According to a recent Strategy& analysis, the metaverse might contribute $15 billion annually to the GCC economy by 2030, with more than half going to Saudi Arabia and over a quarter to the UAE. According to the consultancy firm, the $3.2 billion travel and tourism industry stand to benefit the most, as seen by the possibility of metaverse tours of popular tourist destinations like the World Heritage Site AlUla.
According to the report, Saudi Arabia’s economy might benefit by up to $7.6 billion yearly, while the UAE could profit by up to $3.3 billion. The UAE and Saudi Arabia are already creating applications for the technology. The UAE has built the Middle East’s first metaverse incubator 8 to create early-stage metaverse and Web3 applications, while Dubai unveiled its metaverse strategy in July to boost the economy by $4 billion and add 40,000 new employment in five years.
Construction information and support for architects, engineers, and designers are provided in Saudi Arabia by gigproject NEOM using the metaverse. According to Strategy&, the digital division of NEOM has developed a metaverse that enables individuals to exist in both the real world and the virtual one at the same time in the form of an avatar or hologram.
The study found that the GCC will also provide economic contributions to Bahrain, Kuwait, Oman, and Qatar, totaling $1.6 billion, $1 billion, $0.8 billion, and $0.4 billion respectively.
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