The United Arab Emirates (UAE) has embraced the boundless potential of the metaverse following its announcement of the “Responsible Metaverse Self-Governance Framework” initiative.
The initiative is an agreement inspired in partnership with the Dubai Digital Economy Taskforce (DubaiDET). DubaiDET is an abbreviation for the Department of Economy and Tourism in Dubai, United Arab Emirates.
The Department of Economy and Tourism is the principal authority for the supervision and development of Dubai’s economy and tourism sectors.
It is responsible for the planning, supervision, development, and marketing of Dubai’s business and tourism sectors.
The department is also responsible for the licensing and classification of all types of businesses, including hotels, tour operators, and travel agents.
With this new development, DubaiDET is taking its vision into the virtual world which will act as a means to further develop its tourism industry.
Omar Sultan Alolama, the UAE’s Minister of State for Digital Economy, A.I., and Remote Work Application, said that the launch of the “Responsible Metaverse Self-Governance Framework” in collaboration with DubaiDET aligns with the UAE’s broader vision for the Metaverse, a virtual reality space where people can interact, work, and conduct various activities.
The purpose of this framework is to ensure the responsible and sustainable growth of the Metaverse economy. It will address the challenges and opportunities within this emerging sector.
The Minister added that the Metaverse is expected to have a significant impact on various essential industries in the UAE.
By introducing this framework, the UAE aims to proactively shape the development of the Metaverse, identifying and overcoming potential hurdles while leveraging the vast opportunities it presents.
Before this, the UAE has shown keen interest in the digital economy especially in terms of creating useful frameworks on how innovations in the sector will operate.
An example can be seen with the Metaverse Office launched last year by its Ministry of Finance.
It also carried out its first CBDC pilot in partnership with China and other nations to ascertain the potentials of a digital currency.
Other plans it has for the metaverse were shared at last year’s World Economic Forum by Huda Al Hashimi, Deputy Minister of Cabinet Affairs for Strategic Affairs, UAE.
Generally, the region stands out as an important player in the global market with focus on the metaverse. The new framework created can also serve as a learning instrument for other nations seeking to implement similar guidelines.