The metaverse – the new digital space that allows those in it to communicate and move using three-dimensional avatars or digital representations – is slowly registering a growth in demand for jobs in a sign of its imminent integration with the future digital economy.
"We are at a very early stage. We are starting to see new skills being developed, new job roles and new titles. Part of this is reimagining the future like we have never seen before," Kate Barker, a strategic adviser and future of work expert at the UAE Ministry of Interior, said at the Intersec 2022 conference at the Dubai World Trade Centre on Sunday.
However, as with any new disruptive technology and future ones, the main challenge will be ensuring that it is secure enough to earn the trust of users, given the vast and, at this point in time, uncertain effects and influence it would have, industry leaders said at the event.
The metaverse is being touted as the future of how society will interact, for work, study and everyday life. It is being championed by Mark Zuckerberg, chief executive of Meta Platforms, the world's largest social media company formerly known as Facebook.
About 23 per cent of the jobs that will be made available on the market in 2022 will be new to us, Ms Barker said, quoting a report from global consultancy McKinsey.
At this stage, it is unclear how many jobs will be created by the metaverse. To put things into perspective, 5G, the new standard in mobile communications, will create 309,000 new jobs in the next 15 years, according to the Progressive Policy Institute.
The metaverse is expected to transform a number of existing jobs and usher in a new career descriptions, including for the roles of research scientist, planner, development manager, advertisement blocker, storyteller and even unpaid intern, developer platform Cult said.
Meanwhile, employment website Monster lists technology-related roles such as chief productivity officer, drone manager, self-driving car mechanic, autonomous transport specialist and human-technology integration specialist among its list of 11 "cool" jobs that will exist soon.
Cryptocurrencies and the digital economy
Even as cryptocurrencies become more popular, largely owing to the success of the biggest digital currency, Bitcoin, experts have called for the issuance of more stablecoins – digital assets that are pegged to a fiat currency – to maintain stability.
"One thing that a currency needs to have is speed, transferability and trust. Every day, there are more currencies that come and more scammers take advantage of that," said Charanjeet Singh, senior vice president and head of fraud risk and investigation at First Abu Dhabi Bank, the UAE's biggest lender.
He refused to name some cryptocurrencies but emphasised that with prices of these assets drastically changing, "one day, somebody is rich, the other day, that same person can be poor".
"There is no underlying security," Mr Singh said.
Cryptocurrencies can also be a tool for illicit finance, with the Interpol last month calling for a collaborative effort "to prevent virtual assets from becoming safe havens for illegal financial transactions".
Intersec, which convenes experts from the global emergency services, security and safety sectors, also explored the basic factors needed to safely build a digital space.
An efficient digital economy can only be built with blocks that are capable of holding the entire ecosystem together, according to Anwaar Al Shimmari, artificial intelligence team leader at the UAE Ministry of Infrastructure Development.
Digitisation is not only dependent on technology; it also requires a lot of training and motivation for employees because it is a huge investment in the short and long term, also making people ready with changing mindsets
Anwaar Al Shimmari,
AI team leader at the UAE Ministry of Infrastructure Development
"It is important to, first of all, understand what are the inputs [whether we] are ready for the digital economy and policies. We cannot build trust without having the proper policies," she said.
"The digital structure is important to help the private sector, as well as society, to create an ecosystem for a digital economy."
Several industries and businesses are totally dependent on the digital economy, so it is crucial that the entire cycle has the proper input and enablers to support it, Ms Al Shimmari said.
"Digitisation is not only dependent on technology; it also requires a lot of training and motivation for employees because it is a huge investment in the short and long term, also making people ready with changing mindsets."
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Director: Nick Bruno and Troy Quane
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UAE currency: the story behind the money in your pockets
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UAE currency: the story behind the money in your pockets
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
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GAC GS8 Specs
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The Details
Kabir Singh
Produced by: Cinestaan Studios, T-Series
Directed by: Sandeep Reddy Vanga
Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa
Rating: 2.5/5
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Ticket prices
General admission Dh295 (under-three free)
Buy a four-person Family & Friends ticket and pay for only three tickets, so the fourth family member is free
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'My Son'
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New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
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Read more from Aya Iskandarani
Coffee: black death or elixir of life?
It is among the greatest health debates of our time; splashed across newspapers with contradicting headlines - is coffee good for you or not?
Depending on what you read, it is either a cancer-causing, sleep-depriving, stomach ulcer-inducing black death or the secret to long life, cutting the chance of stroke, diabetes and cancer.
The latest research - a study of 8,412 people across the UK who each underwent an MRI heart scan - is intended to put to bed (caffeine allowing) conflicting reports of the pros and cons of consumption.
The study, funded by the British Heart Foundation, contradicted previous findings that it stiffens arteries, putting pressure on the heart and increasing the likelihood of a heart attack or stroke, leading to warnings to cut down.
Numerous studies have recognised the benefits of coffee in cutting oral and esophageal cancer, the risk of a stroke and cirrhosis of the liver.
The benefits are often linked to biologically active compounds including caffeine, flavonoids, lignans, and other polyphenols, which benefit the body. These and othetr coffee compounds regulate genes involved in DNA repair, have anti-inflammatory properties and are associated with lower risk of insulin resistance, which is linked to type-2 diabetes.
But as doctors warn, too much of anything is inadvisable. The British Heart Foundation found the heaviest coffee drinkers in the study were most likely to be men who smoked and drank alcohol regularly.
Excessive amounts of coffee also unsettle the stomach causing or contributing to stomach ulcers. It also stains the teeth over time, hampers absorption of minerals and vitamins like zinc and iron.
It also raises blood pressure, which is largely problematic for people with existing conditions.
So the heaviest drinkers of the black stuff - some in the study had up to 25 cups per day - may want to rein it in.
Rory Reynolds
The five pillars of Islam
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Coal Black Mornings
Brett Anderson
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Sukuk explained
Sukuk are Sharia-compliant financial certificates issued by governments, corporates and other entities. While as an asset class they resemble conventional bonds, there are some significant differences. As interest is prohibited under Sharia, sukuk must contain an underlying transaction, for example a leaseback agreement, and the income that is paid to investors is generated by the underlying asset. Investors must also be prepared to share in both the profits and losses of an enterprise. Nevertheless, sukuk are similar to conventional bonds in that they provide regular payments, and are considered less risky than equities. Most investors would not buy sukuk directly due to high minimum subscriptions, but invest via funds.
