Irina Bokova, from the International Science Council and a former director general of UNESCO, speaks to Arab News in Riyadh. (Abdulrahman bin Shalhoub)
Younger generations can drive collaboration, former UNESCO chief says
New technology provides medium for greater youth engagement, Metaverse Institute CEO says
RIYADH: Engaging young people in the business of finding solutions to global challenges like climate change is one of the key themes of the inaugural Future of Education, Science and Culture International Organizations Forum, which opened in Riyadh on Wednesday.
The topic of youth engagement is at the forefront of several panels at the two-day conference, including sessions on “The Future is Digital — Building Capacity in Organizations,” “Youth and Inclusion in the Education, Science, Technology and Culture Sectors” and “Greening the Agenda — Future of Education.”
“The global and regional organizations that have staged this forum have the same mandate across several continents,” Irina Bokova, from the International Science Council and a former director general of UNESCO, told Arab News.
“We have different challenges in achieving the same sustainable development goal, which is universal, not just for the Global South, but for everybody. While listening to the debate this morning, I am even more convinced that nowadays, we should go beyond our discussions about cooperation and collaboration. We need to find synergies.”
Bokova said that young people around the world were key to building such synergies and must be educated in the art of collaboration so as to bring people closer together, especially in scientific fields.
“I sincerely hope that concrete partnerships or ideas will emerge from this conference,” she said.
“Placing an emphasis on science and research is something that I want to happen, particularly in the Arab world because it can provide great access to education for young people as well as others,” Bokova added.
“Technology is also crucial and we know that it is very unevenly distributed across the Arab region. I hope from this conference we can find ways to bridge the gaps.”
Dr. Christina Yan Zhang, CEO and founder of The Metaverse Institute in the UK, highlighted how new technology could help to boost youth engagement.
“I think all the latest technology to do with Web3 and the Metaverse can really provide an unprecedented level of opportunity for the younger generation to have greater and better opportunities to become involved in solving various key issues in society,” she told Arab News.
While policy decision-making had traditionally taken a top-down approach, with the help of new technology there was now the opportunity for other generations and segments of society to get involved in major decisions that affect our planet,” Yan said.
She cited the development of Smart Cities as an example.
“Our young people can actually see how their future city will look like in five and 10 years’ time by navigating the metaverse,” she said.
“They can also see if they will be able to reduce their own carbon footprint by 20 percent each day and how it will be visualized in 3D in their city to create a really sustainable future.”
According to the UN Development Program, 75 percent of the more than 120 countries that have signed up to its Climate Promise scheme now prioritize youth in developing their nationally determined contributions — the plans they have to reduce emissions and adapt to the impact of climate change.
Arab News, Saudi Arabia’s first English language daily newspaper was founded in 1975 and has become the Middle East’s leading English daily. It is one of 30+ brands by Saudi Research and Media Group (SRMG). From 2016 with the joining of Faisal J. Abbas as the Editor-in-Chief, Arab News has gone through major digital transformation and a complete rebranding to become popular not only among Saudi Arabia’s society and the Arab World, but also reaching policy makers and business leaders in the United States and the United Kingdom making it one of the primary sources in the Arab World to be quoted by US and UK media outlets and policy makers. Because of its wide readership profile with over 10 million website monthly readers, it is a much sought-after medium for advertising and brand building. It is a pioneer and has developed unique content, shows and programs becoming the first, what was once a traditional newspaper, to produce video talk shows and radio shows, including: Frankly Speaking video show hosted by Katie Jensen, digs deep into the insights of some of the most important policy makers and business leaders in the Middle East and Worldwide. The Mayman Show is a personable podcast by Arab News hosted by reporter Hussam Al-Mayman. The show revolves around personal and relatable conversations between the host and his celebrity guests that include actors, comedians, models, athletes and more.
Dr. Christina Yan Zhang, CEO and founder of The Metaverse Institute in the UK, speaks during a session at FESCIOF. (AN photo)
Expert praises Kingdom’s use of metaverse in presenting smart cities
“When you have this strong digital platform, everyone will participate,” Culture Ministry official says
RIYADH: Saudi Arabia has been praised for its use of digital technology to present smart city developments to prospective investors.
