Dubai International Financial Centre launches metaverse platform

The Dubai International Financial Centre (DIFC) has launched the DIFC Metaverse Platform, which is a part of the DIFC's strategy to focus on and push Dubai as a global metaverse leader.

This also is in line with the Dubai Higher Committee for Future Technology and Digital Economy’s aim to attract technology innovators from around the world, as per a report by the Emirates News Agency.

Aligned with the Dubai Metaverse Strategy, the push is towards adding $4 billion to the GDP of Dubai, and supporting over 40,000 virtual jobs by 2030. It also aims to attract over 1,000 companies that are specialised in blockchain and metaverse technology.

What is the DIFC Metaverse Platform?

This platform consists of three key initiatives. It will have an accelerator programme with a dedicated physical studio for metaverse technology which will look to promote the development of a creator community and venture building. The accelerator programme is set to launch soon, with an outlook to attract about 500 applicants and identify 50 graduates from the programme.

DIFC said it commits to supporting metaverse startups and helping them explore, gain exposure to investors, access a regulatory sandbox and obtain marketing support, the report said.

This metaverse platform will also address policy development in the metaverse sector, legislation on open data, digital identity and company law frameworks in the metaverse.

As per Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, the UAE adopts advanced technologies with an aim to keep pace with global changes, the report said.

Olama who is also the Chairman of the Dubai Chamber of Digital Economy, Vice Chairman of the Dubai Higher Committee for Future Technology and Digital Economy, said that the metaverse platform is the first in a series of initiatives aimed at strengthening Dubai's position as a global platform for the latest digital trends and accelerate the pace to achieve the objectives of the Dubai Metaverse Strategy.

The programme also aims to facilitate partnerships between startups and corporates to create proofs-of-concept and new metaverse solutions.