Media ININ Economy We Trust
Aug 20
Emerging companies target the UAE market to develop actual use models of metaverse technologies, which provide different life experiences that are identical to reality in all government and private sectors, to take advantage of the Dubai Metaverse strategy and the technical and legislative environment that attracts these companies.
The UAE includes a large and growing number of entrepreneurs keen to explore new technologies, and the metaverse industry is expected to grow strongly in 2023, recording an annual growth rate of 30% during the period from 2023 to 2030. It is also considered among the first countries in the metaverse race, The industry is expected to grow by 30-35% on an annual basis to reach about $4 billion in 2023, compared to $1.5 billion in 2022. The value of the metamorphosis market in the UAE is expected to reach about $12 billion (44 billion dirhams) by 2020. 2030.
Companies seek to raise awareness about the feasibility of investing government and private agencies to benefit from these technologies in the short and long term, by saving operating costs in real models with virtual ones. The UAE has provided a strong infrastructure for fast internet and strong communications networks that provide a platform for start-ups and large companies, as well as to benefit from modern technologies and thus achieve great returns for the knowledge-based local economy.
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The UAE is working to attract companies operating in “Metaverse” technologies and services by providing them with all success factors, especially the legislative and regulatory structure.
Strategic vision
“The UAE provides an attractive environment for metaverse technologies based on a clear government strategic vision to explore the future,” says Fassa Ahmed, Managing Director for the Middle East and North Africa region of Engine Starter. Dubai has paved the way to consolidate its leadership through the Metaverse strategy, and this means that the UAE has become an incubator for creativity and innovation to take advantage of the great opportunities offered by Web 3 technology and Metaverse.
The company supports and promotes government sectors, financial and banking services, trade, retail, communications, real estate, education, health care, entertainment and entertainment. The opportunities of Web 3 for government and private companies and individuals are very large.
Ahmed points out that the biggest challenge facing Metaverse is ensuring safe and inclusive experiences and environments, because trust begins with the responsible use of data, and the element of people’s trust in verified accounts must be taken into account, as well as making sure that the person you are talking to is real person.
With the growth of adoption, the creation of “Web 3” environments and spaces will be an opportunity for many government and private sectors to provide customized experiences for their customers. In order for us to build trust, whether with individuals or companies, it is necessary to ensure the availability of reliable and accessible infrastructure and affordable internet speed.
new technologies
The UAE has a large and growing number of entrepreneurs keen to explore new technologies, and the metaverse industry is expected to grow strongly in 2023, registering an annual growth rate of 30% during the period from 2023 to 2030. It is also considered among the first countries in the metaverse race, The industry is expected to grow by 30-35% on an annual basis to reach about $4 billion in 2023, compared to $1.5 billion in 2022. The value of the metamorphosis market in the UAE is expected to reach about $12 billion by 2030.
Ahmed explained, “We have seen great interest in Metaverse with real estate companies exploring potential use cases around digital twins to enhance real estate sales cycles. In the public sector, we have seen a focus from education, healthcare and government agencies to boost tourism. Through this initiative, the UAE has prioritized the inclusion of the education and healthcare sectors, as well as the tourism sector and will focus its efforts on addressing time and spatial constraints in the real world.
The most prominent challenges
Regarding the most prominent challenges and difficulties currently facing Metaverse, Ahmed said: “The Metaverse faces a multifaceted spectrum of challenges, extending to technical complexity, interoperability, privacy, content modification, the digital divide, and ethical concerns. The small number of appropriate users and devices for these technologies hinders the widespread adoption of Metaverse. Addressing these complexities requires collaborative efforts on standards, innovation, user education, provision of regulations, and decentralized technology. A user-centered design approach, along with ethical guidelines, is critical.
An incubator for innovation
For his part, Givat Yerli, founder and CEO of the “Tomorrow Foundation”, affirms that the UAE enjoys great advantages, the most prominent of which is the presence of government strategies that look forward to the future, so the company works to support government, financial, retail, real estate, education, health and entertainment sectors, as the infrastructure opportunities for Web 3 for government and private companies and individuals is very large. Dubai has paved the way to confirm its leadership through the Dubai Metaverse Strategy, and this means that the UAE has become an incubator for creativity and innovation.
At the Tomorrow Foundation, we help government sectors and private companies in the UAE develop virtual healthcare environments to help support speed and access to treatments, as well as digital customer service centers and create “digital twins” projects, by creating 3D environments closer to reality.
Yerli said: “Estimates indicate a compound annual growth of the global metaverse technology market ranging between 40 and 50%, and according to some reports, the total market is expected to reach about 13 trillion.
