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Hamdan bin Mohammed, Maktoum bin Mohammed issue directives to set up task force to track digital economy

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DUBAI (WAM) – Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, and Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, reviewed vital technology trends in the Metaverse and issued directives to form a task force to track the latest developments in the digital economy.

The move is part of the directives issued by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, during the previous meeting of the Dubai Council.

Sheikh Mohammed had directed the formation of a higher committee to supervise technological developments in the emirate and oversee developments in the digital economy, contributing to enhancing Dubai’s status as the best city in the virtual space thanks to innovative services and its advanced regulatory and legislative framework.

Sheikh Hamdan said the formation of the higher committee to oversee technological advances in Dubai reflects the farsighted vision of father, who always looks ahead and takes proactive and prompt decisions to harness potential opportunities. The decision would cement Dubai’s status as a key city in the metaverse, he added.

Sheikh Hamdan noted that the committee had started work on key pillars and the objectives of the Dubai Metaverse Strategy. Based on data and information, the strategy aims to increase the contribution of the metaverse sector to Dubai’s economy to US$4 billion by 2030 and increase its contribution to Dubai’s GDP to 1 percent.

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During the meeting, Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Teleworking Applications and Chairman of The Dubai Chamber of Digital Economy, outlined how Dubai stands to benefit from the metaverse in a way that enables it to generate business opportunities beyond its physical borders.

The committee aims to implement metaverse technologies that can help improve the performance of resident surgeons by 230 percent and increase the productivity of engineers by 30 percent, in addition to supporting 42,000 jobs to become virtual.

Dubai plans to become a key player in the virtual world and is developing a regulatory and legislative framework for the sector. It is also launching projects and initiatives that will further raise its stature in the virtual world.

The committee is currently working on identifying opportunities and challenges and continuing the development of the legislative framework that covers future requirements of all sectors. In addition, the committee is working on qualifying human capital to be able to excel in the virtual world.

The metaverse is a virtual-reality space where users interact with computer-generated environments and other users. It combines elements of social media, augmented reality, virtual reality, video games, cryptocurrencies, and other advanced technologies.

Current estimates expect business revenues from the metaverse could grow from US$180 billion to US$400 billion by 2025.

Earlier this month, Dubai’s Virtual Assets Regulatory Authority (VARA) said it had entered the metaverse with the establishment of its Metaverse HQ, making it the first regulator to have a presence in the emerging digital space. Expanding VARA’s resources to a borderless audience is part of Dubai’s strategy to create a prototype decentralised regulator model.

It also aims to make it accessible to government and industry leaders, other authorities and virtual asset service providers to help shape the future digital economy. VARA’s MetaHQ will utilise The Sandbox platform, an Ethereum blockchain-based application that allows users to create, sell and purchase digital assets.

 

 

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    Sheikh Hamdan bin Mohammed, right, and brother Sheikh Maktoum took an overview of the vision and strategy ahead for the digital economy. WAM

  • Dubai-digital-economy

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Parkonic introduces new paid parking areas in Dubai Silicon Oasis

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Motorists visiting Dubai Silicon Oasis will notice a major change in parking operations as new Parkonic-managed on-street parking zones officially come into effect from June 1.

The latest expansion covers several areas surrounding Dubai Silicon Oasis, including locations near University Residence buildings, and forms part of Dubai’s broader transition towards a fully digital parking ecosystem.

Unlike traditional parking systems that rely on tickets, parking meters or pay-and-display machines, the new setup uses automatic number plate recognition technology to identify vehicles and process payments seamlessly. The system is designed to offer a faster and more convenient experience for drivers while supporting Dubai’s smart city ambitions.

Under the Parkonic model, parking charges can be automatically deducted through a vehicle owner’s Salik account, eliminating the need for manual payments. Drivers who prefer an alternative method can also pay via SMS by following the instructions displayed on parking signs within the designated zones.

As part of the rollout, authorities have confirmed that cash payments, parking meters and QR code transactions will no longer be accepted in the newly activated areas.

Parking fees will vary depending on the time of day. Motorists will be charged Dh4 per hour from midnight until 4pm, while peak-hour rates will increase to Dh6 per hour between 4pm and 8pm. Charges will then return to Dh4 per hour from 8pm until midnight.

The expansion reflects Dubai’s ongoing investment in smart mobility solutions aimed at simplifying everyday services for residents and visitors. By integrating parking payments with existing digital infrastructure such as Salik, authorities hope to reduce congestion, improve operational efficiency and create a more seamless urban mobility experience.

Drivers using the new zones are encouraged to familiarise themselves with the updated payment process and ensure their Salik account details are active and up to date to avoid potential penalties.

For motorists requiring assistance, Parkonic has made customer support available through its dedicated helpline and online support channels.

The latest rollout marks another step in Dubai’s journey towards a smarter, more connected transport network, where technology continues to replace traditional systems and enhance convenience for road users across the emirate.

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Dubai exit to Maliha Road closed nightly for 10 days: What drivers need to know

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Drivers travelling through Dubai during late-night hours are advised to plan after authorities announced a temporary closure of the exit leading to Maliha Road as part of ongoing Etihad Rail infrastructure development works.

The closure will be in effect daily from midnight until 6am, beginning on June 1 and continuing through June 10. During this period, the affected exit will remain inaccessible for 6 hours each night while construction work is underway.

Officials said the temporary measure is necessary to support progress on the Etihad Rail project, one of the UAE’s most significant transport infrastructure initiatives aimed at enhancing connectivity across the country.

Motorists who regularly use the route are encouraged to identify alternative roads and allow extra travel time, particularly during the overnight closure window. Traffic diversions and alternative access routes are expected to help minimise disruption for road users.

Authorities have urged drivers to follow road signs, adhere to traffic guidance and remain updated on any changes related to the works.

The temporary closure forms part of broader efforts to advance the UAE’s transport network and support future mobility projects that will improve travel efficiency and connectivity nationwide.

Officials also thanked motorists for their patience and cooperation during the construction period, while apologising for any inconvenience caused as work continues on the major infrastructure project.

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UAE fuel prices for June announced: Petrol edges closer to Dh4 a litre

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The UAE announced revised fuel prices for June 2026, with motorists set to pay significantly more for petrol while diesel costs decline compared to the previous month.

The latest adjustment is particularly notable as it marks the country’s first monthly fuel pricing update since formally leaving both OPEC and OPEC+ earlier this year.

Beginning June 1, Super 98 petrol will be priced at Dh3.95 per litre, up from Dh3.66 in May. Special 95 will rise to Dh3.83 per litre from Dh3.55, while E-Plus 91 will increase from Dh3.48 to Dh3.76 per litre.

In contrast, diesel users will benefit from a reduction, with prices falling from Dh4.69 per litre in May to Dh4.33 in June.

The latest increase extends a three-month upward trend in petrol prices, reflecting ongoing volatility in global energy markets and fluctuations in crude oil prices.

Impact on residents

For households across the UAE, fuel price movements remain a key economic indicator, influencing transportation costs, daily commuting expenses and overall household budgets. Rising petrol prices can have a noticeable impact on monthly spending, particularly for residents who rely heavily on private vehicles.

The June pricing announcement comes just weeks after the UAE officially ended its six-decade membership in OPEC and OPEC+, a move that took effect on May 1, 2026.

The revised prices will come into effect from June1, 2026.

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