October 5, 2022

Meta Official: Metaverse to Contribute $360 Bln to MENA’s Economy in Next Decade

Arab Media Forum

Arab Media Forum

Meta Regional Director for the Middle East and North Africa (MENA) region Fares Akkad said the metaverse will contribute about $360 billion in the next decade in the MENA region only.

Akkad’s remarks came during a breakout session titled ‘Media and the Metaverse’ on the sidelines of the 20th Arab Media Forum (AMF) in Dubai in the presence of a galaxy of media men from different Arab countries to tackle the future of media in the region.

Akkad noted that the metaverse would contribute to the global economy by $3 trillion in the coming decade, stressing nearly $10 billion is needed every year for development and research for security and data protection in order to prevent the misuse of the metaverse.

The issue of metaverse security and protection was raised as the event was discussing ways to make the metaverse a safe digital environment for humans.

In this regard, CEO of Dubai Future Foundation Khalfan Belhoul asked about who will be responsible for ensuring and regulating a safe digital environment.

Belhoul said: “Humans should be put at the heart of metaverse – meaning proper regulation [that prevents cybercrime] should be at par or ahead of the technological development.”

Moreover, Adipat Virdi, a famous metaverse strategist, pointed out that the Arab world has always been at the top of the regions that embraces new technologies, which facilitates the entry of metaverse technologies easy.

In a recent global survey by Accenture, 71% of respondents said moving to the metaverse will have a positive business impact.

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