Middle Eastern Governments Embrace Metaverse as Path to Digitize Economies
Summary:
LandVault CEO, Samuel Huber, highlighted the enduring interest in the metaverse, specifically within Middle Eastern governments aiming to digitalize their infrastructure and foster dynamic economies. He noted that, despite the initial over-hype, the metaverse is evolving into a "3D internet", offering integrated user experiences on websites. With Dubai planning to generate 40,000 jobs via their metaverse strategy and the UAE's Ministry of Economy embracing the technology by opening an office in the metaverse, Huber underlines the region's long-term commitment to emerging technologies.
Although the enthusiasm around the metaverse might have quieted since its peak in 2021, key industry professionals argue that the momentum continues, particularly with Middle Eastern governments leveraging the technology to stimulate their economies. LandVault CEO, Samuel Huber, shared these observations during his speech at the Arte Talks event, an influential assembly held at Dubai's Theatre of Digital Art. LandVault, a prominent metaverse establishment, partners with distinctive government bodies throughout the Middle East.
Huber spoke candidly about the wave of metaverse attraction and identified the most significant sector harnessing the technology. Huber reflected that 2021 and 2022 saw a flurry of interest in the metaverse, with investments pouring in. Despite this surge in uptake, many of these projects soon retracted due to an apparent overestimation of the metaverse's immediate impact and the creation of features with no practical use.
Huber noted that these early projects were restricted by the extant platforms and experiences at the time, characterizing this phase as an initial entry or prototype of the metaverse. Today, the metaverse has evolved, shaping into a "3D internet" as Huber phrases it. This involves the generation of 3D user experiences integrated into websites.
Huber further highlighted that, even as many firms pivoted from metaverse projects toward artificial intelligence and other technologies, the metaverse attracts substantial interest from Middle Eastern governments. These governments, particularly those of UAE, Saudi Arabia and Qatar, aim to digitize their infrastructure and invent dynamic economies for their citizens.
As an illustration, Huber cited Dubai's strategy of providing 40,000 jobs through their metaverse engagement. On July 18, 2022, the Dubai Metaverse Strategy was launched with the purpose of reinforcing the UAE's position as a pacesetter in advanced technologies and pledged to nurture 40,000 virtual jobs by 2030.
Demonstrating their commitment to the technology, the UAE’s Ministry of Economy also launched its very own office in the metaverse in 2022. Huber remarked that these developments exemplify how Middle Eastern nations are striving to cultivate a diversified economy. He noted that these governments have flagged emerging technologies such as the metaverse, blockchain, and AI as areas where they aspire to establish dominance.
Huber concluded by stating that the vision for the metaverse signifies a long-term commitment expected to extend beyond a decade. The central ambition is to host pioneering events, engage the top talents, cultivate domestically grown enterprises, and forge ahead in the metaverse domain.
Published At
2/8/2024 11:29:45 AM
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