Metaverse could add $55bn to economies of Saudi Arabia and UAE by 2035, study says

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.”

Why Saudi companies are moving faster than global peers in adopting new-age technologies

Meta launches the Mena region's first metaverse academy in Saudi Arabia

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.

Joker: Folie a Deux

Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson

Director: Todd Phillips

Rating: 2/5

The stats

Ship name: MSC Bellissima

Ship class: Meraviglia Class

Delivery date: February 27, 2019

Gross tonnage: 171,598 GT

Passenger capacity: 5,686

Crew members: 1,536

Number of cabins: 2,217

Length: 315.3 metres

Maximum speed: 22.7 knots (42kph)

How much do leading UAE’s UK curriculum schools charge for Year 6?

Nord Anglia International School (Dubai) – Dh85,032
Kings School Al Barsha (Dubai) – Dh71,905
Brighton College Abu Dhabi - Dh68,560
Jumeirah English Speaking School (Dubai) – Dh59,728
Gems Wellington International School – Dubai Branch – Dh58,488
The British School Al Khubairat (Abu Dhabi) - Dh54,170
Dubai English Speaking School – Dh51,269

*Annual tuition fees covering the 2024/2025 academic year

COMPANY%20PROFILE

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Indian origin executives leading top technology firms

Sundar Pichai

Chief executive, Google and Alphabet

Satya Nadella

Chief executive, Microsoft

Ajaypal Singh Banga

President and chief executive, Mastercard

Shantanu Narayen

Chief executive, chairman, and president, Adobe

Indra Nooyi

Board of directors, Amazon and former chief executive, PepsiCo

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Brave CF 27 fight card

Welterweight:
Abdoul Abdouraguimov (champion, FRA) v Jarrah Al Selawe (JOR)

Lightweight:
Anas Siraj Mounir (TUN) v Alex Martinez (CAN)

Welterweight:
Mzwandile Hlongwa (RSA) v Khamzat Chimaev (SWE)

Middleweight:
Tarek Suleiman (SYR) v Rustam Chsiev (RUS)
Mohammad Fakhreddine (LEB) v Christofer Silva (BRA)

Super lightweight:
Alex Nacfur (BRA) v Dwight Brooks (USA)

Bantamweight:
Jalal Al Daaja (JOR) v Tariq Ismail (CAN)
Chris Corton (PHI) v Zia Mashwani (PAK)

Featherweight:
Sulaiman (KUW) v Abdullatip (RUS)

Super lightweight:
Flavio Serafin (BRA) v Mohammad Al Katib (JOR)

Other acts on the Jazz Garden bill

Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.

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