UAE-based Metarverse Technology Holdings has committed 200 million dirhams ($54.5 million) for the global deployment of their metaverse platform — with Dubai and Abu Dhabi set to be the first cities in the project.
Metarverse Holdings is currently developing the world’s first virtual world that replicates real life experience.
The decision came after the Dubai government established the Higher Committee for Future Technology and Digital Economy, which will oversee Dubai’s efforts to become a major global hub for metaverse technology adoption.
Metarverse Holdings’ cutting-edge virtual environment will match real-life events and locations, with a Beta version expected to go live during the fourth quarter of 2022.
Dubai and Abu Dhabi’s most iconic attractions and landmarks, along with real-world utilities, will be accessible from the comfort of users’ homes.
Metarverse Holdings CEO Priven Reddy said: “After carefully examining other leading regions, the decision was made for Dubai and Abu Dhabi to be the very first simulated cities within our new metaverse.”
Unlike existing virtual reality applications that build small-scale, digital fantasy worlds, the new platform introduces a real-world utility-based metaverse that’s multi-device compatible.
The options are browsing and shopping from the major retail brands and stores, buying advertising space in the virtual city, attending simulated lectures, and applying for residency visas and business licenses.
“This vision establishes the UAE as pioneers in the adoption of innovative concepts and disruptive economic and technical models, thus there was only one place for us to debut,” he added.