Towards a high-tech city: how does Dubai become one of the world's top ten meta cosmic economies?

Published on 9/26/2022   246 views   0 Comments  

Source:Surging news

Author: Fang Xiao

Β·According to the strategic plan of the Dubai government, the relevant departments of the meta universe will add up to 40000 jobs and contribute up to $4 billion to GDP.

Β·Dubai has three free trade zones dedicated to the Web3 and cryptocurrency ecosystems. Based on the Virtual Assets Law and the Virtual Assets Regulatory Authority (VARA), Dubai is at the forefront of regulating digital assets.

A 77 meter high building covering an area of about 30000 square meters seems to have no columns. 1024 panels with Arabic calligraphy cover the streamlined facade. These calligraphy are the works of Sheikha Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Chief of Dubai: "The future can be designed and built today".

This building is the Dubai Museum of the Future, which opened to the public earlier this year. At the end of September, the first Dubai Metauniverse Conference will be held here.

Dubai Museum of the Future.

Dubai is the first city in the Middle East to take the flag to the meta universe. In July this year, Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, announced the launch of the "Dubai Metacosmic Strategy". The High Commission on Future Technology and Digital Economy, led by him, said: "Dubai will strengthen its position as the birthplace and laboratory of future science and technology, as well as one of the world's top ten meta cosmic economies."

According to the strategic plan of the Dubai government, the relevant departments of the meta universe will add up to 40000 jobs and contribute up to $4 billion to GDP. These works will be mainly distributed in the fields that are the pillars of the meta universe, including augmented reality (AR), virtual reality (VR), the Internet of Things (IoT), data centers and cloud computing.

This plan is also in line with the vision of Sheikh Mohammed bin Rashid Al Maktoum, which will transform Dubai into a global high-tech capital and make efforts in the fields of artificial intelligence (AI) and Web3.

Real estate, financial and aviation enterprises have entered the market

With the strong promotion of the government, Dubai's business community is looking for ways to develop the meta universe platform, launching pilot activities one after another, studying consumer behavior, learning and cultivating business models. Dubai now has more than 1000 enterprises in the field of meta universe and blockchain.

Dubai real estate giant "Damac" has invested up to 367 million dirhams (about $100 million) to develop the meta universe platform D-Labs, which allows customers to obtain virtual luxury properties, let them choose their own apartments and furniture, and will also provide various NFTs, digital wearable devices and virtual jewelry.

"We (currently) sell about 100 million dirhams per month through Zoom calls, without any immersive technology. But with the Metauniverse, we can sell to any customer in California, New York or Miami, up to 700 million to 800 million dirhams per month." Ali Sajwani, CEO of D-Labs, told the media.

Potential customers can meet with the sales agent of "Damak" in the meta universe, and also visit the apartment and pay the bill. According to the article "Arabnews. com", the meta universe has created a new business model, and the days when real estate buyers look at advertising brochures to complete transactions are gone forever.

Emirates Airline is another early tester of the meta universe. In May this year, the company disclosed that it planned to add Bitcoin to the payment service with its in-depth exploration of NFT and the meta universe. The senior management of the company said, "We are excited about the opportunities in the future digital space and committed to making significant investments in finance and resources to develop products and services using advanced technology and improve revenue, brand experience and business efficiency." The company also said that it would continue to work with industry partners to promote the Web3 strategy.

In August, as the leading banks in the Middle East, North Africa and TΓΌrkiye, Emirates NBD and DIFC cooperated with fintech hive, the largest financial technology institution in the Middle East, Africa and South Asia (measa), to launch a global accelerator program for metaverse startups to enhance the customer experience of virtual economy, and Microsoft provided technical support.

Since 94% of financial transactions and requests are conducted outside of physical outlets, the bank is exploring new technologies in the Web3 world to promote digitalization and create an immersive experience for customers. They are looking for leading financial technology companies, digital experience start-ups and emerging technology players in the meta universe to enhance their immersion in the virtual world in three key areas: building a technology stack to promote the transition to 3D, creating a virtual world to enhance customer experience, and providing customers with a distributed payment infrastructure to create, monetize, purchase and sell digital assets and services.

On August 10, Marc Ellis, a recruitment company in Dubai, announced the launch of the first Meta Universe Training Academy, which allows users to participate in training courses conducted in the Meta Universe anywhere in the world. This company hopes to establish a platform to enable organizations including transnational corporations and small and medium-sized enterprises to hire the best talents in the meta universe.

Aws Ismail, the director of the company, said, "At present, there are more than 400 million active global users of the Meta Universe, which gives us a huge pool of candidates. It is not easy to obtain them using traditional methods, but through the power of the Meta Universe, recruiters will be more able to contact candidates, because many users have turned to digital work." Crucially, the basic technology of the meta universe, such as blockchain, will help to safely store the resumes of candidates.

"As for the form of interview, it can be facilitated by using VR and meta universe based office space. Candidates can also visit the virtual office to interview with recruiters." He said.

The first official health institution of the universe, the police issued NFT

The Gulf Times reported on August 8 that the "United Arab Emirates Health Service (EHS)" will become the first official health institution launched in the meta universe in the world. The organization will use virtual reality and other technologies to provide medical consultation and expand the opportunities for patients to obtain medical services.

