UAE Ministry of Economy Opens Metaverse Headquarters
The UAE Ministry of Economy has opened a new headquarters in the metaverse that is to be installed with advanced for signing bilateral agreements. The UAE is joining a list of governments around the world, particularly South Korea, that are gradually setting up real estate in the metaverse.
The new headquarters was launched by the country’s minister at the Dubai Metaverse Assembly mid this week. The new metaverse headquarters was revealed in a panel discussion.
The new metaverse headquarters is the Ministry of Economy’s third office. The office has immersive experiences for global corporations, governments, and the public that allow these players to collaborate and connect.
The Ministry’s metaverse headquarters has advanced technology that enables the ministry to sign bilateral agreements with other countries in the metaverse. The ministry says its new virtual office would fortify the country’s ability to grow into a global hub for next-generation technologies.
The Ministry says advanced physical and digital infrastructure would enable the UAE to establish itself as a global trade gateway and to also evolve into a digital export center. The UAE is also pursuing global leadership in the metaverse economy.
The Dubai Metaverse Assembly is the first event of its kind in the country following the launch of the Dubai Metaverse Strategy in July.
The Dubai Metaverse Strategy is aiming to add $4 billion to the city’s economy through the metaverse and Web 3.0 technologies. Through this strategy, Dubai is aiming to support 40,000 virtual jobs by 2030 and to attract 1,000 companies that specialize in blockchain and metaverse technologies. The aim is to transform Dubai into one of the leading metaverse economies in the world in short order.
By 2030, the global metaverse market is expected to hit $1.6 trillion. The market segment is also projected to hit a total annual growth of 43.3% by 2030. Dubai says it is investing heavily in the metaverse in order to secure a share of this future lucrative market. The UAE wants to achieve this through advanced physical and digital infrastructure, skilled talent, and pro-business, pro-metaverse laws. The city aims to become a global hub for metaverse investments.
Dubai is already seeing some traction in its aim to achieve this goal. Earlier in September, the city attracted Delaware-based Metarverse Holdings, a web 3 tech company, to transform the city into the world’s first virtual city and a leading global hub for the metaverse economy.
The virtual city will enable users from across the globe to experience some of the leading attractions in Dubai and Abi Dhabi. The virtual city tour will also take users through the famous landmarks as well as to the real-world utilities in the city in a phygital experience that will merge the physical and digital environments. A beta version of this technology is expected to go live before the end of the year and will subsequently become globally available shortly afterward.
Dubai’s Virtual Assets Regulatory Authority is also the first regulator in the world to establish a presence in the metaverse having opened a virtual department in May this year.
Another UAE-based entity that has established a metaverse presence is the Sharjah-based environmental management company Beeah Group which is planning to create a digital twin of its new headquarters which has designed by the leading architectural firm Zaha Hadid. Beeah’s digital twin will not only include the physical structure of the group’s headquarters, tracking parameters along with data in real-time.