The emerging Metaverse platform will dominate at the most inclusive tech and start-up event GITEX Global.
The event will be introducing X-Verse to curate one of the world’s most immersive metaverse journeys that can help boost the UAE’s digital economy’s contribution to the GDP from 11.7 per cent to over 20 per cent in the next ten years.
Global telecom giant e& and Dubai Airport Freezone will unfold their Metaverse strategy at GITEX Global and join the ranks of Emirates Airlines and DP World.
e&, formerly known as Etisalat, will be showcasing its Metaverse strategy as part of the group’s transformation journey to a global technology and investment conglomerate. Its huge stand at GITEX Global will primarily highlight Metaverse technology as well as showcase its five business verticals.
“I envision that the metaverse will offer a transcending experience to users and businesses. The vision is based on our firm belief in capitalising on the opportunities that next-generation technologies offer to empower a brighter, digital future for all,” said Dowidar, Group CEO, e&.
He said the country’s vision includes creating massive socio-economic growth, becoming a knowledge economy and generating up to $91.20 billion in extra growth. About $120 billion is the anticipated contribution of AI to the economic growth of the UAE by 2030,” he said.
“Homes of the future could become a metaverse where families and friends from across the world can tune in digitally and physically to share great moments and occasions,” Dowidar said.
On Sunday, Dubai Electricity and Water Authority (Dewa) has launched its ‘DewaVerse’ platform on the Metaverse and became the first local government organisation to launch its platform on the Metaverse to provide its services to customers, employees, and members of the society.
“At Dewa, we strive to enhance our use of the Fourth Industrial Revolution technologies, including the Metaverse, which is a key pillar and a new method of work in all vital sectors, to harness this technology to find new opportunities and provide innovative solutions that accelerate growth to enhance Dubai’s position regionally and globally,” said Saeed Mohammed Al Tayer, managing director and CEO of Dewa.
“This boosts the Dubai Metaverse Strategy that aims to turn Dubai into one of the world’s top 10 metaverse economies as well as a global hub for the metaverse community, to enhance its success in this field,” he said.
The metaverse represents a potential $8 trillion to $13 trillion opportunities by 2030 that could boast as many as five billion users, including a mobile phone user base, according to the investment bank Citi.
To realise the true potential of Metaverse, the government of Dubai has recently announced its Metaverse Strategy to foster innovation and application of new-age technologies to increase the contribution of the metaverse sector to the emirate’s economy to $4 billion by 2030. The strategy aims to create 40,000 virtual jobs by 2030 and attract 1,000 companies specialising in blockchain and metaverse technologies to turn Dubai into one of the world’s top 10 metaverse economies.