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Sheikh Hamdan bin Mohammed launches Dubai Metaverse Strategy

Sheikh Hamdan bin Mohammed launches Dubai Metaverse Strategy. Metaverse Strategy aims to turn Dubai into one the world’s top 10 metaverse economies as well as a global hub for the metaverse community.

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Metaverse Strategy aims to turn Dubai into one the world’s top 10 metaverse economies as well as a global hub for the metaverse community.

In line with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, today launched the Dubai Metaverse Strategy that aims to turn Dubai into one the world’s top 10 metaverse economies as well as a global hub for the metaverse community.

His Highness Sheikh Hamdan bin Mohammed underscored the importance of consolidating Dubai’s status as a hub offering the most advanced ecosystem for the metaverse and as a frontrunner in adopting digital solutions globally, which reflects the ambitious vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum for transforming the emirate into a global capital of advanced technologies, primarily artificial intelligence (AI) and Web3.

The strategy aims to build on Dubai’s achievement of attracting more than 1,000 companies in the fields of blockchain and metaverse. It also promotes Dubai’s ambitions to support more than 40,000 virtual jobs by 2030. This would further boost Dubai’s economy and support the UAE government’s vision of increasing the number of blockchain companies by five times the present number.

HH Sheikh Hamdan bin Mohammed said that Dubai is making great strides in enhancing its position as a global testbed for metaverse technology while investing judiciously in building capabilities and talent in creating the region’s most robust and largest ecosystem for the metaverse community. His Highness added that adopting new technologies will be a stepping stone in Dubai’s vision to use future technologies to create new work models in vital sectors and increase the metaverse’s impact on regional and global economies.

Fostering Metaverse Innovation

The Dubai Metaverse Strategy aims to foster innovation, enhance the metaverse’s economic contributions through R&D collaborations, and promote advanced ecosystems utilising accelerators and incubators that attract companies and projects to Dubai.

The strategy emphasises fostering talent and investing in future capabilities by providing the necessary support in metaverse education aimed at developers, content creators and users of digital platforms in the metaverse community.

The Dubai Metaverse Strategy supports the development of Web3 technology and its applications to create new governmental work models and development in vital sectors, including tourism, education, retail, remote work, healthcare, and the legal sector. The strategy also aims to develop global standards in building safe and secure platforms for users and develop metaverse infrastructure and regulations to accelerate the adoption of these technologies.

The strategy’s key pillars focus on extended reality (which blends the physical and virtual worlds), augmented reality, virtual reality, mixed reality, and digital twins (a virtual representation of an object or system). The strategy aims at leveraging real-time data, using machine learning and IoT, and employing AI simulation and blockchain to enhance the human thinking processes.

Boosting National Economy

VR and AR are two key enablers of the metaverse, responsible for 6,700 jobs and contributing $500 million to the UAE’s economy, which is expected to increase significantly in the future. The metaverse provides an array of economic opportunities. Globally, the value of venture capital and private equity financing in the metaverse reached $13 billion in 2021, while real estate sales in the metaverse surpassed $500 million last year.

Analysts estimate that the metaverse will contribute up to $5 trillion to the global economy by 2030. The market value of NFTs is expected to reach $80 billion, while consumer spending on in-game purchases is reckoned to reach $75 billion by 2025. Recent studies show that the daily active users on Roblox, one of the leading global metaverse communities, has increased to 55 million. At the same time, 59% of global consumers are keen to transition at least one of their everyday activities to the metaverse.

Reference: Media Office

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Microsoft Germany CTO Announces GPT-4 Launch with Video Generation Capabilities

Microsoft Germany CTO Andreas Braun has announced the launch of GPT-4, the fourth generation of the revolutionary large language model (LLM) that enables machines to comprehend natural language. GPT-4 is expected to offer new possibilities including multi-modality, video processing, and faster responses. It will be a game changer in AI and another leap towards accurate human interpretation.

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CHAT GPT-4
Image of AI Brain with text Breaking News GPT-4 coming next week.

GPT-4 to Revolutionize AI Industry with Enhanced Multimodal Capabilities

Mar 10, 2023 01:00 EST By Hussain Kashif

The upcoming release of Chat GPT-4, the fourth generation of the large language model (LLM), is generating considerable excitement in the Artificial Intelligence (AI) community. According to Microsoft Germany CTO Andreas Braun, GPT-4 will offer new possibilities, including multi-modality and video processing, and will be a game changer in AI as it takes another leap towards accurate human interpretation. The release of GPT-4 is expected to revolutionize the AI industry with its improved functionality, accuracy, and efficiency.

Chat GPT-4

Functionality:

GPT-4 is expected to have several new features and improvements over its predecessor, GPT-3.5. Users can engage through multiple modes such as text, images, videos, and sounds due to its multi-modal capabilities. It is also a versatile tool for content creation as GPT-4 is capable of generating videos. Moreover, GPT-4 is expected to provide faster responses than GPT-3.5, with more human-like responses, allowing for better communication and understanding.

Use Cases:

GPT-4 has a wide range of potential use cases across various industries. It can provide personalized and adaptive learning experiences in EdTech. In HealthTech, GPT-4 can be used to develop virtual assistants and chatbots to provide patients with personalized care, reducing the workload of healthcare professionals. In content creation, GPT-4 can create highly engaging and personalized content, increasing audience engagement and satisfaction. GPT-4 can also generate highly realistic and accurate special effects, reducing the cost and time required for production in film and media.

