Dubai is standing up to its promise of becoming a global metaverse hub with daily new developments. From immersive tours of the Burj Khalifa to weddings in the metaverse, there’s already a lot going on that’s moving Dubai in the direction of becoming a top metaverse economy.
Ref 1: Khaleej Times
Ref 2: Emirati Times
On March 30th, 2023, Dubai made another home run by launching the DIAC center in the metaverse. This new development is set to take arbitration to the virtual world. The representatives of the organization have confirmed the launch to align with the government’s ‘Dubai Metaverse Strategy.’ So, besides being a way to make arbitration sustainable and more convenient, it’s set to boost the economy with the emerging technology of the metaverse.
Let’s understand this DIAC launch in detail and what it holds for the citizens of the city of gold.
Dubai always aims big. This time, they did it with the ‘Dubai Metaverse Strategy.’
The current impact and the future potential of the metaverse technology are not unnoticeable to the people of Dubai. This is why, back in September 2022, the Dubai Metaverse Strategy was introduced to the world by the Crown Prince of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum.
It broadly aims at making Dubai more inclusive of emerging technologies, especially the metaverse. If we go into the specifics, the strategy focuses on introducing about 40,000 virtual jobs in Dubai by 2030. The dream is to make Dubai one of the top 10 metaverse economies in the world and generate a revenue of about $4 billion for the Dubai economy.
The strategy is set to include all business verticals, such as start-ups, metaverse companies, individual users and investors. Multiple phases of the Dubai Metaverse Strategy are putting the plan into motion and with full force. A recent meeting of the Higher Committee of Future Technology Development and Digital Economy agreed on a 100-day plan for all work of the government entities to coordinate towards facilitating a digital economy.
Source: Gulf News
The Dubai International Arbitration Centre showed its contribution to the Dubai Metaverse Strategy with its metaverse platform for resolving disputes.
In the words of Dr. Tariq Humaid Al Tayer, the Chairman of DIAC,
“...it is in line with Dubai’s aspiration to be a global metaverse hub...an innovative and novel method for resolving disputes.”
Since most experiences are moving into the virtual world, conflict resolution is another service that will be advantageous if served virtually.
For starters, it eliminates the hassle of physical transportation. All participants will be able to join the arbitration process remotely. This will create a snowball effect and relieve the stress of the lack of resources and finances, thus establishing eco-friendly, sustainable and equitable arbitration in Dubai.
To sum up, the few factors that the launch of DIAC in the metaverse will introduce are as follows:
The metaverse is about making experiences immersive. The virtual space should replicate the real-life experience.
In the metaverse, the Dubai International Arbitration Centre will feature multiple aspects to make the experience immersive and provide an effective solution virtually. Some things that can be expected are:
As of now, there is not much detail about the progress of the venture. The virtual dispute resolution platform could be developed using centralized metaverse platforms like Roblox or it could be a Decentralized Autonomous Organization or DAO. The specifics of the DIAC metaverse platform are yet to be disclosed.
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Here are a few factors that make us among the top metaverse development companies in Dubai: