The Gulf Cooperation Council (GCC) has been driving the Metaverse cause hard for the past few years, and now it’s starting to take shape. With Saudi Arabia’s ‘Vision 2030’ in full effect, digital infrastructure growth in the Middle East is creating a potent breeding ground for Metaverse technology development. Analysts predict that the new industry could generate over $15 billion in the next half-decade and, by 2035, $28 billion annually.
While the adoption of Metaverse technology is still in its early stages, changes within various segments across the broader Middle East region are already visible.
Metaverse is Leading to Direct Growth in MENA
Establishments such as real estate firms, training facilities, and even airlines are now adopting Metaverse technology to render their services. The creation of a 3D Virtual Environment enables these organizations to deliver highly accurate solutions. Consequently, there is a clear economic impact of this development.
The VR and AR segments alone have generated over 6,500 job opportunities in the region. Dubai also anticipates that close to 40,000 virtual roles will be created in the Metaverse sector by 2030. From content creation to virtual events, education, and even healthcare segments, various industries are incorporating various aspects of Metaverse-based tech advancements.
Government-led Growth is at the Core of This Industry
Initiatives such as UAE’s Vision 2071, which has already invested over $1B in Metaverse tech across the region, are a testament to a long-term vision from MENA policymakers. Bloomberg projects that by next year, the global Metaverse industry will surpass $800 billion, indicating significant returns on investment for governments.
There are reports of direct collaboration between government agencies and Metaverse developers, exemplified by Arte D’Egepte, a VR-based exhibition curation company in Egypt, which hosted an art exhibition within the Pyramid of Giza through government collaboration. Saudi Arabia and UAE are at the forefront of these innovations, with other GCC countries following suit.
With real-world business applications of Metaverse tech on the rise, we can expect to see a significant turnover from the entire segment in the near future, along with foreign investors taking interest.
