metaverse Assembly.
According to him, this is not a proof-of-concept but their third address complementing the two existing ones located in Abu Dhabi and Dubai. Based on the live tour of the virtual headquarters, there will be multiple-storey buildings serving different purposes. According to the presentation, visitors would be able to take a ticket which would cause “the customer happiness center employee” to move into the virtual world and interact with visitors.
“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,” said Al Marri.
It is worth noting that the Dubai-based Virtual Assets Regulatory Authority (VARA) is the first regulator to announce its presence in the virtual world. Having observed that the metaverse is an economic equalizer, Al Marri believes that the UAE could build on its position as a gateway for global trade to become a leading virtual reality economy.
Since the launch of the Dubai Metaverse Strategy in July, the Dubai Metaverse Assembly is the first ever of its kind. It is expected that this could add $4 billion to Dubai’s GDP. In addition, it could support about 40,000 virtual jobs by 2030 while attracting about 1000 companies that focus on blockchain and metaverse technologies.
“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,” said the minister.
With an annual growth of 43.3%, the global metaverse is expected to reach $1.6 trillion by 2030. This move is expected to be followed by other blockchain-friendly countries.