The UAE's Sprint Into the Metaverse

As humanity makes rapid strides to catch up with the ever-evolving expansive world of the web, the UAE is sprinting—with tangible evidence to show for it. Undoubtedly, the highly tech-advanced nation is determined to live its promise of becoming a leading player in Web 3.0.

The journey kicked off in July with Dubai unveiling its Metaverse Strategy, a vision expected to push Dubai into the list of the leading Metaverse Economies. Since then, the city has experienced a surge in virtual activities as the government, private firms, and start-ups scramble to find a footing in the Metaverse.

The Ground is Set

While Dubai seems to be taking the lead, other nations are making giant strides in the same direction. Saudi Arabia, for instance, has set aside an over US$6.4bn kitty to kick start its Metaverse journey. The bounty will be invested in advanced technologies like the Neom Tech and Digital Company.

The firm already has a footprint in the Metaverse, whereby they unveiled the XVRS in February this year. The one-of-its-kind project is a cognitive twin metaverse that allows visitors to experience a physical and virtual presence in one go.

Multiple Moves in the Right Direction

The UAE virtual space is filling up fast, with multiple projects taking off in the recent past. In fact, many of the thoughtful innovations have clinched slots in the world's first category.

Taking the Lead

Taking the lead in the financial sector is Kuwait-based Warba Bank. It's the world's first Islamic bank to launch into the Metaverse with sites on Sandbox and Decentraland.

The first telco on the Metaverse is also from the UAE. Striving to become a leading digital telco, Virgin Mobile Kuwait has a presence in the Metaverse. Similarly, the giant Etisalat has a slot in cyberspace.

Still, on setting the pace, the world's first university on the Metaverse is Qatar University from UAE. Soon, the region will produce the first hospital in the Metaverse, a brain child of the Thumbay Group.

The Bottom-line

Beyond the UAE's thunderous entry into the Metaverse lies a huge yet-to-exploited potential. Rob Gryn, the founder of Everdome, put it quite well, "People here want to be part of the latest trends, especially when it comes to technology and gaming. When people are excited about something, brands get excited too, which means they will make a move to invest in their metaverse presence. That will fuel the Web3 economy."