Dubai is furthering its push into the metaverse by announcing a new event. The inaugural Dubai Metaverse Assembly is set to be held on the 28th and 29th of September and was formally announced by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai. It is to be hosted at the Museum of the Future and Emirates Towers. The event will feature 300 global experts and 40 institutions specializing in metaverse technologies and applications. The event will showcase real metaverse experiences in key sectors and an unprecedented experience of hosting official meetings in the digital world.
Delegates will participate in sessions and workshops to take a deep dive into the metaverse, understand its impact on humanity, discuss the potential of humanising its applications, and identify the best ways to leverage opportunities across strategic sectors of countries, governments, and companies. The event comes hot on the heels of Dubai's new metaverse strategy which announced its intention to create 40,000 virtual jobs by tapping into the growing market. “The metaverse is a promising digital world. We aim to harness this technology to enhance the quality of life in the UAE and across the globe. We want Dubai to lead globally in adopting the technology of the future, understanding its developments, harnessing its potential, and driving change” Sheikh Hamdan bin Mohammed explained.
Why it matters
The UAE and Dubai in particular have been making a real concerted push into the metaverse, NFTs and cryptocurrencies. In May, Dubai's Virtual Assets Regulatory Authority (Vara) — which was established under the Dubai Virtual Asset Regulation Law, the first such law in the emirate said it had established its Metaverse HQ, making it the first regulator to have a presence there. The value of the global metaverse market is forecast to hit about $5 trillion by 2030, according to a report in June from McKinsey & Company. Whilst both Emirates and Etihad have launched their NFT collection and loyalty programs.
