Four GCC Countries Predicted to Gain Over a Billion US Dollars From Metaverse Development

The potential contribution of the Metaverse to the Gulf Cooperation Council (GCC) economy could be around $15 billion annually by 2030, according to the latest report by . strategy& part of the middle east PwC Of that, $7.6 billion will go to Saudi Arabia and $3.3 billion to the UAE.

The metaverse is still developing, but the pace of change is fast. GCC organizations must act now and seize the opportunity.

Tony G. Callumpartner Strategy& Middle East said: New metaverse applications for content creation, shopping, and more.

The beauty of the Metaverse is that it’s neither a place nor a technology. Rather, it is the latest stage in human/computer interfaces under development, designed to create experiences that are as realistic, seamless, penetrating, immersive, tactile, and simulated as they are parallel to reality. It has been. For example, you can go to a virtual construction site and see what the building looks like before the shovel hits the ground.

The Metaverse has a world of possibilities beyond next-gen games and internet-based home buying and shopping. Danny CallumPartner, Strategy&Middle East

Starting a strategy on GCC

In July 2022, Dubai officially launched its Metaverse Strategy with the aim of making the emirate a leading metaverse economy. The strategy is designed to add her $4 billion to the economy and bring him 40,000 new jobs over the next five years. The United Arab Emirates (UAE) has established the Middle East’s first Metaverse Incubator 8 to develop early-stage metaverse and web3 applications.

NeomSaudi Arabia’s $500 billion city on the Red Sea uses the Metaverse to inform construction and deliver experiences that enable collaboration and customization for architects, engineers, designers and others. NEOM’s digital subsidiary has created a metaverse where people can exist simultaneously in cities and virtual worlds in the form of avatars and holograms.

Danny CallumPartner Strategy& Middle East said: It will change the way we work, trade, plan, design, build, shop, play, travel and live. In a regional context, therefore, the potential for the Metaverse to energize and transform key sectors in her GCC countries is enormous.

YOU MAY ALSO LIKE

Hong Kong Pioneering Digital Currency: Project e-HKD+

January 24, 2025

FiX25 Fintech Islands Experience: Catalyzing Innovation in the Caribbean

January 23, 2025

Revolutionizing Remittances: VCASH’s eNaira API Transforms Global Transfers

October 8, 2024

U.S Manufacturing New Federal Incentives and Their Impact on Fintech and Digital Finance

October 5, 2024

Travel and Tourism is set to reap the largest economic benefit from the Metaverse: an estimated $3.2 billion

Judd N. Barroudy, Principal, Strategy& Middle East, said: A visit to the Metaverse inspires in-person travel. Travelers can then travel back through the Metaverse to relive their experiences.

By country, Saudi Arabia stands to gain the most from the Metaverse ($7.6 billion), UAE ($3.3 billion), Qatar ($1.6 billion), Kuwait ($1 billion) and Oman ($800 million). , followed by Bahrain ($0.4). a billion).

As the components of the metaverse continue to develop rapidly, the possibilities of the metaverse are becoming apparent and its role growing. As a result, the report calls on organizations to act decisively to prepare for the future.

Strategy& outlines six ways to start developing your metaverse strategy.

• Imagine the possibilities: Organizations must imagine the possibilities. You have to imagine how you can give your customers a realistic experience in a fictional environment.
• Identify business use cases related to pilot projects. Organizations should think strategically and pragmatically about the use cases that best fit their business model and best match their organizational goals and aspirations, and develop pilot projects.
• Build a robust digital infrastructure. Having a robust digital infrastructure in place is a prerequisite to developing a metaverse experience. The metaverse requires enormous computing power, requiring a massive expansion of an organization’s digital operations.
• Get on the ball with blockchain: Organizations need to master blockchain. This is essential to ensure authenticity and maintain a clear chain of custody of records.
• Make your data smarter: Enterprises need robust, scalable data architectures and next-generation advanced analytics powered by machine learning. You also need people with relevant skills, such as good data governance and data management skills.
• Prioritize cybersecurity: User acceptance depends on ensuring that the organization protects customer and visitor information. In the Metaverse, that information goes far beyond your payment and account information. They must build their cyber defenses with stronger infrastructure and systems, along with the necessary human expertise.

The road ahead is going to be a long winding road. While organizations solve theoretical and practical problems with the metaverse, leaders must focus on the promise of value creation in the GCC. They must be strategically and technically prepared today to take advantage of the possibilities of tomorrow’s Metaverse.