Dubai International Arbitration Center brings conflict resolution to the Metaverse
Dubai International Arbitration Centre (DIAC) has recently announced the launch of its Metaverse for dispute resolution, which is about to reform conflict resolution worldwide.
The DIAC Metaverse platform offers a virtual reality space where parties can participate in dispute resolution proceedings from anywhere in the world. The promising project aims to eliminate the need for physical transportation and showcase arbitration’s sustainability and environmental friendliness.
To develop an immersive environment that facilitates seamless communication, document sharing, and real-time collaboration among participants, DIAC employs state-of-the-art technology. AI-driven analytics, enhanced security measures, and personalized avatars for better user experience are also about to be developed soon.
DIAC Metaverse: An alternative dispute resolution service
DIAC can now provide alternative dispute resolution services, more effective and accessible. By leveraging the Metaverse technology, DIAC is now closer to its objectives around sustainability, accessibility, and equity of dispute resolution. Within the Metaverse platform, all parties will enjoy equal opportunities to participate in dispute resolution proceedings.
“The launch of DIAC’s Metaverse came after months of hard work and dedication from the team. This new offering comes in line with Dubai’s aspiration to be a global metaverse hub. Further, it reinforces DIAC’s position as the leading international arbitration center, enhances our capabilities to offer innovative and novel methods for resolving disputes, and reflects our vision to be the ultimate global destination for dispute resolution,” Dr Tariq Humaid Al Tayer, The Chairman of DIAC’s board of Directors underlines.
Dubai has dedicated resources and developed infrastructure to expand the Metaverse into more and more areas. Its vision is to embrace technology and innovation as key drivers of growth and development. The DIAC Metaverse initiative reflects this progressive mindset.
Dubai promises 40,000 new jobs
One of the leading cryptocurrency hubs in the Middle East, the emirate of Dubai, has launched its Dubai Metaverse strategy, which aims to turn the emirate into one of the top 10 economies in the Metaverse. The strategy advances Dubai’s ambitions to support more than 40,000 digital jobs by 2030.
The strategy includes research and development (R&D) partnerships to enhance the economic contribution of the Metaverse, the use of accelerators and incubators to attract companies and projects from abroad, and the support of Metaverse education aimed at developers, content creators and users’ digital platforms.
Dubai Metaverse supports promoting the full deployment of 5G networks to collect, store and process data locally through smart devices and local networks instead of the cloud.
In 2022 VR and AR created 6,700 jobs and contributed $500 million to the UAE economy. Globally, the value of venture capital and private equity funding in the Metaverse reached $13 billion in 2021, while real estate sales in the Metaverse exceeded $500 million.
Metaverse offers several financial opportunities worldwide. In July 2022, the Chinese city of Shanghai unveiled its strategy to build a metaverse economy worth 350 billion yuan ($52 billion) by the end of 2025.
Analysts predict that the Metaverse will contribute up to $5 trillion to the global economy by 2030, while the market value of NFTs is expected to reach $80 billion.
