February 9, 2023

KPMG Sets up CoE in Saudi Arabia to Accelerate Metaverse Adaption

KPMG Sets up CoE in Saudi Arabia to Accelerate Metaverse Adaption Featured Image

KPMG, the financial audit, tax, and advisory provider, announced the establishment of a Center of Excellence (CoE) to accelerate the application of metaverse and digital twins in Saudi Arabia, according to Gulf Business.

The consultancy firm’s announcement was made on the fringe of the LEAP 2023 conference, held in Riyadh, set to conclude today after it had attracted over 100,000 tech innovators and pioneering experts from around the world.

One of the center’s objectives is to help organizations build digital twin objects, processes, and assets, like in metaverse for example. It will work jointly with Microsoft, Ericsson for their 5G technology, and Metakey for developing 3D objects.

In this regard, Head of Digital Lighthouse at KPMG in Saudi Arabia Maz Hussain hailed the Saudi government’s keenness to explore opportunities in the metaverse and its public utility, a matter which creates chances for the government, public and private sectors across different industries.

Hussain said: “We have seen an immense commitment from the government to invest in the metaverse and to explore the public utility of the technology. With the launch of the Centre of Excellence, we are proud to bring together a team of experts and organizations to really drive these initiatives forward.”

He asserted that the metaverse would contribute to making Saudi companies more competitive and exploring global opportunities, expressing his optimism about the future of the metaverse and Web 3.0 applications in the Kingdom.

“With our CoE, guided by an advisory board of global ecosystem partners and with a dedicated team of specialists from academia and industry, we will be very focused on use case development in Saudi Arabia,” he added.

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&.

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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