Microsoft digs into its tools to prepare businesses for metaverse

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Updated 24 October 2022
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Microsoft digs into its tools to prepare businesses for metaverse

  • New tech to shape every industry, from manufacturing to transportation to healthcare

DUBAI: The metaverse will shape every industry, from manufacturing to transportation to healthcare, and Microsoft Cloud is helping companies implement mixed reality, according to the company’s chief operating officer in the UAE.

Speaking to Arab News on the sidelines of GITEX Global 2022, Ihsan Anabtawi, also the chief marketing officer of Microsoft UAE, said that people would be able to see their digital world become the internet of places and ownership through the metaverse and Web3.

“We should view the metaverse as the next step in the evolution of the internet, which began as an internet of data in the 1990s and 2000s, the internet of people in 2010s and is now the Internet of Things,” he said.

The company, according to Anabtawi, has been building a bridge between the physical and digital worlds through Microsoft Cloud, Teams, mixed reality technologies such as Mesh and Hololens and Azure Digital Twins, an IoT platform that creates a digital representation of real-world things, places, business processes and people.

“This isn’t a short-term investment; this is bringing the full power of our work across several areas to enable the future of computing in the metaverse for business and consumers,” he said.

Microsoft sees the metaverse through three pillars, Anabtawi said. Firstly, presence and connection, even when not in the same space, and building connections in the hybrid world. 

We should view the metaverse as the next step in the evolution of the internet.

Ihsan Anabtawi, COO, CMO, Microsoft UAE

Secondly, immersive worlds engage employees and customers in new ways through innovative experiences, empower fans to be creators, and foster a thriving community that stands behind the brand and mission.

Finally, he said he leveraged Digital Twins, AI, and real-time data to transform operations.

From the company’s founding, it has always been its promise to create technology fundamentally so that others can create technology, he said.

Anabtawi said that the Microsoft HoloLens 2, recently launched in the UAE, is a headset-enabled mixed reality that connects directly to the Microsoft Cloud for analytics, data and artificial intelligence.

“We see this device as a crucial element of the metaverse with an abundance of applications, where Kawasaki now uses HoloLens to build robots for the factory floor,” he added.

With HoloLens 2, companies can analyze data differently and conduct iterative testing.

“Before investing, for example, in a physical asset, they can model it using holographic technology and look at data,” he said.

Microsoft also sees new scenarios in remote assistance. “It’s been used in real-world surgeries, remote maintenance and many other scenarios,” he said.

The device is also “reimagining the meeting experience,” Anabtawi said.

Developers have no limit to the type of experiences they can build on HoloLens 2, Anabtawi said.

“So, you can build purpose-built applications on HoloLens, the headset that uses holographic tech, whether we call that metaverse or mixed reality,” he said.

He said that users could access familiar apps, such as team and collaborative apps and purpose-built applications that are entirely new.

Anabtawi said users could customize their avatars for meetings using Mesh, one of Microsoft’s metaverse technologies.

“So, if you’re working from home and don’t feel like turning on your camera that day, you can have an immersive avatar-based experience,” he added.

Dynamics 365 Connected Spaces is another Microsoft offering expected to enable metaverse experiences at scale. The product is still in preview, but Anabtawi said it would model how people move and interact with any space, including shop and factory floors.

He concluded that the metaverse has an important role in the region’s digital transformation, empowering employees, engaging customers, optimizing operations and transforming business models.


Kuwait to boost Islamic finance with sukuk regulation

Updated 11 min 26 sec ago
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Kuwait to boost Islamic finance with sukuk regulation

  • The move supports sustainable financing and is part of Kuwait’s efforts to diversify its oil-dependent economy

RIYADH: Kuwait is planning to introduce legislation to regulate the issuance of sukuk, or Islamic bonds, both domestically and internationally, as part of efforts to support more sustainable financing for the oil-rich Gulf nation, Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah said on Wednesday.

Speaking at the World Governments Summit in Dubai, Al-Sabah highlighted that Kuwait is exploring a variety of debt instruments to diversify its economy. The country has been implementing fiscal reforms aimed at stimulating growth and controlling its budget deficit amid persistently low oil prices. Hydrocarbons continue to dominate Kuwait’s revenue stream, accounting for nearly 90 percent of government income in 2024.

The Gulf Cooperation Council’s debt capital market is projected to exceed $1.25 trillion by 2026, driven by project funding and government initiatives, representing a 13.6 percent expansion, according to Fitch Ratings.

The region is expected to remain one of the largest sources of US dollar-denominated debt and sukuk issuance among emerging markets. Fitch also noted that cross-sector economic diversification, refinancing needs, and deficit funding are key factors behind this growth.

“We are about to approve the first legislation regulating issuance of government sukuk locally and internationally, in accordance with Islamic laws,” Al-Sabah said.

“This enables us to deal with financial challenges flexibly and responsibly, and to plan for medium and long-term finances.”

Kuwait returned to global debt markets last year with strong results, raising $11.25 billion through a three-part bond sale — the country’s first US dollar issuance since 2017 — drawing substantial investor demand. In March, a new public debt law raised the borrowing ceiling to 30 billion dinars ($98 billion) from 10 billion dinars, enabling longer-term borrowing.

The Gulf’s debt capital markets, which totaled $1.1 trillion at the end of the third quarter of 2025, have evolved from primarily sovereign funding tools into increasingly sophisticated instruments serving governments, banks, and corporates alike. As diversification efforts accelerate and refinancing cycles intensify, regional issuers have become regular participants in global debt markets, reinforcing the GCC’s role in emerging-market capital flows.

In 2025, GCC countries accounted for 35 percent of all emerging-market US dollar debt issuance, excluding China, with growth in US dollar sukuk issuance notably outpacing conventional bonds. The region’s total outstanding debt capital markets grew more than 14 percent year on year, reaching $1.1 trillion.