If you ask me about the future of the future. The answer is that it is inevitable. The global metaverse market is worth around $100 billion, which is expected to touch $1,500 billion before the end of this decade. Dubai is completely immersing itself in the metaverse to make the most of this opportunity, where the future belongs. The government is also keen to patron the development and people involved in this medium – because, it sure holds strong potential.
Several private businesses and government companies are investing in scoring the space in the metaverse and the government wants to make the experience worthwhile both in terms of time and finance. In March 2022, the Dubai government has spilt the beans about its expedition into Web 3.0 and also set up the Virtual Assets Regulatory Authority (VARA).
What are Dubai’s Immediate Plans?
On May 10, 2022, His Highness Sheikh Mohammed bin Rashid Al Maktoum – the Prime Minister and Ruler of Dubai chaired a meeting of the Dubai Council, in which he has directed to form of a higher committee to prepare the Metaverse strategy for Dubai.
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and First Deputy Chairman of the Dubai Council was also present during the meeting. He is appointed as the head of the committee, who will supervise all technological developments in the emirate.
Sheikh Mohammed said: “We seek to transform Dubai into the world’s best city in the world to live, work, and invest. The constant development of government services is vital to achieve this goal and ensure Dubai maintains high levels of global competitiveness.”
“We are committed to further enhancing government operations in Dubai, so that we can provide the best possible environment for the economy to flourish and ensure the greatest quality of life for citizens and residents. I am fully confident of the new committee’s ability to accomplish this goal,” he stated further.
He has allotted two months’ timeframe to the committee to develop the Dubai Metaverse Strategy to enhance the emirate’s position as a technical global hub for new metaverse technology.
The decision was taken during a meeting of the Dubai Council chaired by the Dubai Ruler Sheikh Mohammed bin Rashid in the presence of the Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum; and Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, the Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, and Second Deputy Chairman of the Dubai Council.
What is Metaverse?
Metaverse is the evolution of the computing world, which is a network of 3D realistic digital worlds built within a virtual-reality space. The concept of metaverse is that it is an interoperable, multi-user virtual world, where people can interact and engage with each other and various forms of digital media.
Restructuring of Dubai Municipality Department
Sheikh Mohammed has also announced a number of decisions to advance sustainable development and accelerate efforts and support Dubai’s modern vision that adds more to the lives of Dubai citizens and visitors.
Sheikh Mohammed announced a new comprehensive structure for Dubai Municipality in order to align its plans with Dubai’s priorities and future directions. The restructuring aims to transform the Dubai Municipality Department into a specialised institution that will adopt a private-sector approach to provide high-quality municipal services to the Dubai residents.
It will also be redesigned to curb global changes in the areas of environment, climate change, circular economy, and the acceleration of partnerships with the private sector. The restructuring also aims to create economic opportunities worth AED10 billion within five years, reduce operating costs by 10 per cent, and increase the quality of services by 20 per cent.
In March 2022, the Dubai Municipality revealed its plans to work with private sector companies to create a human-oriented version of a city in the metaverse called One Human Reality.