In keeping with the goal of the Dubai Higher Committee for Future Technological and Digital Economy to draw in technology innovators from all over the world, the Dubai International Financial Center (DIFC) announced the launch of the “DIFC Metaverse Platform” on Monday.
Emirates News Agency reported that the platform is a component of a comprehensive strategy being developed by Dubai International Financial Centre, the top international financial hub in the Middle East, Africa, and South Asia (MEASA) region, to advance Dubai’s position as a world leader in the metaverse (WAM).
The Dubai Metaverse Strategy, which intends to support 40,000 virtual employment by 2030, add $4 billion to Dubai’s GDP, and draw 1,000 firms specializing in blockchain and Metaverse technologies, is in line with the DIFC Metaverse Platform.
The platform also supports the goal of the recently unveiled Dubai Economic Agenda D33, which is to annually produce economic value through digital transformation worth Dh100 billion ($27.22 billion).
Omar bin Sultan Al Olama, UAE Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, Chairman of the Dubai Chamber of Digital Economy, and Vice Chairman of the Dubai Higher Committee for Future Technology and Digital Economy, commented on the announcement and said that the UAE adopts advanced technologies in its aim to keep pace with global changes, reflecting the directives of its leadership, in transforming the nation and Dubai to be one of the world’s most technologically advanced cities.
Al Olama noted that this Metaverse platform is the first of a number of activities that will be undertaken in order to reinforce Dubai’s position as a leading global hub for cutting-edge digital trends and quicken the pace at which the Dubai Metaverse Strategy’s goals may be attained.
“The Dubai government has showed remarkable vision in creating a Metaverse plan that has the purpose of making the emirate a worldwide centre for technology and innovation,” said Arif Amiri, CEO of DIFC Authority. Dubai’s goals in this area will be realized more quickly thanks to the creation of the integrated DIFC Metaverse Platform. The program is a logical extension of our Innovation Hub concept, which has influenced the Middle East, Africa, and South Asia region’s technology and innovation scene.
The DIFC Metaverse Platform includes three key initiatives. The first is an accelerator program with a dedicated physical studio for Metaverse technology that will promote the development of a creator community and venture building. The platform will also address the Metaverse policy development and legislation on open data, digital identity and company law frameworks in the Metaverse.
Furthermore, the initiative will foster the development of a Metaverse community that will explore ways to enhance the metaverse experience for customers.
This month, applications will open for the Metaverse Accelerator Program, the first project to be launched under the platform’s banner. The program hopes to get more than 500 applications in the upcoming years, select 50 of the most potential program graduates, and encourage investment possibilities that will support the sector’s expansion.
By connecting them with the biggest players in the area, the initiative exemplifies DIFC’s dedication to assisting creative Metaverse start-ups. They may also access a regulatory sandbox, investigate collaborations, meet investors, and get marketing assistance thanks to the initiative.
The first and biggest FinTech accelerator in the area, DIFC FinTech Hive, held its annual Investor Day on the Metaverse Platform in the beginning of November, providing the area’s financial ecosystem a first-hand look at the technology. Additionally, DIFC Fintech Hive and Emirates NBD collaborated to build and design their own Metaverse Accelerator program, which attracted more than 100 international candidates.
The Metaverse Accelerator Program will run over a period of six months, during which the cohort of start-ups will be introduced to training and workshops to upskill and reskill themselves in both technical and intrapersonal aspects of the metaverse.
The program also aims to facilitate partnerships between start-ups and corporates to create proofs-of-concept and new Metaverse solutions.