HomeTechnology & InnovationUAE Ministry of Economy launches headquarters in the metaverse
By Economy Middle East
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September 28, 2022 7:51 pm

UAE Ministry of Economy launches headquarters in the metaverse

"Metaverse is transforming key industries from logistics to real estate"
Dubai metaverse
Second from left: UAE Minister of Economy Abdulla bin Touq

Abdulla bin Touq Al Marri, UAE Minister of Economy, launched the Ministry’s headquarters in the metaverse at the Dubai Metaverse Assembly, organized 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 equalizer, transforming key industries from logistics to real estate.

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 the 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 percent. 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.”