عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Dubai’s Crown Prince: Metaverse Will Shape a New Digital Future for Humanity

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum spoke on the first day of the inaugural Dubai Metaverse Assembly. Asharq al-Awsat
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum spoke on the first day of the inaugural Dubai Metaverse Assembly. Asharq al-Awsat
TT
TT

Dubai’s Crown Prince: Metaverse Will Shape a New Digital Future for Humanity

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum spoke on the first day of the inaugural Dubai Metaverse Assembly. Asharq al-Awsat
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum spoke on the first day of the inaugural Dubai Metaverse Assembly. Asharq al-Awsat

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of Dubai Executive Council and Chairman of the Board of Trustees of the Dubai Future Foundation (DFF), has said the metaverse will shape a new digital future for humanity, Emirates News Agency (WAM) reported Wednesday.

He was speaking on the first day of the inaugural Dubai Metaverse Assembly, organized by the DFF.

Over 500 global experts and policymakers, and more than 40 leading local and global organizations specialized in metaverse and digital technologies, are participating in the two-day event. More than 20,000 attended the first day of the event using both virtual platforms and metaverse technologies, WAM said.

"Dubai is emerging as a major contributor to shaping a new global vision for advanced technology and a pioneer in adopting next-generation digital innovation,” the state-news agency quoted Sheikh Hamdan as saying.

"We are constantly working to foster the development of technological tools and applications to raise the community’s quality of life. In the coming years, the metaverse will shape a new digital future for humanity and Dubai will consolidate its status as a testbed for innovation in this emerging technology," he added.

He stressed that Dubai will always welcome innovators and experts to explore and design the future of the metaverse and explore its potential.

"Through the Dubai Metaverse Assembly, we aim to provide a global platform for the metaverse community to discuss new opportunities emerging from this new technology and promote knowledge-sharing and partnerships between entrepreneurs and innovators. We also look forward to discussing how the metaverse can generate solutions for some of the world’s most critical challenges," Sheikh Hamdan stated.

He further said Dubai seeks to be a hub for the global metaverse community, a goal that it will achieve by working closely with its partners and the world’s best experts in the field. "Dubai's advanced digital infrastructure positions it as a strategic partner for the development of the metaverse, artificial intelligence and other technologies."

Most Viewed

 
 
Business

OPEC Again Cuts 2024, 2025 Oil Demand Growth Forecasts

The OPEC logo. Reuters
The OPEC logo. Reuters
TT
TT

OPEC Again Cuts 2024, 2025 Oil Demand Growth Forecasts

The OPEC logo. Reuters
The OPEC logo. Reuters

OPEC cut its forecast for global oil demand growth this year and next on Tuesday, highlighting weakness in China, India and other regions, marking the producer group's fourth consecutive downward revision in the 2024 outlook.

The weaker outlook highlights the challenge facing OPEC+, which comprises the Organization of the Petroleum Exporting Countries and allies such as Russia, which earlier this month postponed a plan to start raising output in December against a backdrop of falling prices.

In a monthly report on Tuesday, OPEC said world oil demand would rise by 1.82 million barrels per day in 2024, down from growth of 1.93 million bpd forecast last month. Until August, OPEC had kept the outlook unchanged since its first forecast in July 2023.

In the report, OPEC also cut its 2025 global demand growth estimate to 1.54 million bpd from 1.64 million bpd, Reuters.

China accounted for the bulk of the 2024 downgrade. OPEC trimmed its Chinese growth forecast to 450,000 bpd from 580,000 bpd and said diesel use in September fell year-on-year for a seventh consecutive month.

"Diesel has been under pressure from a slowdown in construction amid weak manufacturing activity, combined with the ongoing deployment of LNG-fuelled trucks," OPEC said with reference to China.

Oil pared gains after the report was issued, with Brent crude trading below $73 a barrel.

Forecasts on the strength of demand growth in 2024 vary widely, partly due to differences over demand from China and the pace of the world's switch to cleaner fuels.

OPEC is still at the top of industry estimates and has a long way to go to match the International Energy Agency's far lower view.

The IEA, which represents industrialised countries, sees demand growth of 860,000 bpd in 2024. The agency is scheduled to update its figures on Thursday.

- OUTPUT RISES

OPEC+ has implemented a series of output cuts since late 2022 to support prices, most of which are in place until the end of 2025.

The group was to start unwinding the most recent layer of cuts of 2.2 million bpd from December but said on Nov. 3 it will delay the plan for a month, as weak demand and rising supply outside the group maintain downward pressure on the market.

OPEC's output is also rising, the report showed, with Libyan production rebounding after being cut by unrest. OPEC+ pumped 40.34 million bpd in October, up 215,000 bpd from September. Iraq cut output to 4.07 million bpd, closer to its 4 million bpd quota.

As well as Iraq, OPEC has named Russia and Kazakhstan as among the OPEC+ countries which pumped above quotas.

Russia's output edged up in October by 9,000 bpd to about 9.01 million bpd, OPEC said, slightly above its quota.