DIFC Metaverse Platform launched amid $4 billion tech push

Dubai International Financial Centre (DIFC) announced the launch of a metaverse platform Monday, in an effort to lure in technology innovators from around the world to strengthen the UAE’s efforts to become a global metaverse leader.

The platform is in line with the Dubai Metaverse Strategy, which plans to add a whopping $4 billion to the Emirate’s GDP, attract scores of companies specialised in blockchain and metaverse technologies, and support 40,000 virtual jobs by the end of this decade.

It also backs the recently launched Dubai Economic Agenda D33’s objective to generate economic value worth $27 billion per year from digital transformation.

The metaverse platform is the first in a series of initiatives that aim to accelerate the speed to achieve the objectives of the Dubai Metaverse Strategy and strengthen the city’s position as a global platform for the latest digital trends, said Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, Chairman of the Dubai Chamber of Digital Economy, Vice Chairman of the Dubai Higher Committee for Future Technology and Digital Economy.

Arif Amiri, CEO of DIFC Authority, appreciated the Dubai government for introducing the ambitious metaverse strategy, adding “the development of the integrated DIFC Metaverse Platform will accelerate the achievements of Dubai’s aspirations in this sector.”

The platform includes three key initiatives, including the creation of the Metaverse Accelerator Programme with a dedicated physical studio for metaverse technology that will promote the development of a creator community and venture building. The programme will start accepting applications soon and seeks to attract over 500 applications in the coming years, identifying 50 of the most promising graduates from the programme and encouraging investment opportunities.

The programme aims to back innovative metaverse startups by bringing them under the limelight and introducing them to the region’s largest players, while also helping them obtain marketing support, explore partnerships, and gain exposure to investors.