The metaverse is attracting substantial investment. The total value of the metaverse is expected to come close to $800 billion worldwide by 2024, and GCC countries are already active participants.
In July 2022, Dubai formally launched its metaverse strategy, with the aim of Dubai becoming a leading metaverse economy. Dubai’s new metaverse strategy is designed to add $4 billion to the economy and result in 40,000 new jobs over the next five years. The United Arab Emirates (UAE) has established the Middle East’s first metaverse incubator to develop early-stage metaverse and Web3 applications.
Saudi Arabia’s $500 billion city of NEOM has a metaverse component that already is being used to develop the city by informing construction and providing architects, engineers, designers, and others with ways to collaborate and customize aspects of the project for real estate clients.
Overall, PWC estimates the metaverse will inject $15 billion into GCC economies by 2030. We broke down its potential GDP contribution across the economy and by country. The projections assessed growth in the component technologies, platforms, hardware, and software, as well as the economic contribution of new metaverse applications such as content creation, shopping, and so on.
The Orbit World Metaverse is just one project that will bring a new experience to those in the Middle East.
Source:
- https://www.strategyand.pwc.com/m1/en/strategic-foresight/functional-expertise/digital/metaverse/middle-east-perspective-on-the-metaverse.pdf
