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The Higher Committee for Future Technology and Digital Economy, which will oversee Dubai's efforts to establish itself as a major global centre for the adoption of metaverse technology, was recently created by the Dubai government. As a result of this announcement, Metarverse Holdings has chosen Dubai and Abu Dhabi as the first cities to be released as part of its global Metaverse rollout. Their cutting-edge virtual environment will match authentic real-life events and locations, with a Beta version expected to go live in the fourth quarter of 2022 and become available globally shortly thereafter.
Users globally will be able to experience Dubai and Abu Dhabi’s greatest attractions and landmarks alongside real-world utilities from the comfort of their homes - merging the physical and digital worlds.
The new platform is introducing a comprehensive real-world utility-based metaverse with full multi-device interoperability and is meant to stream swiftly, in contrast to current VR applications that build small-scale, digital fantasy worlds. Users can find synergy between their needs and the platform that encompasses NFT’s blockchain technology. This will include functionality to browse and shop from the biggest retail brands and stores, buy advertising space in the virtual city, attend simulated lectures, along with the ability to apply for residency visas, business licenses and more.
“After carefully examining other leading regions, the decision was made for Dubai and Abu Dhabi to be the very first simulated cities within our new metaverse”, stated Priven Reddy, CEO of Metarverse Holdings who is based in Dubai.
“We believe that Dubai is at the forefront of innovation and digital transformation, driven by the mission and vision of HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President of the UAE and Ruler of Dubai and HH Sheikh Hamdan bin Mohammed Al Maktoum, Crown Prince of Dubai.”
This vision establishes the UAE as pioneers in the adoption of innovative concepts and disruptive economic and technical models, thus there was only one place for us to debut. People all over the world are fascinated by the UAE's ongoing evolution. Globally people are fascinated by the rise of the Emirates and its constant look to the future.
In order to be the most cutting-edge metaverse available in a market that is expected to achieve a value of $1 Trillion in yearly revenue within the next 6–8 Years (PwC, 2022)”, Metarverse Holdings is committing AED 200 million to the project with the new platform.
Karyn Naidoo from Zengary, Strategic Consultant to Metarverse Holdings says, “Following the upcoming launch of the Beta version, we will release more key locations across the Emirates with a focus on creating virtual spaces that are visually, topographically, and geometrically scaled to recreate the most realistic feeling in the Dubai and Abu Dhabi metaverse, with space for endless, interconnected virtual communities using virtual reality (VR) headsets, augmented reality (AR) glasses, smartphone apps and other devices. We may investigate Qatar and the Kingdom of Saudi Arabia as potential candidates for our next virtual nations after the UAE launch.”
As the United Arab Emirates government is also going all out to advance the adoption of blockchain technology, digital assets, and the metaverse across the region, Afdal Baig, Strategy Partner at Metarverse Holdings believes that this new platform will link both the mission of the UAE Government with the opportunity to utilise the key focus areas of real estate, education, tourist attractions, retail, government services healthcare and professional services.
“The visionary UAE Government acts in a way that is both admired and marvelled by the global community. We believe that this new platform will help the anticipated $4 billion market in the Emirates expand since it is at the cutting edge of technology and embraces the true possibilities of Web 3.0 as a benefit for not just economic progress but also that of society as a whole. We can help launch a movement that will revolutionize how we live today by creating this world first and exhibiting Dubai and Abu Dhabi at their finest,” according to Afdal.
