Metaverse expected to add $15B annually to GCC economies by 2030

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