Saudi Arabia and the United Arab Emirates are anticipating billion-dollar metaverse returns.
According to research, the metaverse will provide $15 billion to Gulf economies by 2030, with Saudi Arabia and the United Arab Emirates leading the way. Saudi Arabia will lead the way with a $7.6 billion investment, followed by the UAE with $3.3 billion.
Although the metaverse is still in its early stages, change is occurring at a rapid rate. GCC organizations should move quickly and grab this chance. We anticipate that the metaverse will pump $15 billion per year into GCC economies by 2030.
“The forecasts took into account growth in component technologies, platforms, hardware, and software, as well as the economic impact of new metaverse applications like content production, commerce, and so on.”
The metaverse is unique in that it is neither a location nor a technology.
It is, rather, the most recent stage in the evolving human/computer interface, one that is intended to generate a seamless, ubiquitous, immersive, touchable, simulated experience that is so realistic as to mimic reality.
You may, for example, visit a virtual construction site and see how structures will appear before a shovel is ever placed in the ground.
Dubai formally started its metaverse plan in July 2022, with the goal of becoming a dominant metaverse economy. Over the next five years, the initiative is expected to add $4 billion to the economy and create 40,000 new employment. This is a great opportunity for entrepreneurs to start their business in this arena after obtaining a metaverse license and getting in touch with a metaverse start-up consultant.
The UAE has set up the Middle East’s first metaverse incubator 8 to foster the development of early stage metaverse and Web3 apps.
NEOM, Saudi Arabia’s $500 billion Red Sea metropolis, leverages the metaverse to inform building and give architects, engineers, designers, and others with a collaborative and customizable experience. The digital division of NEOM has invented a metaverse that allows individuals to be in both the physical and virtual worlds at the same time, in the form of an avatar or a hologram.
Saudi Arabia and the United Arab Emirates have metaverse ambitions. Beyond next-generation games and internet-based house purchasing or shopping, the metaverse promises an universe of possibilities. It will alter the way we work, do business, plan, design, construct, shop, recreate, travel, and live. In a regional context, the metaverse has immense potential to revitalize and alter important industries in GCC nations.
According to the analysis, travel and tourism have the biggest potential economic gain from the metaverse: an estimated US$3.2 billion. Metaverse excursions to AIUla, Saudi Arabia’s first UNESCO World Heritage Site, or fashion festivals, spas, wellness retreats, and entertainment and sports events are all possibilities. In-person travel would be inspired by metaverse visits. Travelers might later return to the metaverse to repeat their adventures.
Saudi Arabia will benefit the most from the metaverse ($7.6 billion), followed by the UAE ($3.3 billion), Qatar ($1.6 billion), Kuwait ($1 billion), Oman ($0.8 billion), and Bahrain ($0.4 billion).