Sheikh Hamdan gets a briefing on the first day of the Dubai Metaverse Assembly. WAM

Staff Reporter, Gulf Today

Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of Dubai Executive Council and Chairman of the Board of Trustees of the Dubai Future Foundation (DFF), has said the metaverse will shape a new digital future for humanity.

He was speaking on the first day of the inaugural Dubai Metaverse Assembly, organised by the DFF.

Sheikh Hamdan said, “Dubai is emerging as a major contributor to shaping a new global vision for advanced technology and a pioneer in adopting next-generation digital innovation.”

“We are constantly working to foster the development of technological tools and applications to raise the community’s quality of life. In the coming years, the metaverse will shape a new digital future for humanity and Dubai will consolidate its status as a testbed for innovation in this emerging technology,” he added.

He stressed that Dubai will always welcome innovators and experts to explore and design the future of the metaverse and explore its potential.

“Through the Dubai Metaverse Assembly, we aim to provide a global platform for the metaverse community to discuss new opportunities emerging from this new technology and promote knowledge-sharing and partnerships between entrepreneurs and innovators. We also look forward to discussing how the metaverse can generate solutions for some of the world’s most critical challenges,” Sheikh Hamdan stated.

He further said Dubai seeks to be a hub for the global metaverse community, a goal that it will achieve by working closely with its partners and the world’s best experts in the field. “Dubai’s advanced digital infrastructure positions it as a strategic partner for the development of the metaverse, artificial intelligence and other technologies.”

During the event, Sheikh Hamdan met with top officials from around the globe and visited activations installed by the event’s partners to showcase real experiences from the metaverse.

Sheikh Hamdan attended a keynote speech delivered by Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Teleworking Applications.

Over 500 global experts and policymakers, and more than 40 leading local and global organisations specialised in metaverse and digital technologies, are participating in the two-day event. More than 20,000 attended the first day of the event using both virtual platforms and metaverse technologies.

During his speech, Al Olama outlined the goals of the Dubai Metaverse Strategy and the key initiatives to strengthen Dubai’s position in the digital sector.

“Dubai has firmly established its position as a global hub for travel, trade and investment by continually embracing new industries and innovations to diversify its economy. Over the next 50 years, we will work to turn challenges into opportunities and build a digital, knowledge-driven economy. With world-class infrastructure, talent and bold leadership, Dubai can become the beating heart of the metaverse economy and an epicentre for its growing community,” Al Olama said.

The Dubai Metaverse Assembly will host more than 25 high-level sessions and workshops at the Museum of the Future and AREA 2071, DFF’s innovation ecosystem, located at the Emirates Towers, Dubai.

The assembly is the first event resulting from the implementation of the Dubai Metaverse Strategy approved by Sheikh Hamdan in July. The strategy aims to add US$4 billion to Dubai’s GDP, support 40,000 virtual jobs by 2030, attract 1,000 companies specialising in blockchain and metaverse technologies and turn Dubai into one of the world’s top 10 metaverse economies.

Dubai, 28 September 2022: The metaverse presents a huge opportunity to solve real-world supply chain bottlenecks, Sultan Ahmed Bin Sulayem, Group Chairman and Chief Executive Officer of DP World, said at the first Dubai Metaverse Assembly.

Speaking at a fireside chat, Bin Sulayem reiterated the power of technology to create equal economic opportunities and cement Dubai’s position as a global trade hub in the digital age.

“Over the past decade, we have seen the power of data and technology enabling global transparency,” he said. “Especially in the last two years, global supply chains have undergone turbulent moments because of the pandemic and geopolitical tension. Now more than ever, businesses and governments are ready to embrace technologies that will boost the resiliency and sustainability of our supply chains,” he added.

According to The Analysis Group, the metaverse could add $3 trillion to the global economy within a decade. “I believe it will be far more,” said Bin Sulayem, as more industries acknowledge the need to move away from archaic technologies and paperwork.

“We are exploring the usage of the metaverse across our services, including simulations of warehousing and terminal operations, container and vessel repair inspections, safety training, and other commercial uses,” he said. “Our customers will now be able to see and understand the whole supply chain from end to end – with full visibility – and take corrective actions in case of logistics bottlenecks. By using this technology, we hope to keep trade flowing, increase visibility and minimize disruption to build trade networks fit for the future.”