The Dubai International Arbitration Center (DIAC) has launched a 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 are in line with the UAE government’s goal of transforming Dubai into a leading global metaverse economic and metaverse community hub.
The DIAC Metaverse platform creates an immersive environment that fosters seamless communication, document sharing, and real-time collaboration between participants. As Metaverse use cases continue to develop, stakeholders can expect further advances in virtual dispute resolution, including AI-driven analytics, enhanced security measures, and personalized avatars for a better user experience.
Leveraging the Metaverse enables DIAC to provide effective, accessible, and higher-level alternative dispute resolution services. The Metaverse also provides equal opportunity for all parties to participate in the dispute resolution process, minimizing the impact on the resources and financial capabilities of the parties.
Dr. Tariq Humaid Al Tayer, Chairman of DIAC’s Board of Directors, commented: This new service is in line with Dubai’s aspirations to become his hub in the global metaverse. Furthermore, it strengthens DIAC’s position as a leading international arbitration center and enhances the Company’s ability to provide innovative and novel methods for resolving disputes, making it the ultimate global destination for dispute resolution. It reflects our vision to become ”
The Dubai Metaverse Strategy aims to create 40,000 virtual jobs and add $4 billion to the emirate’s economy over the next five years. The United Arab Emirates Ministry of Economy, Dubai Customs and DEWA are some of the government agencies present in the Metaverse.