The Dubai International Arbitration Center (DIAC), the largest alternative dispute resolution center in the region, announced on March 30 that it will take its services to Metaverse.
According to the statement, the Dubai International Arbitration Center’s platform on Metaverse will allow individuals and companies looking to settle their disputes to communicate, share documents and collaborate effectively within the virtual world with ease.
The statement also added that moving the Arbitration Center to Metaverse is in line with the Center’s efforts to promote sustainability, accessibility, and fairness in dispute resolution, as it said:
“By leveraging Metaverse technology, DIAC can now provide a higher level of effective and accessible dispute resolution services. Metaverse also provides equal opportunity for all parties to participate in dispute resolution procedures, reducing the impact of resources and capabilities finances of the disputing parties over the course of the process.
For his part, President of the Dubai International Arbitration Center, Tariq Al Tayer, commented in this regard, saying: “The Center’s launch of its platform on Metaverse is in line with Dubai’s aspirations to become a global center for Metaverse technology.” He added, “The new initiative enhances the center’s ability to provide innovative and new methods of conflict resolution.”
Last year, the Dubai government revealed its strategy for metavirus, which aims to create 40,000 virtual jobs and provide the emirate’s economy with $4 billion over the next five years.
It is estimated that the Metaverse, a virtual world similar to the physical world, will contribute $15 billion to the GCC economies by 2030, according to Strategy& data. According to the report, Saudi Arabia will receive $7.6 billion of the aforementioned amount, followed by the United Arab Emirates, which is expected to earn $3.3 billion.