{"id":41303,"date":"2023-05-15T12:50:51","date_gmt":"2023-05-15T09:50:51","guid":{"rendered":"https:\/\/saudishopper.com.sa\/en\/?p=41303"},"modified":"2026-03-28T03:17:36","modified_gmt":"2026-03-28T00:17:36","slug":"understanding-the-economic-potential-of-the-metaverse-in-the-middle-east-and-north-africa-region","status":"publish","type":"post","link":"https:\/\/saudishopper.com.sa\/en\/understanding-the-economic-potential-of-the-metaverse-in-the-middle-east-and-north-africa-region\/","title":{"rendered":"Understanding the Economic Potential of the Metaverse in the Middle East and North Africa Region"},"content":{"rendered":"\n<ul class=\"wp-block-list\">\n<li>New research reports examine the economic opportunities the metaverse presents around the world.<\/li>\n\n\n\n<li>In the Middle East and North Africa, the metaverse could contribute up to&nbsp;$38.1 billion in Saudi Arabia, $16.7&nbsp;billion&nbsp;in the UAE, $22 billion in Egypt, $5 billion in Morocco and $1.7 billion in Jordan in additional GDP per year by 2035.<\/li>\n\n\n\n<li>The reports explain how metaverse technologies like augmented and virtual reality are already being applied in innovative ways across the Middle East and North Africa&nbsp;&nbsp;and what is needed to maximize the economic opportunities they present.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Although the\u00a0<a href=\"https:\/\/about.meta.com\/what-is-the-metaverse\" target=\"_blank\" rel=\"noreferrer noopener\">metaverse<\/a>\u00a0is still in the early stages of development, it\u2019s already possible to see its potential in areas like<a href=\"https:\/\/about.fb.com\/news\/2023\/04\/how-the-metaverse-can-transform-education\/\" target=\"_blank\" rel=\"noreferrer noopener\">education<\/a>,\u00a0<a href=\"https:\/\/about.fb.com\/news\/2022\/04\/meta-quest-gaming-showcase\/\" target=\"_blank\" rel=\"noreferrer noopener\">gaming<\/a>,\u00a0<a href=\"https:\/\/about.fb.com\/news\/2023\/01\/track-fitness-stats-on-quest-heart-rate-monitoring-android-integration\/\" target=\"_blank\" rel=\"noreferrer noopener\">wellness<\/a>\u00a0and\u00a0<a href=\"https:\/\/about.fb.com\/news\/2023\/04\/pay-small-businesses-in-brazil-on-whatsapp\/\" target=\"_blank\" rel=\"noreferrer noopener\">commerce<\/a>.\u00a0These opportunities, and others that will emerge as metaverse technologies are more widely adopted \u2014 opening up new markets and business models, creating better ways of working, and transforming training and development &#8211; are the focus of a\u00a0new series of research reports, that examine the economic potential of the metaverse across the world including in the Middle East and North Africa (MENA).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to\u00a0<a href=\"https:\/\/research.facebook.com\/file\/221988477206033\/Metaverse-Report-MENA.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">\u2018The metaverse and its potential for MENA\u2019<\/a>, this region is on a journey of economic transformation and digitalization, and their businesses and governments are showing an appetite for new digital and immersive tools. The United Arab Emirates (UAE) and Saudi Arabia (KSA) are taking a leading role, actively investing in metaverse ecosystems.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">KSA is investing US$1 billion in metaverse-related projects as it seeks to become a global technology hub. Similarly, Dubai has launched a\u00a0<a href=\"https:\/\/u.ae\/en\/about-the-uae\/strategies-initiatives-and-awards\/strategies-plans-and-visions\/government-services-and-digital-transformation\/dubai-metaverse-strategy\" target=\"_blank\" rel=\"noreferrer noopener\">Metaverse Strategy<\/a>, aiming to \u201cturn Dubai into one of the world\u2019s top 10 metaverse economies\u201d by focusing on innovation in tourism, real estate, education, retail and government services. With increasing interest in the metaverse across the region, several applications and commercial use cases have already started to emerge that demonstrate how consumers in the region might use the metaverse to attend virtual concerts, purchase virtual assets, or access education.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Realizing this potential in the Middle East and North Africa will, according to the research, depend on accelerating digital skills development and closing skills gaps across the region. When these plans are fully realized, the benefits to KSA\u2019s economy could reach $20.2 &#8211; $38.1 billion per year in additional GDP by 2035. In the UAE those benefits could reach $8.8 \u2013 $16.7 billion per year, in Egypt US$11.6 &#8211; $22 billion per year, in Morocco US$2.6 \u2013 $5billion per year and in Jordan US$0.9 \u2013 $1.7 billion per year by 2035.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThe metaverse will&nbsp;<em>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.<\/em>\u201d &#8211; said Fares Akkad, Regional Director, Middle East and Africa at Meta.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2018The metaverse and its potential for MENA\u2019 is a part of a series of new reports commissioned by Meta and produced by Deloitte that examine the economic opportunity that could be achieved in the US, Canada, Brazil, the Middle East and North Africa, Sub-Saharan Africa, Turkey, and Asia. Meta has authored reports that estimate the economic potential of the metaverse for the European Union and the United Kingdom. Full reports are available\u00a0<a href=\"https:\/\/research.facebook.com\/quantifying-the-potential-economic-impact-of-the-metaverse\/\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Although the\u00a0metaverse\u00a0is still in the early stages of development, it\u2019s already possible to see its potential in areas likeeducation,\u00a0gaming,\u00a0wellness\u00a0and\u00a0commerce.\u00a0These opportunities, and others that will emerge as metaverse technologies are more widely adopted \u2014 opening up new markets and business models, creating better ways of working, and transforming training and development &#8211; are the focus of [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":41304,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_meta-robots-noindex":"1","_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","_pr_autopilot_social_copy":"","_yoast_wpseo_opengraph_title":"","_yoast_wpseo_opengraph_description":"","_yoast_wpseo_opengraph_image":"","_yoast_wpseo_opengraph_image_id":0,"_yoast_wpseo_twitter_title":"","_yoast_wpseo_twitter_description":"","_yoast_wpseo_twitter_image":"","_yoast_wpseo_twitter_image_id":0,"_yoast_wpseo_primary_category":24,"_extra_hide_author_box":"","_extra_featured_post":"","_partner_post_id":0,"footnotes":""},"categories":[24,396],"tags":[],"class_list":["post-41303","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-social-media","et-has-post-format-content","et_post_format-et-post-format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - 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