By Jalaja Ramanunni
Dubai International Arbitration Centre (DIAC) has launched its metaverse platform for dispute resolution. The metaverse provides a virtual reality space where parties can participate in dispute resolution proceedings from anywhere in the world, eliminating the need for physical transportation.
These efforts align with the UAE government’s goal of transforming Dubai into a leading global metaverse economy and a center for the metaverse community.
The DIAC Metaverse platform creates an immersive environment to facilitate seamless communication, document sharing and real-time collaboration among participants. As the use cases for the metaverse continue to develop, parties can expect further advancements in virtual dispute resolution, such as AI-driven analytics, enhanced security measures and personalised avatars for better user experience.
By leveraging the metaverse, DIAC can provide a higher level of alternative dispute resolution services that are both effective and accessible. The metaverse also provides an equal opportunity for all parties to participate in dispute resolution proceedings, minimising the impact of their resources or financial ability.
Dr Tariq Humaid Al Tayer, Chairman, DIAC’s board of Directors, comments: “The launch of DIAC’s metaverse came after months of hard work and dedication from the team. This new offering comes in line with Dubai’s aspiration to be a global metaverse hub. Further, it reinforces DIAC’s position as the leading international arbitration centre, enhances our capabilities to offer innovative and novel methods for resolving disputes, and reflects our vision to be the ultimate global destination for dispute resolution.”
Dubai Metaverse Strategy aims to create 40,000 virtual jobs and add $4bn to the emirate’s economy over the next five years. The UAE Ministry of Economy, Dubai Customs and DEWA are some of the government entities that have a presence in the metaverse.