Speaking on Wednesday at the Future of Education, Science and Culture International Organizations Forum (FESCIOF), CEO and founder of The Metaverse Institute in the UK, Dr. Christina Yan Zhang said the Kingdom was embracing the technology.
“In Saudi Arabia, we have many amazing smart city projects, where we use digital today in the metaverse environments to simulate the whole city,” she said.
“Even before the city is constructed, all citizens who are planning to move to a city, either here in Saudi Arabia or from other parts of the world, they can see how the city is going to look like, either as public transport or housing or health care or as fiction.”
She said that the metaverse brought together a range of new technologies to create an intuitive, immersive and interactive interface that was very user-friendly.
“We are seeing the hallmark of this icon system through things like artificial intelligence, 5G connections, cybersecurity and different user interfaces like VR, AR, XR,” Zhang said.
Jasir Alherbish, CEO of the Heritage Commission at the Saudi Ministry of Culture, said: “When you have this strong digital platform, everyone will participate. These technological advancements help us manage our sciences.”
Lawrence Eta, vice president of digital analytics at the Royal Commission of AlUla, said the point of the conference was to discuss the future of education and sciences, and the need for digital literacy.
He said in AlUla the RCU was working closely with telecommunications providers to develop the infrastructure needed to be able to present the region and its culture to the outside world.
“AlUla is the size of Belgium, so the first thing we have to have is internet penetration.”
He added that digital connectivity allowed telecommunications to bring value to the world.
“For example, let us take a look at autonomous pods. It is less about the autonomous cars and more about the digital economy that’s being created, because now we have local people in AlUla that are actually powering those ports.”
Arab News, Saudi Arabia’s first English language daily newspaper was founded in 1975 and has become the Middle East’s leading English daily. It is one of 30+ brands by Saudi Research and Media Group (SRMG). From 2016 with the joining of Faisal J. Abbas as the Editor-in-Chief, Arab News has gone through major digital transformation and a complete rebranding to become popular not only among Saudi Arabia’s society and the Arab World, but also reaching policy makers and business leaders in the United States and the United Kingdom making it one of the primary sources in the Arab World to be quoted by US and UK media outlets and policy makers. Because of its wide readership profile with over 10 million website monthly readers, it is a much sought-after medium for advertising and brand building. It is a pioneer and has developed unique content, shows and programs becoming the first, what was once a traditional newspaper, to produce video talk shows and radio shows, including: Frankly Speaking video show hosted by Katie Jensen, digs deep into the insights of some of the most important policy makers and business leaders in the Middle East and Worldwide. The Mayman Show is a personable podcast by Arab News hosted by reporter Hussam Al-Mayman. The show revolves around personal and relatable conversations between the host and his celebrity guests that include actors, comedians, models, athletes and more.
Blackrock’s new ETF will concentrate on companies that provide products and services that are expected to contribute to the metaverse in areas including virtual platforms, social media, gaming, 3D software, digital assets, and virtual and augmented reality. Photo: Leonardo Munoz/VIEWpress (VIEW press via Getty Images)
Blackrock (BLK) has launched an exchange-traded fund (ETF) that will concentrate on tech companies linked to the metaverse, despite the sector’s struggle to achieve mass adoption across a wide user base.
The iShares Future Metaverse Tech and Communications ETF (IVRS) will invest in firms that could directly or indirectly impact the technology associated with the metaverse. These sectors include virtual platforms, social media, gaming, 3D software, digital assets, and virtual and augmented reality.
The concept of the metaverse, first coined in sci-fi writer Neal Stephenson’s 1992 book Snow Crash, has been envisioned by proponents as an immersive and interconnected virtual environment that could potentially offer new social and economic opportunities, entertainment experiences, and educational possibilities.
The new ETF’s website said: “The iShares Future Metaverse Tech and Communications ETF seeks to track the investment results of an index composed of US and non-US companies that provide products and services that are expected to contribute to the metaverse in areas including virtual platforms, social media, gaming, 3D software, digital assets, and virtual and augmented reality.”
Some of the companies included in the index are Meta Platforms (META), Apple (AAPL), Nvidia (NVDA), Netease (NTES) and Roblox (RBLX).
At this stage the Blackrock ETF will primarily focus on equities, has a net asset value of around $5m and trades on the New York Stock Exchange (^AMZI).
