The growing metaverse ecosystem in the United Arab Emirates TechInsight360

The growing metaverse ecosystem in the United Arab Emirates

Over the last 12 months, the metaverse has garnered increasing attention from tech behemoths, startups, and even governments around the world. From gaming to shopping, a lot of innovation has already taken place in the metaverse segment. However, there is a lot more that the metaverse has to offer. Firms are increasingly investing in the sector, forging strategic alliances and collaborations, and partnering with governments to further drive innovation in the space. On the other hand, governments worldwide are also looking at the metaverse to create jobs and drive economic growth. Notably, the trends are similar in the United Arab Emirates metaverse industry. For instance,

Over the next five years, Dubai aims to create 40,000 virtual jobs through its metaverse strategy. The launch of the Dubai Metaverse Strategy is part of its goal to become one of the top metaverse economies around the world. With Dubai emerging as one of the pioneers in the adoption of next-generation technology and digital innovation, the city aims to attract more than 1,000 firms in the metaverse and blockchain segment under its Metaverse Strategy.
In September 2022, The Sandbox, a community-driven decentralized gaming ecosystem, also announced that the Emirati government has a robust plan for the adoption of Web3 technology. Notably, the firm is expected to launch Dubaiverse through local brands, including a media group in the Emirates. The Sandbox is also projected to have entered into collaborations with gaming, entertainment, finance, and real estate industries to build Dubaiverse.
In October 2022, the United Arab Emirates also announced the launch of a virtual economy ministry inside the metaverse. By 2030, the government is hoping that the metaverse can add US$4 billion to its annual GDP.

Along with the Emirati government, private firms in the United Arab Emirates have also shown their interest in the metaverse. For instance,

In April 2022, Emirates, the UAE-based Airliner, announced that the firm is foraying into the metaverse and the NFT segment. Notably, the firm launched an immersive experience in the metaverse for its employees and customers in April 2022. From the short to medium-term perspective, the airline is expected to roll out a series of metaverse projects. These projects are aimed at building the right environment for young travelers globally. The firm is also expected to allow passengers to shop for duty-free products, select their seats, and tour airports and hotels through an innovative immersive platform. The firm also announced that it is planning to train the entire crew members in the metaverse. This will allow the firm to deliver training more efficiently and accurately.
In September 2022, Scopernia, the management consultancy firm in Dubai, announced the launch of Imagin3 Studio, which will cater to the growing metaverse and Web3 demand in the region. Notably, the Imagin3 Studio will help businesses to enter and engage with the metaverse. The firm is already working with businesses across industries. These include Dubai Chambers, Level Shoes, TUMI, Majid Al Futtaim, Chalhoub Group, Trafalgar Luxury Group, Engie, and GSK. From the short to medium-term perspective, Imagin3 Studio will help the brands in integrating the metaverse experiences into the customer offerings.

As more and more players seek to enter into the metaverse in the United Arab Emirates, TechInsight360 also expects strategic collaborations to increase in the space over the next three to four years. This trend is already evident in the Emirati metaverse ecosystem. For instance,

In August 2022, W Motors, the luxury auto manufacturer in the United Arab Emirates, announced that the firm is ready to enter into the metaverse space in partnership with Tokengate. Notably, the W Motors Metaverse will allow the digital community to come together. It offers users the ability to design cars, build models, and play racing games. Along with the metaverse, the new venture will also include a collection of 10,000 HyperWolves NFT Profile Pictures. These non-fungible tokens represent the Wolf, a spirit animal of the W Motors cars.

As the sector continues to gain more and more prominence among brands and consumers in the Emirates, TechInsight360 expects more firms across industry verticals to invest and innovate in the metaverse space over the next three to four years. This will also lead to more strategic collaborations in the segment from the short to medium-term perspective in the United Arab Emirates.