Ministry of Economy announces metaverse HQ at Dubai Metaverse Assembly

The Dubai Metaverse Assembly is the first event of its kind, being held on September 28 and 29 at the Museum of the Future

by Zubina Ahmed

September 28, 2022

Abdulla bin Touq Al Marri, UAE Minister of Economy, launched the Ministry’s headquarters in the metaverse at the Dubai Metaverse Assembly, organised by Dubai Future Foundation (DFF).

Addressing more than 500 delegates and 40 global companies, including Accenture, Emirates, PwC, Microsoft, Meta, and Binance, Al Marri said that the Ministry of Economy’s third office would 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, bolstering the UAE’s ability to become a global hub for next-generation technologies.

During a panel discussion at the Dubai Metaverse Assembly, Al Marri described the metaverse as an economic equaliser, transforming key industries from logistics to real estate.

“We are launching our 3rd address, as the Ministry Economy, one in Abu Dhabi, one in Dubai, and one in the Metaverse!”
HE Abdullah Bin Touq, Minister of Economy, Ministry of Economy of the UAE#DubaiMetaverseAssembly pic.twitter.com/4K6LVRZS4H

— Dubai Future Foundation (@DubaiFuture) September 28, 2022

Al Marri said, “The UAE has continued to support and empower emerging economic industries built around knowledge, innovation and artificial intelligence. Digital technology is vital to our new economic model for the next 50 years and 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 added, “The global metaverse market is expected to reach $1.6tn 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.”

He continued to explain that the UAE’s new economic model, built on innovation and collaboration, aims to foster talent, invest in future capabilities and provide metaverse education.

The Dubai Metaverse Assembly is the first event of its kind, being held on September 28 and 29 at the Museum of the Future.The assembly, which was launched by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of The Executive Council of Dubai, and Chairman of the Board of Trustees of DFF, welcomed over 300 global experts and over 40 specialised organisations discussing, exploring and shaping the future of metaverse.

It aims to add $4bn to Dubai’s GDP, support 40,000 virtual jobs by 2030 and attract 1,000 companies specialising in blockchain and metaverse technologies to turn Dubai’s into one of the world’s top 10 metaverse economies.

After learning more about the different aspects of the Metaverse and the opportunities it holds in the future, the day is not done yet! We will continue with workshops and activations around the Metaverse. #DubaiMetaverseAssembly pic.twitter.com/vSwfWibl6j

— Dubai Future Foundation (@DubaiFuture) September 28, 2022