Among other pioneering projects launched in the UAE, there is Investopedia, a first-of-its-kind economic summit held in the metaverse, metaverse mansions basking in the popularity of virtual real estate, and the Virtual Assets Regulatory Authority (the world’s first regulator in the metaverse). To top it all off, in May 2022, a metaverse game was announced called Everdome, which is auctioning plots on Mars.
The Ajman police are leveraging the virtual world of Metaverse to serve the public by answering general inquiries there. The officers of the Al Nuimaiah police station are receiving training in metaverse technology, and based on the residents’ feedback, Ajman is further improving the service, which will soon be available in all the city’s police stations.
One of the most futuristic and worthwhile applications of the technology is the Medical Metaverse Project in the UAE, headed by the Thumbay group. An upgrade from the telehealth services, this metaverse hospital will be a fully functional virtual hospital that patients can visit using their avatars. This remarkable technology stands to benefit patients who are bedridden or require long-term care. They could now consult a doctor from the comfort of their homes without having to inconvenience themselves. The system will use artificial intelligence and VR to recognize a patient’s face and their car number plate as they enter the hospital to remain prepared with the patient’s medical files at the front desk. This project will also likely aid medical tourism.
AR and VR are responsible for 6,700 jobs in the UAE and contribute USD $500 million to the country’s economy. Meanwhile, cryptocurrency companies are being encouraged to operate in Dubai as the country plans to scale up digital payments and the AI sector. Firms such as FTX and Binance have already been granted licenses in the city. Simultaneously, the cloud, IoT, machine learning, 5G networks, and edge computing will act as technology pillars supporting the metaverse strategy.
The UAE’s Prime Minister Sheikh Mohammed bin Rashid Al Maktoum has also signed a new law regarding virtual assets and founded an independent body to oversee the crypto space. The final chapter investigates the impact of a Meta-economy to the UAE and its vision.