One of the most prominent financial hubs in gulf countries, Dubai, has shown keen interest in web 3 and metaverse technology. The country’s moves also spurred innovative development and the establishment of regulatory frameworks in neighboring states like Saudia Arabia. But UAE remains ahead of the curve with its latest announcement revealed on Wednesday in a so-called Dubai Metaverse Assembly.

Dubai Ministry of Economy, at the event, unveiled its headquarters in Metaverse space, which will welcome incorporations, institutions, and individuals to sign bilateral contracts from anywhere around the world by joining technology. It skips the need for physical existence and to wait in line to just signature. In this Metaverse system for legal proceedings, three-dimensional actors or Avatars represents the participating entities willing to interact with the system.

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The new office is the third virtual address of the Ministry, and the other two have already settled in Abu Dhabi and Dubai. Understandably, each platform will facilitate a different purpose. Ministry officials can also collaborate and conduct meetings, etc., through virtual channels.

Minister of Economy, Abdulla bin Touq Al Marri, stated in a statement;

The virtual government office would also be equipped with advanced technology for the Ministry to sign bilateral agreements with other nations in the Metaverse. It will bolster the UAE’s ability to become a global hub for next-generation technologies.

Considering the potential of Metaverse technology, the crown Price of UAE, Sheikh Mohammed bin Rashid Al Maktoum, declared to make the emirate the world’s first virtual city and launched its Metaverse Strategy on July 19. The plan aims to create more than 40,000 virtual jobs and add more than $4 billion to the state’s economy. 

The latest developments by Ministry follow the leader’s stance to widen the Metaverse network and utilize technology to serve at a broad scale.

The transformation of the authority’s website into a virtual address is the other notable announcement from the assembly of its kind. This move aims to enable the Ministry “to provide full services into the metaverse aspect” that will also see revamping employees’ skills according to the use case of technology in a possible place, Mr bin Touq said;

We want to replace our website, basically. Rather than having a 2D website you have an immersive 3D metaverse where you can go in and interact with people.

The first Dubai Metaverse Assembly attracted over 20,000 attendees from around the space. The participants were allowed to test and experience a procedure conducted via Metaverse technology. The constructed headquarters consists of multiple story-building, and each apartment showcased practices for a different purpose.

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In March, UAE also established Virtual Asset Regulatory Authority (VARA), the world’s first regulatory authority specified for innovative developments and overseeing the digital asset sector.

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