The Middle East and North African (MENA) countries are seeing a boom in the use of digital technologies and at the top of the pyramid is Metaverse. A World Bank report released in 2022 says that Metaverse is expected to create thousands of jobs and contribute to the economies of the countries in the region by hundreds of billions of dollars each year.
This could reduce the high rate of unemployment in the region, which stands at 25% as of now. Understanding the growth potential here, the UK-based World’s Online Festival (WOLF) focuses on digital events, expanding its base, while the Dubai-based Union Square House is building the first Metaverse-based mansions.
Real estate is one of the growth sectors in Metaverse, and its sales reached $500 million in 2021, and it is expected to double this year. The sector is predicted to grow at a CAGR of 31% between 2022 and 2028.
Those who invest now will reap rich benefits later, said Union Square House founder and MD Gaurav Aidasani. Financial companies are coming forward to offer mortgages to support property buyers in the Metaverse. Such developments give a boost to the Meta-based economy and multiply the values of virtual properties in a few years, Aidasani predicted.
A Wide Range of steps is being taken to Support the Metaverse
To help companies build applications and products for the Metaverse, the Dubai World Trade Centre recently launched MetaIncubator, which is the first such incubator in the Middle East.
UAE’s Ministry of Health and Prevention launched the world’s first customer happiness service center during the expo, Arab Health 2022, to allow people to feel the incredible experience of Metaverse. The full version of the MetaHealth platform is expected to be launched in the middle of this year.
Several such projects have been in Iran, Qatar, Yemen, Saudi Arabia, Tunisia, Egypt, and the United Arab Emirates. At the forefront of Metaverse-related developments in the UAE, which in May 2022, announced the Dubai Metaverse Strategy to grow the sector to $4 billion by 2030 and to generate 42,300 virtual jobs. The aim is to ensure that the Metaverse-based economy contributes 1 percent to the country’s GDP of $501 billion. The country is seeing vast economic opportunities as Metaverse-based applications and businesses are not restricted by physical boundaries.
Metaverse will provide many job opportunities for women in the region as they are not allowed the same freedoms as in other parts of the world, said Rania Reda, the founder and CEO of Augmania. Like social media a few years ago, Metaverse will create business and employment opportunities that were not available previously, opening new doors for enterprising individuals, experts said.
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