The fund’s prospectus said that the ETF seeks to track the investment results of the Morningstar Global Metaverse & Virtual Interaction Select Index which measures the performance of equity securities issued by companies that “enable the metaverse”.
The metaverse is usually accessed through a virtual reality headset. Meta has invested $36bn in developing the associated technology.
However, it has incurred significant losses, according to analysis by Business Insider, posting a $3.7bn operating loss on revenue of $285m in its most recent quarter.
Developers have been trying to take virtual reality to the masses since the mid 1990s, when metaverse platform Active Worlds offered users the opportunity to explore 3D environments built by others or create and “own” custom universes but it didn’t gel with the public.
Now that the graphics of these virtual worlds has improved, users still aren’t flocking in. So why have Blackrock decided to launch their metaverse-focused ETF?
BlackRock Technology Opportunities Fund manager Reid Menge thinks the metaverse has potential. In a blog post in February he said: “The metaverse at this juncture, it is much like the internet of the early 1990s or the smartphone of the early 2000s. We expect it is going to be big, and very likely change people’s daily lives.”
Dr Christina Yan Zhang, CEO of The Metaverse Institute, told Yahoo Finance UK: “Blackrock is one of world’s largest asset management companies. Their iShare ETF products are mainly focusing on long term investments. According to a recent survey from consulting firm KPMG, over 90% of investors still believe the metaverse is the next phase of the internet. For Blackrock, it is an important sector not to be missed for long term investment gain.
“The Metaverse has increasingly become a convergence of a whole range of cutting edge technology from quantum computing and AI, 5G, 6G to various user interface such as AR, XR, coming together to form the next generation of the internet which is more immersive, interactive and intuitive.”
However Zhang added: “Not many business have successfully figured out efficient business models to make huge money from the metaverse related economy now.
“Combined with high inflation rates and gloomy economic outlook, big tech are focusing on ChatGPT and other Generative AI products, which seems to be easier to develop business models and attract mass adoption quickly.
“A typical example is Microsoft (MSFT) who in February disbanded its Industrial Metaverse Project after four months.
“Instead, they are investing hugely to ChatGPT and Generative AI.”
Zhang said that it is natural for any kind of new technology to go through the Hype Cycle. She highlighted that AI has gone through the same cycle before, experiencing two winters so far, one during the 1970s-1980s, caused by a dwindling of funding, interest and research, and during the Mid-1990s, caused by overly complicated technology and a drop in corporate interest.
Zhang said suggested that the Metaverse is similar as “the first wave to attempt mass adoption took place in 2003, led by game engines such as Second Life, hype was generated then, but it cooled down”.
Zhang said Blackrock “will always want to attract more Chinese investors” as the metaverse as a key industry for the nation’s future development.
She said: “China’s Ministry of Industry and Information Technology (MIIT) along with four other government departments, provides the most comprehensive set of policies yet for developing China’s metaverse, with key tasks and development goals for the period up until 2026.”
There are other metaverse focused ETFs available, such as the Fidelity Metaverse ETF (FMET), which has increased in value since late December 2022.
Global leaders in research, sport, and AI gathered in London this week (Monday the 19th of December) to discuss ‘Sport and the Metaverse’, as part of a new Loughborough University and MIT Sloan School of Management collaboration.
This thought leadership event brought together some of the greatest minds in academia, sport and business to unpick what the Metaverse is, and how sport can harness the opportunities it presents.
Speakers described the Metaverse as a 3D virtual reality where individuals can interact with one another and digital objects to explore alternative worlds.
Dr Ben Shields, Senior Lecturer, MIT Sloan, spoke of a “seismic shift in the internet” due to the Metaverse. Ben also touched upon how the Metaverse will continue to evolve, citing human demand (needs and wants), technological readiness/feasibility, and societal impact. He also spoke of how these factors would allow businesses and sport institutions to benefit through new revenue streams.
Paul McDonagh-Smith, Senior Lecturer, MIT Sloan, led a morning session detailing ‘where we’ve been, where we’re headed’ in relation to the Metaverse. Paul covered converging trends in virtual worlds including how these spaces can offer new journeys, pose new questions, and new possibilities, as audiences explore, experiment, and evolve virtually.
