January 10, 2023

Report: UAE Ample Ground for Metaverse-Based Various Cases

Dubai

Dubai

Boston Consulting Group (BCG) said the UAE is an adequate ground for unlocking the potential of ten metaverse-based use cases like virtual and augmented shopping, virtual collaboration, telehealth, virtual assets, augmented tourism, live augmented events, digital training, and digital twins.

A recent report by BCG, in collaboration with Meta, titled “Creating a New Reality: The Metaverse in MENAT,” examined the growth potential of these ten use cases in the UAE, highlighting the UAE market’s key role in expanding the uses of the metaverse.

In this regard, Managing Director & Senior Partner at BCG said the UAE is a pioneering country in terms of its readiness for adopting more metaverse activities, pointing out that some gaps still need to be addressed, especially the cost of connectivity.

Meanwhile, Head of Public Policy Programs at Meta in the Middle East North Africa, and Turkey Joelle Awwad said: “Along with others, we’re building the metaverse to be something that billions can benefit from. We are investing in establishing an ecosystem for the metaverse and supporting programs and research focused on making the metaverse accessible to more people.

Therefore, Meta collaborates with working in the industry, the public sector, academia and civil society, from the beginning, with companies such as BCG to help advance the ecosystem.

For his part, Managing Director & Partner of BCG Vienna Tibor Mérey underlined that the UAS should make use of the opportunities, considerations, required capabilities and policy implications to map its path forward proactively.

In November 2022, Crown Prince of Dubai Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum approved the new stage of the Dubai Metaverse Strategy, which aims to promote its digital economy and implement measures that boost the usage of the metaverse and future technology in the emirate.

In a report, Web3 platform Crypto Oasis said that the UAE has more than 1,450 active Web3 organizations with nearly 7,000 individuals. Also, a report by KPMG noted that around 93% of businesses in the UAE plan to invest in the metaverse in the next five years.

According to BCG, the total global metaverse market is estimated to reach $400 billion by 2025

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