Dubai and Abu Dhabi are first cities for Metarverse Holdings’ $54.5m global launch

UAE-based Metarverse Technology Holdings has committed 200 million dirhams ($54.5 million) for the global deployment of their metaverse platform — with Dubai and Abu Dhabi set to be the first cities in the project.

Metarverse Holdings is currently developing the world's first virtual world that replicates real life experience.

The decision came after the Dubai government established the Higher Committee for Future Technology and Digital Economy, which will oversee Dubai’s efforts to become a major global hub for metaverse technology adoption.

Metarverse Holdings’ cutting-edge virtual environment will match real-life events and locations, with a Beta version expected to go live during the fourth quarter of 2022.

Dubai and Abu Dhabi’s most iconic attractions and landmarks, along with real-world utilities, will be accessible from the comfort of users’ homes.

Metarverse Holdings CEO Priven Reddy said: “After carefully examining other leading regions, the decision was made for Dubai and Abu Dhabi to be the very first simulated cities within our new metaverse.”

Unlike existing virtual reality applications that build small-scale, digital fantasy worlds, the new platform introduces a real-world utility-based metaverse that’s multi-device compatible. 

The options are browsing and shopping from the major retail brands and stores, buying advertising space in the virtual city, attending simulated lectures, and applying for residency visas and business licenses.

“This vision establishes the UAE as pioneers in the adoption of innovative concepts and disruptive economic and technical models, thus there was only one place for us to debut,” he added.

Abu Dhabi to get its own Michelin Guide

The Michelin Guide is coming to Abu Dhabi, it was confirmed on Tuesday night in the UAE’s capital.

The awards ceremony is slated to happen in November, hot on the heels of Dubai’s first-ever Michelin Guide that was unveiled in June.

In Dubai, 11 eateries earned the coveted stars — with 9 spots earning one star and two restaurants earning two stars.

The Dubai list included the world’s first unlicensed restaurant to be awarded a Michelin star and one of the rare Indian eateries to get a nod.

One star went to Al-Muntaha, 11 Woodfire, Armani/Ristorante, Hakkasan, Hoseki, Ossiano, Tasca by Jose Avillez, Torno Subito and Tresind Studio.

Meanwhile Il Ristorante - Niko Romito, with its Italian fare, and French cuisine-based Stay by Yannick Alleno received two stars.

No restaurants received the extremely rare three star award.

Read More : https://www.arabnews.com/node/2157816/lifestyle

Russia requests ‘explanations’ from IAEA on Zaporizhzhia report

Russia has requested “additional explanations” from the International Atomic Energy Agency (IAEA) on parts of its report on the Zaporizhzhia nuclear power plant in Ukraine, Foreign Minister Sergei Lavrov was quoted as saying on Wednesday.

The IAEA on Tuesday called for shelling near the power station to be halted and for a security zone around the plant to be established immediately in a report published after its long-awaited mission to Zaporizhzhia last week.

The plant has been controlled by Russian forces since March but is still operated by Ukrainian staff and connected to the Ukrainian power grid. Both Kyiv and Moscow have accused each other of firing missiles at the power station, prompting fears of a Chornobyl-style nuclear disaster .

Lavrov told the Interfax news agency that Moscow required more information about the IAEA’s findings and had sent a request to provide extra information.

“There is a need for additional explanations because there are a number of issues in the report. I will not list them now, but we have requested clarifications from the IAEA Director General,” Interfax cited Lavrov as saying.

Read More : https://www.arabnews.com/node/2157811/world

Africa's needs in focus as ministers and climate leaders meet in Cairo ahead of Cop27

Cop27 host Egypt aims to highlight Africa’s climate needs and ambitions during a combined meeting of African ministers and officials gathered for the second annual International Co-operation Forum (ICF), which opens on Wednesday.

The three-day conference, taking place in the New Administrative Capital east of central Cairo, will focus on three main themes: the mobilisation of finance and access to finance, financing mitigation and adaptation projects, and national actions.

The objectives of the conference outlined by the Egyptian leadership are to move “from pledges to implementation”.

Cop27, the UN climate change summit, takes place in Sharm El Sheikh from November 6 to November 18.

Egypt is working to mobilise the international community to provide access to finance for developing countries and identify the roles of various stakeholders, Minister of International Co-operation Rania Al Mashat told The National on the eve of the forum.

Read More : https://www.thenationalnews.com/mena/egypt/2022/09/07/africas-needs-in-focus-as-ministers-and-climate-leaders-meet-in-cairo-ahead-of-cop27/

Central bank demand for gold remained robust in July, World Gold Council says

Central banks’ appetite for buying gold remained robust in July, as global reserves increased by a net 37 tonnes, the World Gold Council (WGC) reported.

The net increase in July was below the 64-tonne rise recorded in June. However, added to the 270 tonnes of net purchases by central banks over the first six months of the year, this pushes the year-to-date central bank demand towards the 300-tonne mark, said Krishan Gopaul, senior analyst for Europe, the Middle East and Africa at WGC.

“Few central banks were active during the month, but those that were, acted with purpose,” Mr Gopaul said.

Qatar Central Bank was the largest buyer of bullion, adding 15 tonnes of gold to its official reserves in July. The addition appears to be the largest monthly increase on record, which dates back to 1967.

The central bank’s gold reserves now stand at 72 tonnes, 10 per cent of total reserves, the highest on record in terms of tonnage.

The Reserve Bank of India, a regular buyer of gold, added more than 13 tonnes to its reserves, its highest monthly purchase since September last year, when it bought 19 tonnes.

Read More : https://www.thenationalnews.com/business/markets/2022/09/07/central-bank-demand-for-gold-remained-robust-in-july-world-gold-council-says/