Improvements:

GPT-4 will bring several improvements to the AI industry. Its improved functionality will allow for better communication and understanding between humans and machines. The multi-modal capabilities of GPT-4 will provide a more immersive and engaging experience for users. Its faster responses and more human-like responses will make it easier for humans to interact with machines, reducing the need for specialized training or technical knowledge.

Benefits to Industry, Academia, Governments and Individuals:

The release of GPT-4 will have several benefits for various stakeholders. GPT-4 will provide companies with a powerful tool for communication, content creation, and automation, reducing the workload of employees and increasing productivity. In academia, GPT-4 can be used to develop new educational tools and resources, allowing for more personalized and adaptive learning experiences. In governments, GPT-4 can be used to improve public services and provide personalized assistance to citizens. For individuals, GPT-4 can provide personalized and adaptive experiences across various domains, including education, healthcare, and entertainment.

Conclusion:

The release of Chat GPT-4 is expected to revolutionize the AI industry with its improved functionality, versatility, and accuracy. GPT-4 will provide companies, individuals, and governments with a powerful tool for communication, content creation, and automation. The release of GPT-4 will have several benefits for various stakeholders, including increased productivity, personalized and adaptive experiences, and improved public services. Overall, the release of GPT-4 is expected to have a significant impact on the AI industry and beyond.

Reference: Neowin. (2023, March 10). Microsoft says GPT-4 coming next week with video features. Retrieved from https://www.neowin.net/news/microsoft-says-gpt-4-coming-next-week-with-video-features/

Reference: University of Metaverse. (2023, March 10). Microsoft says GPT-4 coming next week with video features. Retrieved from https://umetaverse.ca/2023/03/10/microsoft-germany-cto-announces-gpt-4-launch-with-video-generation-capabilities/

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Crown Prince Sheikh Hamdan bin Mohammed approves new phase of the Dubai Metaverse Strategy

Crown Prince Sheikh Hamdan bin Mohammed approves new phase of the Dubai Metaverse Strategy

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Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of The Executive Council of Dubai, and Chairman of Dubai’s Higher Committee of Future Technology Development and Digital Economy, on Thursday approved the new phase of the Dubai Metaverse Strategy, which aims to enhance the digital economy and implement measures to empower the use of the metaverse and future technologies.

“Through this Committee, we seek to develop a new model for the development of technology and futuristic sciences with a special focus on digital technologies and the metaverse as part of our broader strategy to promote digital growth and innovation and achieve the goals of the Dubai Metaverse Strategy,” Sheikh Hamdan said.

Sheikh Hamdan approved four key strategies aimed at using metaverse technologies to provide government services and a comprehensive study aimed at identifying the social benefits of introducing metaverse services that will be submitted to The Executive Council for approval.

Dubai’s Metaverse Strategy aims to leverage emerging technologies such as virtual, augmented, mixed, and extended reality (VR/AR/MR/XR), blockchain, digital twins, 5G, non-fungible tokens (NFTs), machine learning (ML), and many others.

These will work to develop a digital economy set to create over 40,000 jobs and contribute $4 billion USD to the city’s economy over five years’ time.

The Strategy also aims to attract over 1,000 enterprises to the nation and boost training and education for future Web3 users, developers, and creatives, it revealed in July.

Target sectors include remote work, collaboration, law, healthcare, tourism, education, manufacturing, and many others. The Plan will also build metaverse and Web3 standards for global industries.

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Dubai Metaverse Assembly held at Museum of the Future

Dubai Metaverse Assembly: the event held on September 28, 29 at Museum of the Future. The Dubai Metaverse Assembly had technology experts and people from the metaverse community as well as major companies convene to discuss opportunities and ways that its potential can be unlocked.

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Dubai Metaverse Assembly: the event held on September 28, 29 at Museum of the Future: The Dubai Metaverse Assembly had technology experts and people from the metaverse community as well as major companies convene to discuss opportunities and ways that its potential can be unlocked.

The hype and excitement that surrounds the potential of the metaverse was felt within the corridors of Dubai’s Museum of the Future on Wednesday and Thursday.

But there was also a strong message from the 500 or so experts who attended the inaugural Dubai Metaverse Assembly on the brave new world of Web 3.0 — and that was the need for regulation and preparation for what is to come.

There were fascinating glimpses of the future, such as the Ministry of Economy’s metaverse headquarters where people can hold meetings and sign legal documents.

Elsewhere at a government level, Gabriel Abed, ambassador of Barbados to the UAE, said his country is aiming to set up an embassy in the metaverse.

The virtual facility will ensure diplomatic parity, future-proofing national services, international coverage, immersive experiences, resource efficiency and a broader reach, he said.

These high-level services will require responsible actions by users and stringent regulation from those hosting them in the metaverse.

“Metaverse will become one of global major economy driver by 2030”, said Noman Shah, Founder & CEO of Xero Tech, a startup developing what they call, Next Generation Metaverse.

Dubai is seeking to boost various sectors through the metaverse, including tourism. It plans to hold metaverse events and set up a task force to scale up its tourism potential and global outreach.

Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, Deputy Managing Director of Dubai Future Foundation noted that, the Dubai Metaverse Assembly, hosted in Dubai, serves as a global platform convening technology experts and the wider metaverse community from around the world to map out opportunities and harness the potential of this promising virtual world.

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