This session was followed by a panel discussion with Loughborough alumna Dr Christina Yan Zhang (CEO of The Metaverse Institute). Dr Zhang spoke of inclusion, responsibility, sustainability, and energy challenges.
Dr Christina Yan Zhang (centre) in conversation during a panel session.
Another panel discussion followed as Senior Lecturers Bob Pozen and Dr Phil Budden of MIT Sloan were joined by industry leaders Paul Taylor (Director, Morgan Stanley International) and Professor Tim Watson (Programme Director, Alan Turing Institute). The panel, titled ‘promise and peril of the Metaverse’, detailed how the Metaverse can be monetised but also warned of security risks. The speakers spoke about the possibility of criminal infiltration and how users may become complacent to danger.
The speakers also recognised the tremendous opportunity for experimentation and collaboration.
The afternoon session led with a discussion on ‘what can the Metaverse REALLY do for sport’. Christina Chase (Managing Director, MIT Sports Lab) was joined by Peter Keen (Director of Sport Advancement, Loughborough University), Professor Nick Jennings (Vice-Chancellor and President of Loughborough University), Ed Smith (Former England cricketer and now Co-Founder & Director, Institute of Sports Humanities), and Ally McDonald-Alonso (Head Of Staff, Loughborough University).
Opportunities were discussed on how the Metaverse could engage sports fans in new ways, including the idea of facing an over from the late, great, Australia spin bowler, Shane Warne.
As new technologies arise, commercial opportunities were also front of mind and how, if it all, sport could benefit from additional revenue opportunities. The event ended with further audience interaction, as Dr Shields and Professor Jennings closed proceedings with key takeaway findings.
Professor Nick Jennings addresses delegates.
Following the event, Professor Nick Jennings, Vice-Chancellor and President of Loughborough University, said: “Today proved to be an exciting event as we discussed sport and the Metaverse extensively. Personally, this brings together two of things I really care about in life – sport and digital technologies.
“It is also an important step in our long-term strategy as we engage with our international colleagues from MIT to form a solid foundation to co-create, tackle, and define areas of future opportunity.
“The thought leadership aspect that drove discussions today is also important to recognise. We have collaborated from various standpoints, as some people in the room have technology backgrounds, others a user experience point of view, and others from a sport participation perspective.
“Those perspectives from both sides of the Atlantic are really interesting as we come together with the real leaders in this area to see what themes are emerging and what the art of the possible is.”
Dr Ben Shields, Senior Lecturer, MIT Sloan, added: “We are, in many respects, at an inflection point on the internet and as a society on what the future will be. For our two institutions – MIT and Loughborough University – to come together and deliberate that question, the opportunities, and the challenges, is what today is about.
“What’s unique about our approach today is that we are exploring the future with the very specific case study of sport.
“As we know, sport has been an innovation driver for many technologies in the past – whether that be radio, television, mobile phones or social media – and it is quite likely that sport will be a leading innovation driver for the Metaverse moving forward.”
Notes for editors
Loughborough is one of the country’s leading universities, with an international reputation for research that matters, excellence in teaching, strong links with industry, and unrivalled achievement in sport and its underpinning academic disciplines.
It has been awarded five stars in the independent QS Stars university rating scheme, named the best university in the world for sports-related subjects in the 2022 QS World University Rankings – the sixth year running – and University of the Year for Sport by The Times and Sunday Times University Guide 2022.
Loughborough is ranked 7th in The UK Complete University Guide 2023, 10th in the Guardian University League Table 2023 and 11th in the Times and Sunday Times Good University Guide 2023.
Loughborough is consistently ranked in the top twenty of UK universities in the Times Higher Education’s ‘table of tables’, and in the Research Excellence Framework (REF) 2021 over 90% of its research was rated as ‘world-leading’ or ‘internationally-excellent’. In recognition of its contribution to the sector, Loughborough has been awarded seven Queen’s Anniversary Prizes
The Loughborough University London campus is based on the Queen Elizabeth Olympic Park and offers postgraduate and executive-level education, as well as research and enterprise opportunities. It is home to influential thought leaders, pioneering researchers and creative innovators who provide students with the highest quality of teaching and the very latest in modern thinking.
