DIFC launches ‘DIFC Metaverse Platform’

The Dubai International Financial Centre (DIFC) recently unveiled the launch of the ‘DIFC Metaverse Platform’ as part of the Dubai Higher Committee for Future Technology and Digital Economy’s mission to attract tech innovators from around the world. The platform aims to bolster Dubai’s position as a leader in the metaverse and contribute to the Dubai Metaverse Strategy, which seeks to add $4 billion to Dubai’s GDP and support 40,000 virtual jobs by 2030.

The DIFC Metaverse Platform supports the Dubai Economic Agenda D33, which aims to generate $27.22 billion in annual digital transformation value. Omar bin Sultan Al Olama, UAE Minister of State for AI, Digital Economy, and Remote Work Applications, emphasized the UAE’s adoption of advanced technologies in keeping pace with global changes and transforming the country into a leading hub for technology and innovation.

The platform comprises three key initiatives, including an accelerator program with a physical studio to promote the development of a Metaverse creator community and venture building. The platform will also address policy and legislation for open data, digital identity, and company law in the Metaverse. Additionally, the platform will foster a Metaverse community to enhance the customer experience.

The Metaverse Accelerator Program, the first initiative under the platform, will start accepting applications this month. Over the next few years, the program aims to attract over 500 applications, identify 50 of the most promising start-ups, and drive investment growth in the sector. The program will run for six months, offering start-ups training, workshops, and opportunities for partnerships with corporations to develop new Metaverse solutions.

The DIFC Authority’s CEO, Arif Amiri, said the DIFC Metaverse Platform was a natural extension of the Innovation Hub proposition, which has shaped the tech and innovation landscape in the Middle East, Africa, and South Asia region. The region’s first and largest fintech accelerator, DIFC Fintech Hive, hosted its annual Investor Day on the Metaverse Platform in November and co-created a Metaverse Accelerator Program with Emirates NBD, receiving over 100 global applicants.