Skip to main content

By 2030, the GCC economies are expected to receive $15 billion annually from the metaverse.

According to the most recent report from Strategy& Middle East, a member of the PwC network, the potential contribution of the metaverse to the GCC economies may be roughly US$15 billion yearly by 2030, of which $7.6 billion would be in Saudi Arabia and $3.3 billion in the UAE.

By 2030, the GCC economies are expected to receive $15 billion annually from the metaverse.

The metaverse is still in its early stages, yet change is happening quickly. Companies in the GCC should move right away to take advantage of this chance.

According to Tony G. Karam, Partner at Strategy & Middle East, by 2030, the metaverse will contribute $15 billion yearly to the economies of the GCC. The forecasts evaluated new metaverse applications like content production, commerce, and other activities as well as growth in the underlying platforms, hardware, and software.

The metaverse's charm lies in the fact that it is neither a location nor a tool. Instead, it represents the most recent development in human/computer interface technology, one that aims to produce a seamless, pervasive, immersive, touchable, and virtual experience that is so lifelike as to be on par with the actual thing. For instance, you can visit a virtual construction site and view how structures will appear even before a shovel touches the ground.

Dubai formally unveiled its metaverse strategy in July 2022 with the goal of creating a preeminent metaverse economy. Over the next five years, the initiative is expected to boost the economy by $4 billion and generate 40,000 new employment. To create early-stage metaverse and Web3 apps, the United Arab Emirates (UAE) established the region's first metaverse incubator.

NEOM, a $500 billion city in Saudi Arabia on the Red Sea, employs the metaverse to guide building and give architects, engineers, designers, and others a collaborative and customizable experience. In the form of an avatar or hologram, the digital division of NEOM has developed a metaverse that enables people to exist in both the real world and the virtual one at the same time.

.net/YwotbKdP4sVunJGfdhmgww/e8f260a6-84bf-4222-a093-e1ef14e44c00/

"The metaverse promises a world of possibilities that stretches beyond next-generation gaming and internet-based home buying or shopping," said Dany Karam, Partner, Strategy & Middle East. It will alter the way we work, do business, plan, design, construct, shop, enjoy ourselves, travel, and live. The Gulf Cooperation Council (GCC) nations' core sectors stand to benefit greatly from the metaverse in a regional context.

The analysis names the travel and tourist industry as having the largest potential for economic benefit from the metaverse, with a potential gain of US$3.2 billion.

"There may be metaverse tours of AIUla, Saudi Arabia's first UNESCO World Heritage Site, or of fashion shows, spas, wellness retreats, entertainment and sporting events," stated Jad N. Baroudi, Principal, Strategy & Middle East. Visits to the metaverse would encourage physical travel. Through the metaverse, visitors might go back and enjoy their adventures later.

Saudi Arabia will benefit the most from the metaverse of all the nations (7.6 billion US dollars), followed by the UAE (3.3 billion US dollars), Qatar (1.6 billion US dollars), Kuwait (one billion US dollars), Oman (0.8 billion US dollars), and Bahrain (0.4 billion US dollars).

Labels:

Comments

Post a Comment

Popular posts from this blog

These 5 Talents Will Give You a Disproportionate Advantage

More than 21 million job advertisements from around the world were evaluated by learning firm and training program supplier Pearson. It discovered five "power abilities" that are currently driving both the global economy and individual careers. The abilities included in Pearson's Skills Outlook are not technical. Instead, the skills that are most in demand are teamwork, leadership, customer focus, and communication. Pearson's predictive AI modeling engine predicts that some of these abilities will still be in demand in 2026. The findings show that teamwork and customer focus will still be in high demand. But other soft skills like self-learning, achievement focus, and cultural and social intelligence are joining them as well. "Swift investment is required, as both businesses and employees need a solid foundation of human capabilities to succeed. Non-technical skills, such as the capacity to learn and cultural and social intelligence, are becoming increasingly cru...
Post a Comment
Read more

Unlocking Financial Growth, Finance, and Inequality

In this comprehensive article, we explore the intricate relationship between economic growth, finance, and inequality. Our aim is to provide a deep understanding of these interconnected elements, enabling you to navigate the complexities of the global economic landscape. This article will serve as a valuable resource for individuals and businesses seeking insights and strategies to thrive in an ever-evolving financial world. Economic Growth: The Engine of Prosperity Economic growth is the cornerstone of a prosperous society. It represents the increase in a country's overall output of goods and services over time. This growth fuels job creation, boosts living standards, and promotes technological advancements, ultimately enhancing the quality of life for its citizens. Factors Driving Economic Growth Investment in Infrastructure: Adequate infrastructure, such as transportation networks, energy systems, and communication technologies, lays the foundation for sustained economic growth....
Post a Comment
Read more

Oil prices have risen again in response to signs of increased fuel demand in the United States.

Oil prices rose slightly on Wednesday as data showed firm fuel demand in the United States, providing some relief after a 5% drop the previous day on fears of demand being harmed by increased China COVID-19 curbs and central bank interest rate hikes. A slightly weaker US dollar also supported the market, making oil cheaper for buyers holding other currencies. WTI crude CLc1 futures in the United States rose 90 cents, or 1%, to $92.54 per barrel at 0306 GMT, after falling $5.37 the previous session due to recession fears. Brent crude LCOc1 futures for October, which expire on Wednesday, rose 70 cents, or 0.7%, to $100.01 a barrel, reversing a $5.78 loss on Tuesday. LCOc2, the more active November contract, was up 96 cents, or 1%, at $98.80 per barrel Since the Ukraine conflict began six months ago, price swings have rattled hedge funds and speculators and thinned trading, causing the market to whipsaw even more, as seen on Tuesday. "I can't emphasize enough that the lack of liq...
Post a Comment
Read more