Part IV: UAE’s strive to be the first and the best in the Meta-Economy

Nitin Antony | 09 Oct 2022 | Middle East perspective

As the UAE aspires to be the best at its endeavours, its leaders have a vision as well as keeping an eye out for “What’s next?”. With the Metaverse being the “next big thing” around the world, the UAE is positioning itself to be front and centre of all activities and developments.

According to an estimate, Metaverse will add up to USD $5 trillion to the world economy by 2030, and the UAE is eager to tap into that potential. The country is foraying into the metaverse to provide innovative solutions, enhance people’s lives, and transform itself into a metaverse economy replete with economic opportunities.

Emirati leaders are working towards improving overall industrial competitiveness and developing an advanced digitalized society. Many executives are optimistic about the use of metaverse in enhancing the sustainability of business operations by solving operational issues like supply chain challenges.

Becoming a key player in the virtual world is a step aimed at diversifying the country’s economy away from hydrocarbons. Hosting meetings, training programs, and other routine procedures in the metaverse could decrease training times by 50%, thus reducing carbon emissions by eliminating physical travel. However, the Metaverse is in its infancy stage and its definition is expanding every single day. We have yet to address the regulation of cryptocurrencies, the usual privacy and security problems, and the possible effects it could have on mental health.

Additionally, VR technology will have to be more affordable, accessible, and free of the “cybersickness” of VR headsets for it to be commercially viable. There are multiple concerns associated with the metaverse, as they are progressively resolved and demystified, people will be able to safely engage in the myriad virtual experiences offered by it.

For international firms active in this space and looking to enter a market of immense potential, get in touch to learn more on the opportunities available in the region and how to engage with UAE-based entities changing the landscape in the metaverse.