Dubai and UAE residents are in for a technological treat as the country officials work towards building a metaverse. According to Khalifa AlJaziri AlShehhi, a member of the Dubai Future Council on Energy and co-founder of Smart IoT LLC, Dubai is more than ready to enter the metaverse.
He also shared that the UAE government is closely looking at blockchain regulations to ensure more businesses and brands can operate on Dubai’s metaverse.
At the recent MetaDecrypt Web 3.0 Summit, Khaleej Times reported that various builders, company representatives, entrepreneurs, creators, and other professionals gathered to discuss Dubai’s progress with modern technology and metaverse.
At the event, many representatives expressed their anticipation with metaverse. Dubai has been making quite progress with metaverse compared to other countries.
Recently, Dubai’s biggest real estate company, DAMAC Group announced they are moving to the metaverse. Ajman Police did a test of training its officers to try out the metaverse technology for law and enforcement within the virtual world.
Dubai is ready to take over the metaverse
Dubai government, entrepreneurs, and builders are working together with one vision to build a perfect metaverse.
At the conference, Khalifa AlJaziri AlShehhi told the audience, “People are excited to come to Dubai, and the UAE, to experience new technologies and the possibilities of the future,” he said. “We tell them that they are making the right choice by coming here, because, at the end of the day, you want to be in an ecosystem that accepts you and is waiting for you.”
Dubai isn’t just all talks, instead, they are working day and night to make this plan a success. By holding conferences and events almost every month, the country is bringing the global geniuses into one place to work together for the metaverse.
AlJaziri AlShehhi also shared that the country is at a good start but still many challenges come their way, including regulations.
However, compared to other countries that have dismissed the idea of creating new regulations for the digital economy, Dubai is making an effort to change its regulations and bring new ones that fit their criteria.
Dubai’s metaverse regulations
Dubai deeply understands the need for proper regulations in the metaverse to ensure it remains a stable virtual world. Since Dubai has promised its citizens about bringing their daily life into the metaverse, the demand for regulation arises more than ever.
Khalifa AlJaziri AlShehhi said, “We are aware that this is not possible unless you have the appetite to change regulations. This is why we have the Regulation Lab that extends support to anyone with an idea that requires a business license.”
When discussing the regulations, Dr. Marwan Alzarouni, founder and CEO of the Dubai Blockchain Center added that “…the Government of Dubai, is actually thinking of possibilities, not limitations.”
He also introduced “a Ministry of Possibilities that focuses on such topics. This shows everyone the mindset that the Government has in Dubai – we don’t see limitations, we only see possibilities. Blockchain is no different when it comes to supporting our vision.”
This means Dubai is always looking for possibilities instead of limitations which contributes to its success as a developing nation.
Dubai citizens get to enjoy metaverse
One of the main goals for Dubai entrepreneurs with metaverse is to make it available for every Dubai citizen. Instead of creating a metaverse as just an entertainment spot, UAE is motivated to build a proper city that operates the same way as Dubai.
Sharad Agarwal, chief metaverse officer of Cybergear gave an example of the real estate sector in the metaverse, he said, “Dubai has a huge real estate market. In the future, people will be able to fly like superman to a community, look at the villas and view the villas and also configure the interior decoration to their liking. Once they’re satisfied, they can pay digitally. It is possible today as some developed countries have taken the lead in this field.”
Similarly, Dubai citizens can walk around, pay bills, and socialize with other people on the metaverse. Although this plan seems to be quite long-term since Dubai will need to educate its citizens about the technology, the entrepreneurs and builders have already taken the first step, i.e. building the metaverse.
At the conference, the representatives repeatedly highlighted the worth of Web3 and blockchain which could increase to billions of dollars in the next 10 years. Dubai is making an effort to build a metaverse and make it part of its economy.
Thomas Kuruvilla managing partner at Arthur D.Little Middle East believes that opening metaverse will become mandatory in the next 10 years. Based on this prediction, Dubai is already one step ahead with building its metaverse which might fully start operating in 5 years.
Compared to other countries, UAE is the only country open to new technology. Many Web3 companies and startups are moving to Dubai in hopes of more opportunities in blockchain. Dubai is surely near its goal of becoming a hub for blockchain and is in the middle of extending its welcome for metaverse as well. Will Dubai’s metaverse be a successful launch? Only the future will tell.