A recent study reveals that the metaverse could provide a significant annual boost of $7.6 billion to Saudi Arabia’s economy by 2030. Projections also indicate potential gains for Qatar and Kuwait, with estimates of $1.6 billion and $1 billion, respectively, through technological advancements within the same timeframe. Moreover, Kuwait’s economy could experience an impressive surge of $800 million from the metaverse, while Bahrain stands to gain a substantial sum of approximately $400 billion.
The research highlights Saudi Arabia’s strategic intent to harness the metaverse’s potential in line with its Vision 2030 objectives, aiming to diversify the economy. Published by Strategy & Middle East, a member of the PwC network, the study further emphasizes the United Arab Emirates’ flourishing 3D-rendered internet sector, projecting a revenue generation of around $3.3 billion by the end of the decade, in addition to the gains already anticipated for the Kingdom.
Furthermore, the study anticipates that Qatar and Kuwait will also reap the benefits of technological advancements, with estimated gains of $1.6 billion and $1 billion, respectively, by 2030.
The metaverse represents a virtual environment where individuals interact through avatars and other three-dimensional representations. Its transformative potential lies in implementing innovative methods that streamline operations, revolutionizing workplaces and commercial enterprises.
PwC estimates the economic potential of this technology to range between $8 trillion and $13 trillion, heavily dependent on the level of investment by businesses in driving innovation.
The report from Strategy & Middle East underscores the metaverse’s potential to contribute approximately $15 billion annually to the economies of the Gulf Cooperation Council by 2030. Out of this total, Saudi Arabia is projected to account for $7.6 billion, and the UAE for $3.3 billion.
Kuwait’s economy stands to benefit significantly from the metaverse, with an estimated boost of $800 million, while Bahrain could witness a staggering gain of nearly $400 billion. The report emphasizes the importance of proactive measures by businesses in the GCC to maximize the benefits of this emerging technology, recognizing that the metaverse is still in its early stages.
The study also reveals the metaverse’s potential to generate $3.2 billion in revenue for the travel and tourism industry. Notably, NEOM, the $500 billion megacity in Saudi Arabia, has already established its metaverse, enabling users to explore the virtual city through avatars or holograms.
During an interview with Asharq Business, Fares Akkad, the regional director for Meta in the Middle East and North Africa, anticipates that the metaverse will contribute a staggering $360 billion to the economies of the MENA region and Turkey over the next decade.