Dubai: Following the Government of Dubai announcing the formation of the Higher Committee for Future Technology and Digital Economy to oversee the city’s push to become a leading global hub for metaverse technology adoption, Metarverse Holdings have selected Dubai and Abu Dhabi as the first cities to be launched within the ‘world first’ virtual world to replicate true real life experiences and places, with a Beta version due to be live by October 2022 and available globally by the end of the year.

Users globally will be able to experience Dubai and Abu Dhabi’s greatest attractions and landmarks alongside real world utilities from the comfort of their homes – merging the physical and digital world.

Unlike other VR applications that create small scale, digital fantasy worlds, the new platform is bringing a complete Metaverse with full device compatibility and designed to stream quickly. Users can find synergy between their needs and the platform that encompasses NFT’s block chain trading, functionality to shop and view products in the biggest retail stores, buy advertising space in the virtual city, attend simulated lectures, register for licences and government issued documentation and more.

Upon the announcement, Priven Reddy, CEO of Dubai based Metarverse Holdings said: “Dubai and Abu Dhabi were the obvious selection for the very first simulated areas within our new metaverse. After evaluating other territories, the decision was made easy with the UAE as global leaders in disruptive technologies, and driven by the mission and vision of His Highness Sheikh Hamdan bin Mohammed and the Dubai Government as a whole. This vision consolidates the Emirates as leaders in adopting innovative new concepts and disruptive economic and technological models, so for us, there was only one place we could launch. More so than Europe or the United States, people all over the world are fascinated by the rise of the Emirates and the attractions, developments, transport, education and culture , and inspired by a speed of innovation that other countries can only dream of. With the new platform, Metarverse Holdings is committed to investing AED 200 Million into our project, to help us showcase all of this and satisfy the demand of all users who can now experience Dubai and Abu Dhabi for themselves”

Metarverse Holdings are committed to building the most advanced metaverse available. Unlike other developers, whose focus is solely with ‘gamification’ within the market which is predicted to reach a

value of $1 Trillion in annual revenue within the next 6-8 Years (PwC, 2022) , it is hoped that the addition of real world utilities will showcase the true benefit of the new technology over and above a sole leisure activity option.

Karyn Naidoo, Strategic Consultant, Metarverse Holdings says “We are in the final stages of Phase One of the Dubai Metaverse. Following the upcoming launch of the beta version we will release more key locations across the Emirates with a focus on creating spaces that are visually, topographically and geometrically scaled to recreate the most realistic feeling in the Dubai and Abu Dhabi metaverse, with a space for endless, interconnected virtual communities using virtual reality (VR) headsets, augmented reality (AR) glasses, smartphone apps, or other devices. Following the UAE launch, we are looking to explore KSA and Qatar as our next virtual countries.”

As the United Arab Emirates government is also going all out to advance the adoption of blockchain technology, digital assets, and the metaverse across the region, Afdal Baig, Senior Corporate Advisor at Metarverse Holdings hopes that this new platform will link both the mission of the UAE Government with the opportunity to utilise the key focus areas of real estate, education, tourist attractions, retail, government services and virtual consults – inclusive of both healthcare and professional services:

“The visionary UAE Government takes action in a way that we do not see in other countries around the world. At the forefront of technology, and embracing the real possibilities of Web 3.0 as a benefit for not just economic growth, but also that of society as a whole, we believe that this new platform will lead to the growth of the predicted $4bn market within the Emirates. By developing this world first, and showcasing Dubai and Abu Dhabi at its best, we can contribute to the start of what is destined to transform the way we live our lives today” said Afdal.