December 8, 2022

Metaverse To Contribute by $15 Billion to GCC Economies by 2030

Metaverse

Metaverse

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.

Qatar came in third place with $1.6 billion, followed by Kuwait ($1 billion), Oman ($800 million), and Bahrain ($400 million). The report pointed out that the travel and tourism industry in the GCC countries will be the most benefitted sector, with a predicted economic gain worth $3.2 billion each year, according to ITP news.

In this regard, Partner with Strategy& Middle East Dany Karam said: “The metaverse holds a world of possibilities that extends beyond next-generation gaming and internet-based home buying or shopping. It will change how we work, transact, plan, design, build, shop, recreate, travel, and live. In a regional context, the metaverse’s potential to energize and transform key sectors in the Gulf Cooperation Council (GCC) countries is enormous.”

The report asserted that in light of the ongoing development of the metaverse, the GCC countries should act and seize the opportunity.

Saudi Arabia’s Neom on the Red Sea plans to widely use the metaverse to provide information on construction operations. A metaverse for Neom has also been developed to allow people to simultaneously experience the city in both the real and virtual worlds.

Also, the Emirati government, in July, launched the Dubai Metaverse Strategy which aims to contribute $4 billion to the emirate’s economy. The strategy targets increasing the number of blockchain and metaverse companies fivefold within five years as well as offering 40,000 virtual jobs to be one of the top 10 global metaverse economies.

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

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