Metaverse technologies have the potential to add a combined $55 billion to the economies of Saudi Arabia and the UAE by 2035, a new study from Facebook parent Meta Platforms suggests.
The innovation could contribute up to $38.1 billion and $16.7 billion to the kingdom and the Emirates respectively by the middle of the next decade, as the nations adopt the metaverse, the report by consultancy Deloitte said.
The minimum impact would be $20.2 billion for Saudi Arabia and $8.8 billion for the UAE, the study said.
In Mena markets such as Egypt, the region's most populous country, the metaverse is expected to have an impact of between $11.6 billion and $22 billion.
Morocco is expected to benefit to the tune of between $2.6 billion and $5 billion, while Jordan's is forecast to bring between $900 million and $1.7 billion from the technology.
Among the sectors that are expected to significantly benefit from adopting the metaverse are tourism, retail, property and gaming, the report said.
“The metaverse will be a constellation of technologies, platforms and products built by a range of companies, opening up creative and commercial opportunities in the Middle East and North Africa and around the world,” Fares Akkad, Meta's regional director for the Middle East and Africa, said.
“While these technologies may be virtual, their economic impact will be very real. Unlocking this potential is critically important and will only be achieved collaboratively, through effort and co-operation between technology companies, policymakers, civil society and others.”
The metaverse, based on Web3, is a virtual space where people represented by avatars interact. It is could reshape and streamline workplace and businesses operations with new techniques.
It remains to be seen at which stage of adoption the metaverse would be by 2035, but companies and governments are tapping into its potential.
Saudi Arabia, the UAE, Bahrain and Qatar have regulations in place encouraging the use of Web3 technologies as part of their digital economic transformation programmes.
Saudi Arabia, the Arab world's biggest economy, is in the middle of a diversification drive under its Vision 2030 agenda, with technology central to attracting investments and creating jobs.
Meta launched the Mena region's first metaverse academy in the kingdom at the Leap technology conference in February. The institute, which began operations on May 1, focuses on shaping the metaverse by providing training to 1,000 people in its first 18 months.
The UAE, the Arab world's second largest economy, unveiled its Dubai Metaverse Strategy last year, which aims to create 40,000 jobs and add $4 billion to the city's economy.
The emirate also hosted the Dubai Metaverse Assembly in September, the first of its kind.
A number of UAE entities have “addresses” in the metaverse, including the Ministry of Economy, Abu Dhabi's Yas Island, Ajman Police and the Virtual Assets Regulatory Authority, which made it the first regulator in the world to set up shop there.
While [the metaverse] may be virtual, their economic impact will be very real. Unlocking this potential is critically important and will only be achieved collaboratively, through effort and cooperation between technology companies, policymakers, civil society and others
Fares Akkad,
regional director for the Middle East and Africa at Meta Platforms
A previous study from PwC unit Strategy& showed that the metaverse is projected to contribute about $15 billion to GCC economies annually by 2030, led by Saudi Arabia.
The Meta study acknowledged that the metaverse is in its infancy, but stressed that early adopters will have the advantage — especially in markets like Saudi Arabia and the UAE, who are investing in building the infrastructure required.
“While early metaverse experiences are emerging through existing infrastructure and current user devices in more advanced regions, the extent to which advanced technologies such as the metaverse will be widely used in Mena will rely on an enabling environment,” the report said.
This will go “beyond internet service providers, including adequate digital infrastructure, digital skills and regulations to attract investment, foster innovation and facilitate access to metaverse applications”, it said.
In other global markets, the metaverse is forecast to contribute between $402 billion to $760 billion in the US, $284 billion to $536 billion in the EU and $50.5 billion to $95 billion in the UK, new and earlier reports from Meta said.
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
The%20specs
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The specs: 2017 Dodge Viper SRT
Price, base / as tested Dh460,000
Engine 8.4L V10
Transmission Six-speed manual
Power 645hp @ 6,200rpm
Torque 813Nm @ 5,000rpm
Fuel economy, combined 16.8L / 100km
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
The%20specs
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Credit Score explained
What is a credit score?
In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB), which represents your credit worthiness – in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates a higher risk of default, while a high score indicates you are a lower risk.
Why is it important?
Financial institutions will use it to decide whether or not you are a credit risk. Those with better scores may also receive preferential interest rates or terms on products such as loans, credit cards and mortgages.
How is it calculated?
The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.
How can I improve my score?
By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the number of credit card and loan applications you make and to reduce your outstanding balances.
How do I know if my score is low or high?
By checking it. Visit one of AECB’s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.
How much does it cost?
A credit report costs Dh100 while a report with the score included costs Dh150. Those only wanting the credit score pay Dh60. VAT is payable on top.
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
How to become a Boglehead
Bogleheads follow simple investing philosophies to build their wealth and live better lives. Just follow these steps.
• Spend less than you earn and save the rest. You can do this by earning more, or being frugal. Better still, do both.
• Invest early, invest often. It takes time to grow your wealth on the stock market. The sooner you begin, the better.
• Choose the right level of risk. Don't gamble by investing in get-rich-quick schemes or high-risk plays. Don't play it too safe, either, by leaving long-term savings in cash.
• Diversify. Do not keep all your eggs in one basket. Spread your money between different companies, sectors, markets and asset classes such as bonds and property.
• Keep charges low. The biggest drag on investment performance is all the charges you pay to advisers and active fund managers.
• Keep it simple. Complexity is your enemy. You can build a balanced, diversified portfolio with just a handful of ETFs.
• Forget timing the market. Nobody knows where share prices will go next, so don't try to second-guess them.
• Stick with it. Do not sell up in a market crash. Use the opportunity to invest more at the lower price.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
'Morbius'
Director: Daniel Espinosa
Stars: Jared Leto, Matt Smith, Adria Arjona
Rating: 2/5
What is Reform?
Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.
It was founded in 2018 and originally called the Brexit Party.
Many of its members previously belonged to UKIP or the mainstream Conservatives.
After Brexit took place, the party focused on the reformation of British democracy.
Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.
The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
The specs: 2018 Nissan Patrol Nismo
Price: base / as tested: Dh382,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 428hp @ 5,800rpm
Torque: 560Nm @ 3,600rpm
Fuel economy, combined: 12.7L / 100km
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
History's medical milestones
1799 - First small pox vaccine administered
1846 - First public demonstration of anaesthesia in surgery
1861 - Louis Pasteur published his germ theory which proved that bacteria caused diseases
1895 - Discovery of x-rays
1923 - Heart valve surgery performed successfully for first time
1928 - Alexander Fleming discovers penicillin
1953 - Structure of DNA discovered
1952 - First organ transplant - a kidney - takes place
1954 - Clinical trials of birth control pill
1979 - MRI, or magnetic resonance imaging, scanned used to diagnose illness and injury.
1998 - The first adult live-donor liver transplant is carried out
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