Governments have the responsibility to take the lead in developing the metaverse, and countries providing the right infrastructure and legislation will spearhead the transition, UAE officials said at the Dubai Metaverse Assembly.
An influx of investments into the metaverse is also expected to help make the technology more economical, lowering the barriers of entry and providing an environment for everyone to participate in, according to industry leaders at Wednesday's event.
“The UAE's economy, throughout the decades, has always been built upon technologies and innovations,” Abdulla bin Touq, Minister of Economy, said.
“That's really what brings us where we are today, why we're taking this leap to a new phase of technology … we've moved from a sea port to an airport and today, where we are is like a brain port,” he said, in reference to the virtual nature of the metaverse.
The metaverse is the emerging space where people, represented by avatars or three-dimensional representations, can interact in virtual worlds.
It is part of Web3, the next evolutionary step of the internet, with blockchain, decentralisation, openness and greater user utility among its core components.
The UAE has taken a number of steps to integrate the metaverse and its related technology, including cryptocurrencies, into the economy, government and society.
In July, the government unveiled the Dubai Metaverse Strategy, which aims to create 40,000 jobs and add $4 billion to the emirate's economy over the next five years.
In May, Dubai's Virtual Assets Regulatory Authority established its Metaverse HQ, making it the first regulator to have a presence there.
The metaverse is an economic opportunity worth between $8 trillion and $13tn, heavily dependent on how much companies are willing to invest in the emerging innovation, said consultancy PwC.
Discussions on the metaverse are among “the most important dialogues of the Fourth Industrial Revolution [4IR]", Khalfan Belhoul, chief executive of the Dubai Future Foundation, said at the event.
The UAE's economic transformation has always relied on making “big bets” in adopting innovation, and it has translated into success, Mr bin Touq said.
“This does not mean we didn't make mistakes or learn many things along the way, but we leveraged the success stories and took them to the next level to set an example as a nation,” he said.
The growing number of companies ramping up their investments in the metaverse will also allow the technology to become inclusive and not only reserved for those with the financial means, said Mark Zaleski, managing director and partner at BCG Digital Ventures.
“The vast majority of businesses can be successful in the metaverse. It’s a lot less expensive, but not necessarily cheap, and those that wait will lose this time around, because it will evolve so quickly,” he said.
“The more people engage in the metaverse, the lower the barrier for entry and costs. It won’t be just for the wealthy and will allow everyone else to afford to be in it — and this is an overlooked aspect of the metaverse.”
The UAE is considered to be a leader in promoting the metaverse, having the “energy” that Silicon Valley had 25 years ago, Mr Zaleski said.
The Emirates' strengths include enablers such as digital ID systems, virtual payments, online services and its robust laws, in addition to measures to ensure cyber security, said Bashar Kilani, managing director of consultancy Accenture.
Mr Belhoul, however, also warned of the adverse effects of new technologies, particularly on the younger generation.
Physical interactions “are at risk. We see our kids and our younger siblings literally glued to the screens. And we haven't even scratched the surface of the metaverse”, he said.
“Those are serious challenges that we really need to think about because we haven't really discussed what is going to happen in such an immersive digital world.”
The reality is that the future of economies will depend on these technologies and how governments align their strategies with them, Mr Belhoul said.
“I'm not here to scare you; I'm here to tell you there is a lot of opportunity,” he said.
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
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Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Company%20Profile
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Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
Essentials
The flights
Etihad (etihad.ae) and flydubai (flydubai.com) fly direct to Baku three times a week from Dh1,250 return, including taxes.
The stay
A seven-night “Fundamental Detox” programme at the Chenot Palace (chenotpalace.com/en) costs from €3,000 (Dh13,197) per person, including taxes, accommodation, 3 medical consultations, 2 nutritional consultations, a detox diet, a body composition analysis, a bio-energetic check-up, four Chenot bio-energetic treatments, six Chenot energetic massages, six hydro-aromatherapy treatments, six phyto-mud treatments, six hydro-jet treatments and access to the gym, indoor pool, sauna and steam room. Additional tests and treatments cost extra.
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
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More from Neighbourhood Watch:
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Fixtures
50-over match
UAE v Lancashire, starts at 10am
Champion County match
MCC v Surrey, four-day match, starting on Sunday, March 24, play starts at 10am
Both matches are at ICC Academy, Dubai Sports City. Admission is free.
Mina Cup winners
Under 12 – Minerva Academy
Under 14 – Unam Pumas
Under 16 – Fursan Hispania
Under 18 – Madenat
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
Get Out
Director: Jordan Peele
Stars: Daniel Kaluuya, Allison Williams, Catherine Keener, Bradley Whitford
Four stars
HIJRA
Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy
Director: Shahad Ameen
Rating: 3/5
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
'The Lost Daughter'
Director: Maggie Gyllenhaal
Starring: Olivia Colman, Jessie Buckley, Dakota Johnson
Rating: 4/5
The Orwell Prize for Political Writing
Twelve books were longlisted for The Orwell Prize for Political Writing. The non-fiction works cover various themes from education, gender bias, and the environment to surveillance and political power. Some of the books that made it to the non-fiction longlist include:
- Appeasing Hitler: Chamberlain, Churchill and the Road to War by Tim Bouverie
- Some Kids I Taught and What They Taught Me by Kate Clanchy
- Invisible Women: Exposing Data Bias in a World Designed for Men by Caroline Criado Perez
- Follow Me, Akhi: The Online World of British Muslims by Hussein Kesvani
- Guest House for Young Widows: Among the Women of ISIS by Azadeh Moaveni
AndhaDhun
Director: Sriram Raghavan
Producer: Matchbox Pictures, Viacom18
Cast: Ayushmann Khurrana, Tabu, Radhika Apte, Anil Dhawan
Rating: 3.5/5
'Brazen'
Director: Monika Mitchell
Starring: Alyssa Milano, Sam Page, Colleen Wheeler
Rating: 3/5
The specs
Engine: 6.2-litre V8
Power: 502hp at 7,600rpm
Torque: 637Nm at 5,150rpm
Transmission: 8-speed dual-clutch auto
Price: from Dh317,671
On sale: now
