The Metaverse industry, a burgeoning digital frontier, is making waves across various sectors. It is transforming the way we learn, shop, play, and even manage our health. A recent Deloitte report highlights the Middle East’s proactive approach to this digital revolution. Countries like the UAE and Saudi Arabia are not just observing metaverse opportunities; they actively invest in them, shaping their economic future.
With an estimated worth of over $80 billion, the metaverse presents a plethora of investment opportunities that could redefine the economic fabric of the Middle East and North Africa (MENA) region. In this blog, we’ll delve into the metaverse’s potential, spotlight the main companies participating in this space, and discuss investment prospects that could add an extra $50 billion to the region’s GDP by 2035.
Virtual Assets and Education: The Metaverse’s Potential in MENA
Saudi Arabia is channeling $1 billion into metaverse initiatives, with a vision to emerge as a global tech powerhouse. In a similar vein, Dubai has rolled out its Metaverse Strategy, aiming to position the city among the world’s top ten metaverse economies. This strategy emphasizes innovation in sectors like tourism, property, education, retail, and government services. Emerging case studies suggest that regional consumers could leverage the metaverse for a range of activities, from attending virtual concerts to purchasing virtual assets or engaging in online learning. Given this potential, the metaverse industry could contribute up to $38.1 billion to Saudi Arabia’s economy by 2035. This highlights the significant economic opportunities in the MENA region.
Metaverse Impact: Billions in Potential for UAE, Egypt, Morocco, and Jordan
The metaverse could potentially contribute up to $16.7 billion annually to the UAE’s economy. Similarly, Egypt could witness a metaverse economy boost of up to $22 billion, while Morocco and Jordan could see annual increases of up to $5 billion and $1.7 billion respectively by 2025. The metaverse, a network of technologies, platforms, and products developed by various companies, presents a wealth of creative and commercial possibilities not only in the Middle East and North Africa but globally. The research underscores that even though these technologies exist in a virtual space, their economic implications are tangible and significant. Realizing this potential is crucial and requires a collective approach, involving concerted efforts and collaboration among tech companies, policymakers, civil society, and others.
M-Worlds and XR: The Building Blocks of the Metaverse
The metaverse blends M-Worlds, immersive platforms for various activities, with Extended Reality (XR), which includes AR, VR, MR, and blockchain-enabled Web3 assets. It’s transforming industries, with VR providing cost-effective, low-risk training. VR simulation training is a tool used by professionals ranging from astronauts to pilots to healthcare workers, preparing them for rare but high-stakes situations. An example of this is Takeleap, a UAE-based company that provides immersive VR simulations. These simulations offer a safe environment for medical students to practice procedures on virtual patients, enhancing their grasp of human anatomy.
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