May 14, 2023

Saudi Arabia, Egypt To Gain $60 Bln from Metaverse by 2035

Saudi Metaverse

Saudi Metaverse

Metaverse is expected to contribute $60 billion to the economies of Saudi Arabia and Egypt, combined more than any country in the Middle East by 2035, according to a new study.

The study, conducted by Meta and Deloitte, predicted that the metaverse would increasingly contribute to the two countries’ economies by the half of the coming decade. According to the report, the metaverse will support the Saudi GDP from $20.2 billion to $38.1 billion and from $11.6 billion to $22 billion for the Egyptian GDP, Cointelegraph reported.

As for the remaining countries in the Middle East region, the metaverse is anticipated to add $8.8 billion to $16.7 billion to the UAE economy. In Morocco, the technology is expected to bring in profits of between $2.6 billion and $5 billion. As for Jordan, the metaverse contribution ranges between $900 million and $1.7 billion.

The study mentioned that specific sectors would benefit most from the increasing adoption of the metaverse, including tourism, retail, real estate and gaming.

In this regard, Fares Akkad, the regional director of Meta in the MENA region, said the metaverse will be a collection of technologies, platforms and products being built by a wide range of companies, which can open the door to new worlds of creative and economic opportunity in the MENA region and around the world.

“While these technologies may be virtual, their economic impact will be real. Realizing this potential is critical, and will only be collaborative, and will require effort and collaboration between technology companies, policymakers, civil society, and others,” Akkad added.

According to a study by Strategy&, a management consulting company, 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.

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.

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