The metaverse could contribute over $50 billion in additional GDP in the Middle East and North Africa by 2035.
Although the metaverse is currently in the early stages of development, sectors of education, gaming, wellness and commerce are actively implementing the use of the technology.
According to a Deloitte report – ‘The metaverse and its potential for MENA’ the region is on a journey of economic transformation and digitalisation with active involvement from businesses and the government. The UAE and Saudi Arabia are recognised to have been taking a leading role and actively investing in metaverse ecosystems
Saudi Arabia is investing $1 billion in metaverse projects and aims to become a global technological hub, similarly, Dubai has launched Metaverse Strategy aiming to make the city one of the world’s top 10 metaverse economies with focus on innovation in tourism, real estate, education, retail and government services.
Case studies have emerged revealing that customers in the region might use the metaverse to attend virtual concerts, buy virtual assets or dive into education.
With this potential in the MENA region, the benefits of the metaverse to Saudi’s economy could reach up to $38.1 billion by 2035.
In the UAE, the benefit of the metaverse could reach up to $16.7 billion per year.
Egypt could see an addition of up to $22 billion in metaverse economy,Morocco could see up to $5 billion per year and Jordan could benefit from an increase of $1.7 billion per year by 2025.
“The metaverse will be a constellation of technologies, platforms, and products built by a range of companies, opening up incredible new creative and commercial opportunities in the Middle East and North Africa and around the world. As this research shows, while these technologies may be virtual, their economic impact will be very real. Unlocking this potential is critically important and will only be achieved collaboratively, through effort and cooperation between technology companies, policymakers, civil society and others,” said Fares Akkad, Regional Director, Middle East and Africa at Meta.