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The UAE is leading the global metaverse race, to further their mission of creating a “hub for the future of digital interaction”. In the past few years, the UAE has not just embraced, but pioneered the inception of Metaverse technology, as evidenced by their strategic partnerships and fundings, in various industries like food retail, gaming and entertainment, and AI avatars.
The Dubai Metaverse Strategy 2022 and its vision of a Metaverse-driven future are a strong testament to the country’s commitment to building a sustainable, tech-driven tomorrow. With countless opportunities lying ahead, the UAE is on a path of technological evolution unlike any other. TechInsight360 expects a bright future for metaverse interactions with the UAE’s steps ahead towards digitally transforming businesses and creating an era of immersive experiences that are set to revolutionize communication in this part of the world.
The UAE’s aggressive stance on emerging technologies has made it a prime location for businesses looking to make their mark in the virtual world. With its user-friendly tools and fast implementation process, the country is rapidly becoming a go-to destination for virtual reality (VR), augmented reality (AR), mixed reality (MR) and artificial intelligence (AI).
Dubai Customs has been at the forefront of embracing innovation as it intensifies its goal to secure the UAE's borders. From the use of predictive AI for early warning systems for any suspicious shipments, to deterrence drones and underwater robots for inspections and scans of GPS-enabled underwater spots, and an expansion in the Metaverse, the Dubai Customs are moving towards a smarter, more effective, and more inventive future by harnessing the opportunities of metaverse.
The most recent step by the department being the inclusion of advanced metaverse technology in the customs leadership development programmes to train custom officials regarding the innovative solutions and capabilities of the technology in transforming customs operations and increasing revenues.
Another metaverse innovation came from the Dubai International Arbitration Centre (DIAC). The DIAC has launched a virtual reality platform for proceedings of resolution of disputes, allowing the parties to dispute to mark their presence from anywhere avoiding the requirement of physical presence.
The UAE is taking full advantage of the metaverse technology, the virtual world that connects the real and digital worlds in immersive 3D experiences. One of the hottest sectors harnessing this technology is restaurant services. These companies are leveraging the latest in augmented reality, virtual dining and other immersive experiences to increase customer satisfaction and create unique, one-of-a-kind experiences. The conducive environment for metaverse in UAE gives food retailers an opportunity to differentiate themselves from their competitors and capture a larger market share in both local and international markets.
Papa Johns has partnered with the first food metaverse or foodverse, OneRare, to launch its exclusive line of NFT’s to the worldwide customers. The consumers will be able to mint and own NFT’s of three best sellers of the food retail chain’s menu in the OneRare’s metaverse kitchen, opening an immersive web3 experience for the owners of digital collectibles.
Moreover, the UAE is investing in strategic fundings to bring more players into this space. These investments are ushering in new partnerships with businesses, entrepreneurs and developers around the world to further develop these services and allow them to flourish.
Young individuals who are tech-savvy and keen to learn about new technologies are in great numbers and are growing in the UAE. Moreover, the legislative climate in the country is also supportive of startups and emerging technologies, enabling startups involved in the metaverse to develop innovative technologies and platforms. By 2030, Dubai's Metaverse Strategy hopes to draw more than 1,000 metaverse and blockchain-related enterprises and generate over 40,000 virtual jobs. The government's commitment to digital ecosystems would consequently encourage investments and innovation, creating new opportunities for market participants to develop and flourish in the nation in the coming years.
TechInsight360’s reports combine detailed view on market opportunity, best practices, emerging business models, and market innovation to help clients identify unique opportunities.
