Metaverse expected to add $15B annually to GCC economies by 2030
- Date: 08-Dec-2022
- Source: Gulf Insider
- Sector:Real Estate
- Country:Saudi Arabia
Metaverse expected to add $15B annually to GCC economies by 2030
The metaverse is projected to contribute about $15 billion to GCC economies annually by 2030, led by Saudi Arabia and the UAE, as governments continue to introduce measures to tap into the potential of the emerging technology, a study from Strategy& showed.
The kingdom is expected to account for more than half of the figure, or $7.6 billion, while the Emirates stands to receive almost a quarter, or $3.3 billion, reflecting the aggressive programmes the Arab world’s two biggest economies have in place to leverage the metaverse, Strategy&, a subsidiary of global consultancy PwC, said in a statement on Wednesday.
Qatar is next with $1.6 billion, followed by Kuwait ($1 billion), Oman ($800 million) and Bahrain ($400 million).
“The metaverse holds a world of possibilities that extends beyond next-generation gaming and internet-based home buying or shopping. It will change how we work, transact, plan, design, build, shop, recreate, travel and live,” Dany Karam, a partner at Strategy& Middle East, said.
The technology is seen as an economic opportunity worth between $8 trillion and $13 trillion, heavily dependent on how much companies are willing to invest in the emerging innovation, PwC has earlier said.
Saudi Arabia, the Arab world’s biggest economy, is in the middle of