February 23, 2023

90% of Saudi CEOs Believe Metaverse To Help to Expand Businesses

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A recent survey found that 90% of Saudi CEOs believe that the metaverse will play a key role in their expansion strategies in the coming two years in line with the development of the consumers’ needs and desires, while 82% of UAE CEOs believe so.

Conducted by Deloitte in July 2022, a leading global provider of audit and assurance, consulting, and financial advisory, the survey addressed metaverse, sustainability, and other emerging topics in the marketing field. It covered 1,015 C-level executives, including 50 Saudi and 50 Emirati leaders in various industries, according to Cointelegraph.

The participants represented international companies in the United States, the United Kingdom, Switzerland, Japan, and Australia, in addition to the Middle East.

According to the survey, 42% of the Saudi CEOs said their companies plan to join the metaverse world within 12 months, while 40% noted that their companies had already joined the virtual world. Only 2% of the surveyed pointed out that they have no plans to enter the metaverse.

As for the UAE CEOs, only 14% of the Emirati companies have already benefitted from the metaverse in their expansion plans, while 42% of the participants said they intend to enter the metaverse within the coming 12 months.

Commenting on the results, Partner at Deloitte Digital Middle East Hussein Dajani said Deloitte is keen to pay more attention to sustainability and emerging technologies.

In a statement, Deloitte noted that the marketers lay the foundation stone for adopting such new technologies this year to make their brands connected to what’s going on around them.

The metaverse is expected to contribute $15 billion to the economies of the Gulf countries by 2030, given that their governments are tapping into the virtual space, according to a study by Strategy&, a management consulting company.

Saudi Arabia topped the GCC countries in terms of metaverse contributions, as it is predicted to account for $7.6 billion by 2030 (more than half of the figure. While the UAE came second with an expected share of $3.3 billion. The predicted figures reflect the two countries’ tremendous efforts to deploy the usage of the metaverse in their respective national program, the report noted.

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