Home Metaverse Dubai plans to start new economic metric called ‘gross metaverse product’

Dubai plans to start new economic metric called ‘gross metaverse product’

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Dubai is considering plans to implement a new economic output indicator to measure the metaverse’s contribution to the economy, according to the Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications.

Omar Al-Ollama said at the Dubai Metaverse Assembly on Wednesday that a new metric called ‘Gross Metaverse Productivity’ shows that emerging technologies are poised to make a significant contribution to the economy of the future. rice field.

Al Orama, who is also chairman of the Dubai Digital Economy Chamber, said, “The Gross Metaverse could generate billions of dollars in profits from Dubai without people actually being in the emirate.” Told.

Sectors covered by the indicator include tourism, education, retail, real estate and government, he said.

The minister did not give further details or when it might start.

The Metaverse, a new space for people to interact in virtual worlds, represents an economic opportunity worth $8 trillion to $13 trillion, according to consultancy PricewaterhouseCoopers.

The UAE has taken many steps to facilitate the adoption of the Metaverse.

In July, authorities unveiled the Dubai Metaverse Strategy, which aims to create 40,000 jobs and add $4 billion to the emirate’s economy over the next five years.

Al-Ollama emphasized that Dubai is building the Metaverse from a pragmatic perspective, stating that its development is not based on hype or unproven mechanisms, but on strategies with tangible results. I am sure that

“We have a goal to make Dubai one of the world’s metaverse leaders,” he said.

A key benefit the Metaverse offers to the workforce is that it helps protect workers and may also pay them higher salaries, said the chairman and chief executive officer of Dubai-based port operator DP World. Sultan bin Sulayem said.

“The Metaverse is the technology we need because it improves our interactions and has great potential for our business,” he said at the rally.

“The impact on people will be better because we can move people from dangerous, low-paying jobs to safer, higher-paying jobs.”

Crown Prince of Dubai Sheikh Hamdan bin Mohammed attended the Dubai Metaverse Assembly at the Museum of the Future. All photos: Khushnum Bhandari / The National

DP World announced in May that it is using the Metaverse in its new platform to solve supply chain challenges.

The platform, called DPMetaWorld, is expected to be released by the end of 2022 and will use digital solutions, accelerate its adoption through the Metaverse’s undeveloped capabilities, and “help increase efficiency and transparency,” the company said. said at the time.

Bin Sulayem said the digitization of work will allow companies such as DP World to delegate employees to other important tasks to make their operations more robust, resulting in increased revenue. I was.

To give an example, instead of staff operating machines, which are repetitive tasks that can be automated, they can be reassigned to other areas such as cargo mobilization or price negotiation with customers, which can improve the overall performance of the company. He said it would add value to his business.

“People will be doing their best in the office…it’s better for me and the business,” he added.


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