Dubai International Arbitration Centre is Now in Metaverse

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 Metaverse Strategy: The Driving Force Behind DIAC Metaverse Platform

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

DIAC in the Metaverse: What Does It Mean?

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:

• A virtual space for arbitration will improve accessibility for all participants.
• It promotes sustainability by reducing the impact on personal and public resources.
• It will promote equal participation of all parties.
• Allow for real-time collaboration among all members present during proceedings.
• Create a safer and more seamless way of sharing documents with the people in the process.
• Create a more seamless communication during virtual dispute resolution.

What to Expect From the DIAC Metaverse Platform?

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:

• AI-driven analytics
• Enhanced security to maintain the confidentiality of all parties.
• Personalized avatars for all users to become an active participant in the process.
• The digital twin of the DIAC for better virtual interactions.

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.

How Can Suffescom Help In Building a Metaverse Project?

Suffescom is a reputable metaverse development company with experience of over 6 years in emerging technology. Utilizing its skills and experience, the company can overcome any metaverse challenge. Whether it is a virtual ecommerce store, training space or a dispute resolution center, we can work around the specifics of the project and deliver results.

Here are a few factors that make us among the top metaverse development companies in Dubai:

• Over 6 years of experience in metaverse technology.
• Completed over 50 metaverse projects.
• Expertise in multiple blockchain networks, including Ethereum, Binance, Solana and Hyperledger.
• Team of 250+ metaverse developers.
• Serves different industries, such as ecommerce, finance, travel, event management, healthcare and education.

• Metaverse Development