H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Board of Trustees of the Dubai Future Foundation (DFF), has announced the launch of the Dubai Metaverse Assembly scheduled to be held in September this year. The global event is expected to invite regional and international experts to Dubai, with the intention of shaping the future of the Metaverse, in addition to exploring its potential applications in future.
The event, which will be organised by the DFF at the Museum of the Future and Emirates Towers on September 28 and 29, seeks to examine how the futuristic technology can be utilised in various sectors to improve quality of life and ensure a better future for humanity.
The Dubai Metaverse Assembly is scheduled to host more than 300 delegates, spanning expertise from experts, thought leaders, decision-makers and policymakers. The event will witness a series of workshops and sessions, where delegates will examine the Metaverse and its impact on humanity. Delegates to the assembly will also identify the best methods to harness opportunities presented by the Metaverse across governments, countries and industries.
Estimates of the global Metaverse market value range between USD10 trillion and USD30 trillion within the next fifteen years, highlighting the huge potential of the revolutionary technology.
H.H. Sheikh Hamdan stated that the Metaverse presents a promising digital world. He also said that DFF aims to adopt the technology in an attempt to improve the quality of life in the UAE and the rest of the world.
Dubai to emerge as a global hub for innovation
H.H. Sheikh Hamdan emphasised that the Dubai Metaverse Assembly aligned with the vision of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, for the city to emerge as a global hub for innovation, and become a key player in digital and knowledge-based economies globally.
He also stated the intention of Dubai to be a global leader in adopting futuristic technology and harnessing its potential to drive meaningful change.
The launch of the global event followed the Dubai Metaverse Strategy, which was framed to position the city as one of the world’s best cities, by investing in economic opportunities, deploying Metaverse technology and enhancing digital infrastructure in an effort to support the digital economy.
The Dubai Metaverse Assembly will comprise three main themes, Educate, Inspire and Contribute. These themes will revolve around the city’s ambition to design a better future for humanity. The ‘Educate’ theme will consist of ten sessions on the Metaverse. The ‘Inspire’ theme will be presented by various partners and will present potential uses of the Metaverse in retail, tourism, logistics, healthcare and education. The ‘Contribute’ theme will comprise workshops on foresight of the Metaverse and reviews of use-case studies.
The global event is scheduled to host a range of activities for delegates, including special workshops for organisations to generate tangible outcomes. The event will also offer a platform for thought-leaders to share their vision of the future, and consider the boundless opportunities and solutions offered by the Metaverse. According to various reports, estimated revenue from virtual products in the Metaverse touched USD54 billion in 2020, and the NFT market in 2021 accounted for almost USD41 billion.
The Dubai Metaverse Strategy was formulated during the fifth meeting of the Dubai Council earlier this year, and is the first initiative of a higher committe formed under the directive of H.H. Sheikh Mohammed bin Rashid Al Maktoum.
The committee is chaired by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, and will supervise all technological developments in Dubai’s digital economy, in addition to ensuring that the legislative and legal framework of Dubai keeps pace with the rapid developments of the digital economy.