SNEAK PEEK
- New research suggests that by 2030, Saudi Arabia’s economy might gain $7.6 billion yearly from the metaverse.
- Furthermore, it is predicted that Qatar and Kuwait will gain $1.6 billion and $1 billion, respectively, from technology development by 2030.
- Kuwait’s economy could gain $800 million from the metaverse, whilst Bahrain will gain approximately $400 billion.
According to new research, Saudi Arabia‘s economy might benefit from the metaverse for $7.6 billion annually by 2030 as the country increasingly diversifies its economy to achieve the objectives specified in its Vision 2030.
Apart from this, a survey published by Strategy & Middle East, a member of the PwC network, the UAE’s 3D-rendered internet sector might bring in about $3.3 billion by the end of this decade, in addition to the Kingdom.
Furthermore, by 2030, it is anticipated that Qatar and Kuwait will benefit from developing technology to the tune of $1.6 billion and $1 billion, respectively.
The metaverse is a virtual environment where avatars or other three-dimensional representations of people can interact. By adopting innovative methods to streamline operations, it is also ready to transform workplaces and commercial enterprises.
According to PwC, the value of the technology’s economic potential ranges from $8 trillion to $13 trillion, and it strongly depends on how much money businesses are willing to put into the innovation.
Strategy & Middle East noted in its report that the potential contribution of the metaverse to the economies of the Gulf Cooperation Council could be around $15 billion annually by 2030, of which $7.6 billion would be in Saudi Arabia and $3.3 billion in the UAE.
Kuwait’s economy could benefit from the metaverse to the tune of $800 million, while Bahrain will receive almost $400 billion. The report also stated that while the metaverse is still in its early stages of development, businesses in the GCC should take the necessary action to maximize their benefits from this new technology.
The metaverse has the potential to bring in $3.2 billion in revenue for the travel and tourism industry, according to the paper. The $500 billion megacity in Saudi Arabia known as NEOM has developed a metaverse that enables users to explore the virtual city as an avatar or hologram.
Fares Akkad, regional director for Meta in the Middle East and North Africa, stated to Asharq Business earlier in October that it is expected that the metaverse will boost the economies of the MENA and Turkey by $360 billion over the next ten years.
