United Arab Emirates Opens The Office Of A Virtual Economy Ministry On The Metaverse

UAE opens a virtual office in the metaverse. (Photo; Doc. Unsplash)

JAKARTA In the midst of metaverse growth, the United Arab Emirates has become one of the countries that responded to the development of the metaverse. This follows after the UAE government opened up to a number of leading crypto companies in the world.

The UAE Ministry of Economics has made a breakthrough by opening its virtual office in the metaverse. This was announced by EUA Minister of Economics Abdullah bin Touq Al Marri at Majlis Metaverse Dubai.

Launching CoinSpeaking, the metaverse has an annual growth of 43.3 percent. Global Metaverse is expected to reach 1.6 trillion dollars by 2030.

Furthermore, Al Marri emphasized that this is not a proof-of-concept (PoC) mechanism but their third address completes two existing addresses located in Abu Dhabi and Dubai. Based on a live tour from the virtual headquarters, there will be a multi-level building that serves a different purpose. According to the presentation, visitors will be able to pick up tickets that will cause "custom center employees to move into the virtual world and interact with visitors.

The virtual government office will also be equipped with advanced technology for the Ministry to sign bilateral agreements with other countries in the metaverse. This will increase the UAE's ability to become the next generation of global technology," said Al Marri.

It should be noted that Dubai-based Virtual Asset Regulatory Authority (VARA) was the first regulator to announce its presence in the virtual world. After observing that the metaverse is an economic even distribution, Al Marri believes that the UAE can establish its position as the gateway to global trade to becoming a leading Virtual Reality (VR) economy.

Since the launch of the Dubai Metaverse Strategy in July, the Dubai Metaverse Assembly has been the first of its kind. It is hoped that this could add USD 4 billion to Dubai's GDP. In addition, it can support around 40,000 virtual jobs by 2030 while attracting around 1000 companies focused on blockchain technology and the metaverse.

The Important Metaverse for the UAE's New Economy

Al Marri asserted, amid the massive development of digital technology recently, blockchain and the metaverse have become important factors for the United Arab Emirates in its economic growth for the next 50 years.

Digital technology is critical 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 future-minded UAE vision, we understand how the metaverse can change and redefine our diversified economy and continue to launch strategies to unlock its potential, said the UAE Economy Minister.

With an annual growth of 43.3 percent, the global metaverse is expected to reach 1.6 trillion US dollars by 2030. This step is expected to be followed by other blockchain-friendly countries.

In recent years, the UAE has embraced the development of new blockchain and metaverse technologies. With this move, the UAE does not rule out the possibility of the world's crypto and metaverse centers.