Op-ed by Hisham Al Gurg, CEO, Seed Group and the Private Office of Sheikh Saeed bin Ahmed Al Maktoum
“The most reliable way to predict the future is to create it.” This Abraham Lincoln quote is as powerful as it is true. The future, if not created, has to be dealt with, with a lower hand. This quote is especially true and holds a mirror to the world we live in today. The fact that human-created technology governs and guides most of the things we do in a day is proof enough that mankind has learned a lot from this quote.
Technology is no longer a term read and found in research papers; it is a way of life today. Every other day brings about a new innovation that is promising and looks to make the lives of the people on the planet more meaningful, fulfilling, and seamless.
These technologies enter our lives in three stages, I believe. The first stage is the Introduction.This is when we first hear about a new technology and world leaders start talking about its benefits and potential. The second is the Acceptance and Preparation stage, where the authorities or economic ecosystems start weaving strategies and plans to integrate the new technology into their very fabric. And the third is the Implementation and Observation stage, where things finally come into people’s hands and the technology is made available.
One such tech innovation that is currently in its first and second stages around the world is Metaverse. We’ve known about it for quite some time, and governments and authorities all over the world have begun to recognize the potential it has to change the way almost all of our industries function and operate today.
From a business perspective, consumer experiences and business models across industries are anticipated to be dramatically transformed by the metaverse. It offers endless economic opportunities and holds the key to practically reshaping traditional value chains and the commerce paths that have existed for decades.
While some are still contemplating how to blend the technology into their ecosystems, there are cities like Dubai that have taken the early steps.
The launch of the Dubai Metaverse Strategy is therefore an exemplary step. Designed to attract more than 1,000 blockchain and metaverse companies to the emirate and support more than 40,000 virtual jobs by 2030, the strategy is being launched in phases, with two phases already announced.
Launched by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, said the Dubai Metaverse Strategy is a major step in the direction of turning Dubai into one of the world’s top 10 metaverse economies as well as a global hub for the metaverse community.
In the coming years, the Dubai Metaverse Strategy will serve as a roadmap for the emirate to reach its overarching goals while also acting as a guide for the rest of the world to embrace, implement, and benefit from the potential of Metaverse. However, how this strategy empowers the Implementation stage remains to be seen.
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