UAE Economy Ministry opens metaverse office

The United Arab Emirates’ Ministry of Economy has announced the opening of a new digital office in the metaverse. The “metaverse assembly,” according to the ministry, will serve as its “third office,” it was announced on Thursday. According to a tweet from the Ministry of Economy, it will be able to virtually host meetings for the signing of contracts as well as events in digital venues like an auditorium.

Al-Monitor went to the metaverse location on Thursday, and while there, it played an infomercial in the auditorium. In addition to having a conversation feature, the metaverse also enables users to interact with one another by applauding, waving, and dancing. Another video that was playing on the top floor of the structure that housed the auditorium stated that the metaverse would offer customer service, live webinars, and data presentations.

Abdulla bin Touq, the UAE’s minister of economy, spoke about the initiative on Wednesday at the Dubai Metaverse Assembly. The new office is a plus to its physical locations in Dubai and Abu Dhabi and will be in the metaverse, according to him. Local media in Abu Dhabi said that the metaverse will be able to accommodate people from all over the world and be used for the signature of contracts with legal force.

As it works to diversify its oil and gas-based economy, the UAE places a high priority on futuristic technologies. The nation is putting a lot of effort into growing its artificial intelligence (AI) industry. A $10 billion investment fund was set up in August by the Emirati AI company G42.

Earlier this month, Al-Monitor sponsored a webinar with Ohood Khalfan Al Roumi from the UAE Future Ministry. She mentioned cryptocurrency, particularly when stating that creating cutting-edge technology is a key component of the Gulf state’s economic plan.

Saudi Arabia, an ally of the UAE, is likewise intrigued by the metaverse. The contentious megacity NEOM revealed plans to start its metaverse in February.

Pan Finance is a print journal and news website providing worldwide intelligence on finance, economics and global commerce. Known for our in-depth analysis and opinion pieces from esteemed academics and celebrated professionals; our readership consists of senior decision makers from across the globe.

Contact us