Dubai crown prince announces new metaverse strategy creating 40,000 jobs

The key pillars of the strategy are extended reality, augmented reality, virtual reality, mixed reality, and digital twins. (Shutterstock)
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Updated 19 July 2022
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Dubai crown prince announces new metaverse strategy creating 40,000 jobs

  • Strategy aims to generate $1 billion and create 40,000 jobs

LONDON: Sheikh Hamdan bin Mohammed bin Rashid Al-Maktoum, the crown prince of Dubai and chairman of the Dubai Executive Council, announced the launch of the Dubai Metaverse Strategy on Monday, the Emirates News Agency reported.
It promotes the advancement of Web3 technology and its applications to create new government work models and growth in critical sectors such as tourism, education, retail, remote work, healthcare, and legal.
It aims to contribute AED4 billion ($1 billion) to the national economy and support 40,000 virtual jobs over the next five years.

 


“We launched the Dubai Metaverse Strategy today, which aims to foster innovation in new technology. Dubai is home to over 1,000 companies operating in the metaverse and blockchain sector, which contributes $500m to our national economy,” he said. “With the early adoption of metaverse technology, Dubai seeks to become one of the top 10 metaverse economies and a global frontrunner in adopting digital solutions.”
The strategy aims to create global standards for creating safe and secure platforms for users and create metaverse infrastructure and regulations to accelerate the adoption of these technologies.
The key pillars of the strategy are extended reality (which combines the physical and virtual worlds), augmented reality, virtual reality, mixed reality, and digital twins (a virtual representation of an object or system).
It also aims to improve human thinking processes through leveraging real-time data, utilizing machine learning, IoT, AI simulation, and blockchain.
The technology pillars of the strategy are data, network, cloud, and edge computing, which focus on real-world data acquisition, validation, storage, processing, and management.
Other pillars include promoting full 5G network deployment to enable edge computing and provide on-demand computer system resources.
Instead of using the cloud, edge computing allows data to be collected, stored, and processed locally via smart devices and local networks.
VR and AR are two key enablers of the metaverse, accounting for 6,700 jobs and contributing $500 million to the UAE economy. Both are expected to grow significantly in the future.
Globally, the value of venture capital and private equity financing in the metaverse is expected to reach $13 billion in 2021. Metaverse real estate sales exceeded $500 million last year.
Earlier this year, the Dubai government established a task force to monitor the latest developments in the digital economy as it seeks to capitalize on opportunities in the metaverse.
Sheikh Hamdan and Sheikh Maktoum bin Mohammed bin Rashid Al-Maktoum, the deputy ruler of Dubai, deputy prime minister, and minister of finance, issued the directives to set up the task force

 


Qualitative leaps and record numbers are leading the Kingdom’s fisheries sector toward global leadership: vice minister 

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Qualitative leaps and record numbers are leading the Kingdom’s fisheries sector toward global leadership: vice minister 

RIYADH: His Excellency the Vice Minister of Environment, Water and Agriculture, Engineer Mansour bin Hilal Al-Mushaiti, affirmed that the fisheries sector in the Kingdom has achieved qualitative accomplishments and record figures, with aquaculture production exceeding 192,000 tonnes.

This comes alongside the implementation of more than 410 projects in marine and inland waters, in addition to the export of approximately 59,000 tonnes of fishery products to more than 35 countries around the world, with a value exceeding SR1.3 billion ($346.66 million).

This was stated during His Excellency’s opening of the activities of the fifth edition of the Saudi International Marine Exhibition and Conference at the Riyadh International Convention and Exhibition Center, amid broad local and international attendance reflecting the exhibition’s growing stature as a regional and global specialized platform for the sector.

He stressed that the exhibition is no longer merely an event, but has become a global meeting platform, a growth driver, and a showcase reflecting the Kingdom’s leadership in the fisheries sector regionally and internationally.

He also underlined that this development is the result of the work of an integrated system that includes strategic planning, the development of policies and regulations, investor stimulation, and the capacity building of fishermen and practitioners.

These efforts have been led by the Ministry of Environment, Water and Agriculture, represented by the National Program for the Development of the Livestock and Fisheries Sector. They also include qualitative initiatives to support fishermen, regulate fishing activities, and develop port, transport, processing, and marketing services, positioning the Kingdom among advanced countries in the fisheries sector.

The vice minister of environment, water and agriculture also witnessed the signing of 13 memoranda, cooperation agreements, and investment contracts between a number of local and international entities, with an estimated value exceeding SR316 million.

These aim to develop investment opportunities in the fisheries sector, enhance the growth of local fishery exports to global markets, support fish and algae processing industries, and increase production efficiency to achieve food security and economic growth in line with the objectives of Saudi Vision 2030.

The exhibition, which runs for three days, is witnessing the participation of more than 30 countries and 120 exhibitors, and is expected to attract 15,000 visitors from various segments.

The event’s activities include 20 workshops in which 3,500 international and local investors and businesspeople are participating, in addition to 25 global speakers and experts.

Several countries are participating in the gathering, including China, Korea, Russia, and Norway, as well as  Spain, France, and Germany, alongside the Food and Agriculture Organization of the UN.

This presence reflects the diversity of international expertise and the depth of global interest in the fisheries and aquaculture sector.

At the conclusion of the ceremony, His Excellency toured the exhibition pavilions, reviewed prominent modern technologies and solutions in the fields of fisheries and aquaculture, and listened to exhibitors’ explanations of the latest innovations, products, and services. He stressed the importance of such exhibitions in transferring knowledge, supporting investment, and enhancing the competitiveness of the fisheries sector in the Kingdom.