Dubai believes in the metaverse and has taken it seriously by employing the new metric of Gross Metaverse Product (GMP). It may appear to be a gimmick but it will prompt competitors to take the plunge too.
Omar bin Sultan Al Olama, the minister of state for artificial intelligence, digital economy, and remote work applications, revealed the government’s plans during the Dubai Metaverse Assembly on Wednesday. This is part of UAE’s effort to prove that virtual space can carry enough of a market capitalization that would rival some of the world’s largest economies. The minister highlighted that the Gross Metaverse Product will be able to create billions of dollars in returns for Dubai without people being physically in the emirate but experiencing it in the metaverse.
Moreover, the UAE wants to determine how a government can ride high on the metaverse’s potential on its own accord. By doing so, UAE can set its own regulatory rules that would not necessarily apply to related, privately-funded projects. The main sectors to be measured for UAE’s metaverse strategy are tourism, education, government services, retail, and real estate. The country plans to have a task force in place to bolster tourism. Al Olama said the Ministry of Economy would have a virtual office with an auditorium to hold meetings and sign contracts in the metaverse.
Through its latest initiative of GMP, the UAE will have to prove that the market capitalization of metaverse initiatives can be measured and tracked.