UAE Ministry of Economy announces Metaverse headquarters

Wednesday, 28 September 2022 20:42

By ARN News Staff

The UAE's Ministry of Economy has unveiled its new headquarters in the Metaverse.

It will provide a wide range of services and complement its physical offices in Abu Dhabi and Dubai.

On the sidelines of the Dubai Metaverse Assembly, Abdulla bin Touq Al Marri, UAE Minister of Economy, said that the Ministry's third office will offer an immersive experience for governments, global corporations and the public to connect and collaborate.

It will also be equipped with advanced technology for the Ministry to sign bilateral agreements with other nations in the Metaverse.

During a panel discussion at the Assembly, Bin Touq described the Metaverse as an economic equaliser, transforming key industries from logistics to real estate.

And with advanced physical and digital infrastructure, the UAE can build on its position as a gateway for global trade to become a digital export centre and a leading metaverse economy.

"Digital technology is vital to our new economic model for the next 50 years and the metaverse represents one of the most exciting applications in this field. In line with the UAE’s forward-looking vision, we understand how the metaverse can transform and redefine our diversified economy and have continued to launch strategies to unlock its potential," he explained.

"The global metaverse market is expected to reach US$1.6 trillion by 2030, with total annual growth of 43.3 per cent. We are moving fast to secure a share of this prize. With advanced physical and digital infrastructure, highly skilled talent and pro-business laws, the UAE has the competitive advantages to become one of the world’s top 10 metaverse economies – and a global hub for investments in this field," the Minister added.

Bin Touq explained that the UAE’s new economic model, built on innovation and collaboration, aims to foster talent, invest in future capabilities and provide metaverse education to ensure the UAE becomes a hub to develop pioneering web 3.0 technologies and applications.

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