News

Dubai Is Building A New Mall In The Metaverse

The virtual shopping center will set a new standard for immersive online shopping experiences.

Published

1 year ago

February 16, 2023

dubai is building a new mall in the metaverse

The metaverse still feels like a distant and obscure concept for average consumers. However, for leading brands, this parallel digital universe is already worth investing in, and retailers are building out virtual stores as quickly as possible.

Retail group Majid Al Futtaim has taken metaverse retail to its next logical progression, unveiling the “Mall of the Metaverse” in Decentraland to compliment its brick-and-mortar outlet.

Customers will be able to engage with “immersive retail experiences” in the new virtual mall, where various brands, including Carrefour, VOX Cinemas, THAT Concept Store, Ghawali, and Samsung Store, will soon set up for business.

vox cinema mall of the metaverse dubai

Khalifa bin Braik, CEO of Majid Al Futtaim Asset Management, is confident that the Mall of the Metaverse “will become a prominent retail and entertainment destination for customers who seek digital experiences from their favorite brands.”

magic planet mall of the metaverse dubai

Meanwhile, Fatima Zada, the director of Omnichannel and Digital, Majid Al Futtaim Shopping Malls, notes an increase in demand for digital experiences, with his team using “behavioral science and data” to plan a retail future that eclipses simple online shopping.

Also Read: Introducing Bard, Google’s Response To ChatGPT

Dubai has already made significant progress in metaverse development, and last year, the Dubai Mall unveiled a digital version of its Etisalat store. These announcements collectively aid the city’s metaverse strategy, which hopes to create 40,000 jobs and bring $4 billion to the economy over the next five years.

News

Microsoft Invests $1.5 Billion In Abu Dhabi AI Tech Firm G42

The collaboration will promote and share the latest AI tech and skills initiatives worldwide and introduce an investment fund for developers.

Published

23 hours ago

April 17, 2024

Joanna Melki

microsoft invests $1.5 billion in abu dhabi ai tech firm g42

G42

Abu Dhabi AI and tech firm G42 have announced a partnership with Microsoft that will include a $1.5 billion investment. The huge cash injection will help the collaborating companies bring the latest Microsoft AI tech and skills initiatives to the UAE, as well as the wider Middle East, Central Asia, and Africa.

Over time, G42 and Microsoft aim to empower nations and improve equity by allowing access to services that address vital government and business concerns while promoting the highest privacy and security standards.

H.H. Sheikh Tahnoon bin Zayed Al Nahyan, Chairman of G42, explained: “Microsoft’s investment in G42 marks a pivotal moment in our company’s journey of growth and innovation, signifying a strategic alignment of vision and execution between the two organizations. This partnership is a testament to the shared values and aspirations for progress, fostering greater cooperation and synergy globally”.

The partnership will support the creation of a skilled AI workforce and develop a talent pool to drive innovation and boost competitiveness in the UAE and beyond with a $1 billion investment fund for developers.

As part of the newly expanded partnership, Brad Smith, Vice Chair and President of Microsoft, will join G42’s board of directors. In a recent statement, Smith said: “Our two companies will work together not only in the UAE, but to bring AI and digital infrastructure and services to underserved nations [combining] world-class technology with world-leading standards for safe, trusted, and responsible AI, in close coordination with the governments of both the UAE and the United States”.

Also Read: Getting Started With Google Gemini: A Beginner’s Guide

As part of their regional plans, Microsoft and G42 have firmly committed to complying with US and international trade laws. They will also adhere to responsible AI and business integrity regulations governed by a detailed Intergovernmental Assurance Agreement (IGAA).

Peng Xiao, G42’s Group Chief Executive Officer, stated, “This partnership significantly enhances our international market presence, combining G42’s unique AI capabilities with Microsoft’s robust global infrastructure. Together, we are not only expanding our operational horizons but also setting new industry standards for innovation”.

The G42 and Microsoft collaboration has passed several significant milestones over the past twelve months. A joint plan to develop AI solutions for industry and the public sector and industry was unveiled in April 2023, and last September, Microsoft and G42 laid out plans to unlock the potential of the Azure public cloud platform. Finally, in November 2023, Microsoft added G42’s Jais Arabic Large Language Model to its Azure AI Cloud Model.