Dubai's DIFC unveils ‘Metaverse Platform’
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Dubai’s DIFC unveils ‘Metaverse Platform’

Dubai’s DIFC unveils ‘Metaverse Platform’

The platform will address metaverse policy development and legislation on open data, digital identity and company law frameworks in the metaverse

DIFC-based fintech firms net $559m in funding during Jan-Sep 2022

Dubai International Financial Centre (DIFC) has launched the DIFC Metaverse Platform.

The platform is aligned with the Dubai Metaverse Strategy, which aims to add $4bn to Dubai’s GDP, support 40,000 virtual jobs by 2030 and attract 1,000 companies specialised in blockchain and metaverse technologies, according to the state news agency WAM.

Omar bin Sultan Al Olama, 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, stated that the UAE adopts advanced technologies in its aim to keep pace with global changes, reflecting the directives of its leadership, in transforming the country and Dubai to become a leading hub for utilising the best technology and developing capabilities.

In line with the Dubai Metavese Strategy

Al Olama added that this metaverse platform is the first in a series of initiatives that aim to achieve the objectives of the Dubai Metaverse Strategy.

Read: Sheikh Hamdan approves new phase of Dubai Metaverse Strategy

Arif Amiri, CEO of DIFC Authority, said, “The development of the integrated DIFC Metaverse Platform will accelerate the achievements of Dubai’s aspirations in this sector. The initiative is a natural extension of our Innovation Hub proposition that has shaped the technology and innovation landscape in the Middle East, Africa and South Asia region.”

The platform includes three key initiatives. The first is an accelerator programme with a dedicated physical studio for metaverse technology that will promote the development of a creator community and venture building. It will address the metaverse policy development and legislation on open data, digital identity and company law frameworks in the metaverse. The initiative will also foster the development of a metaverse community that will explore ways to enhance the metaverse experience for customers.

Applications open 

The Metaverse Accelerator Programme, the first initiative to be launched under the umbrella of the platform, will start accepting applications from January onwards. In the coming years, the programme seeks to attract more than 500 applications, identify 50 of the most promising graduates from the programme and stimulate investment opportunities that will help the sector grow.

The programme will help startups explore partnerships, gain exposure to investors, access a regulatory sandbox and obtain marketing support.

In early November, the region’s first and largest FinTech Accelerator – DIFC FinTech Hive – hosted its annual Investor Day on the Metaverse Platform, giving the region’s finance ecosystem a first-hand experience of the technology.

DIFC Fintech Hive also partnered with Emirates NBD to launch and co-create their own Metaverse Accelerator programme, which received more than 100 global applicants.

Read: Emirates Post, DIFC’s FinTech Hive sign sponsorship deal to promote ‘HIVE 22’

The programme will run over a period of six months, during which the cohort of startups will be introduced to training and workshops to upskill and reskill themselves in both technical and intrapersonal aspects of the metaverse.

The programme also aims to facilitate partnerships between startups and corporates to create proofs-of-concept and new metaverse solutions.

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