To keep pace with global changes and become a leading hub for utilizing the best technology and developing capabilities, Dubai’s DIFC unveils Metaverse Platform. This platform is created to develop the metaverse, its policies and law frameworks. It is in line with Dubai’s Metaverse Strategy, which for example aims to attract 1,000 companies specialized in the metaverse and blockchain.
The Dubai International Financial Center (DIFC) has launched a Metaverse Platform. The platform includes three key projects. The first is an accelerator program with a physical studio for metaverse technology. It will promote the development of a creator community and venture building. The second key project is the development of metaverse policy and legislation on open data, digital identity, and company law frameworks.
The Metaverse Platform in line with Dubai’s strategy
The third project is an initiative to develop a metaverse community that will explore the enhancement of the metaverse experience for customers. Arif Amiri, CEO of DIFC Authority, said, “The development of the integrated DIFC Metaverse Platform will accelerate the achievements of Dubai’s aspirations in this sector. The initiative is a natural extension of our Innovation Hub proposition that has shaped the technology and innovation landscape in the Middle East, Africa and South Asia region.”
The platform is the first project to bring Dubai’s Metaverse Strategy alive. It aims to add $4 billion to Dubai’s GDP, create 40,000 virtual jobs by 2030 and attract 1,000 companies who specialize in blockchain and the metaverse. Omar bin Sultan Al Olama, Minister of State for AI, Digital Economy and Remote Work Applications, says that the UAE adopts advanced technologies to transform the country, to keep pace with global changes and for Dubai to become a leading hub for developing the best technology and capabilities.
First initiative: the startup program
The first initiative will be the first to be launched. It started accepting applications from startups from January onwards. In the coming years, the program should attract more than 500 applications, identify 50 of the most promising graduates and stimulate investment opportunities that will help the sector grow. The program will run over six months during during which startups will explore partnerships, gain exposure to investors, access to a regulatory sandbox, and obtain marketing support.
