Dubai leads the way in Web 3.0 adoption

UAE leadership has taken earnest measures to address regulatory concerns surrounding digital assets


A Staff Reporter

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Dr Ahmed Abdul Rahman AlBanna with the YAAP team. - Supplied photo
Dr Ahmed Abdul Rahman AlBanna with the YAAP team. - Supplied photo

Published: Fri 28 Apr 2023, 9:12 PM

In recent years, the institutional push has elevated the UAE to the top of the Web 3.0 value chain. There is a broad consensus among the proponents that for companies hoping to innovate on Web 3.0 and associated platforms such as the metaverse, all roads inadvertently lead to Dubai. Such companies are incentivized by Emirate’s exemplary “technology absorption” — the measure of an entity’s ability to adopt sophisticated technologies and ingrain them into the socio-economic fabric.

The launch of the ambitious Dubai Metaverse Strategy set precedents for constitutional bodies such as DEWA to follow suit. Most importantly, the UAE leadership has taken earnest measures to address regulatory concerns surrounding digital assets. The timely establishment of the Dubai Virtual Assets Regulatory Authority (VARA) is a good case in point. As a validation of the efficacy of such measures, global companies have ramped up their efforts in harnessing the full potential of Web 3.0.

A recent development in this regard is the induction of seasoned diplomat and business strategist Dr Ahmed Abdul Rahman AlBanna into the advisory board of YAAP, a specialised content and influencer marketing company with a strong focus on Web 3.0. Dr AlBanna’s reputation in the public sector precedes him, marked by his well-known stints in multiple apex bodies, particularly the UAE Ministry of Foreign Affairs. In an advisory capacity, Dr AlBanna’s will contribute to YAAP’s key strategic initiatives, including but not limited to Web 3.0 projects.

“The next evolutionary phase of technology, Web 3.0, has essentially levelled the playing field globally. Web 3.0 is the eventuality that no part of the civilized world can escape. So, an early-mover advantage in such platforms will determine where one stands in the impending change in the global order. Middle Eastern economies, particularly the UAE, have excelled in attaining a competitive edge thus far. In the next growth cycle, as the UAE reinforces and strengthens its leading position, the contributions of companies specialising in these transformative technologies will be key,” opined Dr AlBanna.

Atul Hegde, Founder of YAAP, said that increased digitalization has blurred age-old lines between customer- and business-facing models. “The ubiquity of digital-first experiences — exemplified by the UAE — necessitates continuous differentiation in marketing. That need-gap can be bridged by embracing the next iteration of the internet: Web 3.0. The pivot to platforms such as the metaverse brings a step change to marketing outreach and efficiency, whereas the existing iteration only allows piecemeal strategies. Fortunately, brands in the region are increasingly subscribing to this notion,” Hegde explained.

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