EHS plans to launch mental health consultation and customer happiness service by the end of 2022, and launch family health consultation by the end of the first quarter of 2023 to provide prevention, treatment and rehabilitation services. The mental health service institution called Halfway Villas will cooperate with the private sector to establish a network of digital mental health clinics and a hotline, and will also set up special mental health institutions in primary health care centers and hospitals.

In addition, ShopDoc, a technology startup headquartered in Dubai, will launch "U OK?" in November this year The Yuanuniverse Intelligent Clinic platform helps the residents of the United Arab Emirates discuss their problems related to mental health under the condition of absolute privacy. The platform has a team of well-known psychologists and psychiatrists.

Shihab Makanyil, the co-founder of ShopDoc, said: "The overuse of mobile devices and the increase of human interaction in the virtual world are largely blamed for the lack of intimacy, which has led to the recent increase of loneliness index. If technology is the cause of the problem, we should use the same technology to find a solution to the problem. Therefore, we want to try to use the meta universe to alleviate loneliness."

In July this year, ShopDoc launched "My School Clinix", the world's first metacosmic health enterprise serving schools, in the United Arab Emirates.

Makania said that one of the key features of their meta universe service is anonymity. "We believe that our services can have a significant social impact, especially in countries like the United Arab Emirates, where about 89% of the population are foreigners. Most of them live far away from their immediate family members and are often isolated from social circles."

At the same time, the Dubai Police has become one of the first government agencies in the world to issue NFT. After the first release attracted more than 23 million people, the police agency said that it subsequently received more than 7000 messages from people interested in NFT. According to the report at the end of July, Dubai police are preparing for the second launch of NFT.

Khalid Nasser Al Razooqi, Director of Dubai Police AI, said: "(We) contacted all participants to confirm the address of the digital wallet. Those who met the requirements were shortlisted in the lottery, and 150 of them obtained the digital assets of Dubai police for free."

The UAE government has recently signed a memorandum of understanding with the blockchain data platform Chainalysis to train government employees in blockchain technology.

Ecosystem cultivation and supervision mechanism

While building a safe and reliable meta universe platform and technical infrastructure for users, relevant departments in Dubai are also discussing how to regulate and regulate this emerging technology field.

With the help of the Virtual Assets Laws on NFT and cryptocurrency and the special Virtual Assets Regulatory Authority (VARA), Dubai is at the forefront of regulating digital assets.

The Virtual Assets Law is a part of Law No. 4 issued by Sheikh Mohammed bin Rashid Al Maktoum this year. The goal is to use the new law to expand the existence of the United Arab Emirates in the meta universe. This significant move also means that Dubai welcomes companies related to cryptocurrencies.

The Virtual Assets Act is currently in force in all free trade zones in Dubai. In addition, users can also find the virtual asset supervision authority in the game "Sandbox". Dubai established MetaHQ as early as May to help cryptocurrency and NFT traders understand the new law.

The Dubai Virtual Assets Regulatory Authority has been set up in the sandbox game.

Another measure is the establishment of the Virtual Assets Supervision Authority. The agency cooperates with the Dubai World Trade Center Authority, the Central Bank of the United Arab Emirates and the Securities Authority to support, supervise and promote business activities related to digital assets/cryptocurrencies. For example, Dubai residents need permission from the Virtual Assets Regulatory Authority to conduct these businesses: exchange cryptocurrencies and other digital assets; Digital wallet service; Transaction tokens stored on the blockchain; NFT/cryptocurrency platform business; Digital asset custody service.

Since its establishment, the Virtual Assets Regulatory Authority has been working hard to create a favorable ecosystem. The agency has developed a test adaptation measurement model, attracting zero carbon, high value-added, technology driven enterprises that are moving to Dubai. Among the important participants who moved to Dubai, there are some of the world's largest virtual asset exchanges, such as Binance, FTX and crypto Com, Coinbase, and Bybit. In addition, there are financial enterprises providing DeFi (decentralized finance) solutions, such as Galaxy Digital, Komainu and Brevan Howard, cryptocurrency service providers, BitOasis, CoinMENA and other local virtual asset enterprises.

Dubai has three free trade zones dedicated to the Web3 and cryptocurrency ecosystem: the Dubai World Trade Center, the Dubai International Financial Center and the DMCC crypto center of Dubai's multi commodity center. As a relatively new free trade zone established in 2015, the regulatory and operational environment of Dubai World Trade Center aims to promote the development of virtual asset ecosystem in Dubai.

With several leading enterprises and promising start-ups of Web3 moving to Dubai, this city is also attracting the world's brightest talents in this field.

Dubai is now also the location of major industrial activities such as ETHDubai and Binance Blockchain Week. In March this year, hundreds of international Web3 entrepreneurs, experts and enthusiasts participated in fireside talks and group discussions.

From September 28 to 29, more than 300 scholars, policy makers and decision-makers from more than 40 organizations will attend the Metauniverse Conference in the Museum of the Future. Jeremy Jurgens, the director of the World Economic Forum's Centre, said: "Dubai has always been at the forefront of implementing new technologies, and is recognized as a leading city in the future by the world. Therefore, it provides a place for thinking, gathering leading experts and futurists to explore the opportunities and challenges brought by the meta universe."

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