UAE Ministry of Economy Launches Headquarters in the Metaverse

The Ministry of Economy of the United Arab Emirates has joined the league of public and private institutions that own property in the metaverse. At the Dubai Metaverse Assembly, Minister of Economy, Abdulla bin Touq Al Marri, disclosed the location of the Ministry's headquarters in the metaverse. Al Marri described the metaverse as an economic equalizer, transforming critical industries from logistics to real estate.

Dubai Metaverse Strategy

At the first-of-its-kind assembly, Al Marri presented the new headquarters during a panel discussion. Since Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, unveiled the Dubai Metaverse Strategy in July, the Dubai Metaverse Assembly is the first occasion of its sort. By 2030, the initiative hopes to support 40,000 virtual employment, bring in 1,000 blockchain-focused enterprises, and increase Dubai's GDP by $4 billion. Additionally, the worldwide metaverse market is anticipated to increase by a cumulative 43.3 percent annually, reaching a value of $1.6 trillion.

"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," said the Minister.

Dubai To Become World's First Virtual Metropolis

Thanks to Metaverse Holdings, Dubai will become the world's first virtual metropolis. Delaware recently established Metarverse Holdings, a business that develops cutting-edge Web3 technologies. In its global metaverse rollout, it formally declared that Dubai would become the first virtual city in the world and a center for digital innovation. Users can enjoy the most incredible sites and attractions in Dubai and Abu Dhabi, as well as real-world services, from the comfort of their homes, fusing the real and virtual worlds. The technology is anticipated to launch in beta form in the fourth quarter of 2022 and become broadly accessible soon after. The world's first regulator to enter the metaverse is the Dubai-based Virtual Assets Regulatory Authority (VARA). In May this year, the government agency established a headquarters in the metaverse.