The metaverse, a virtual realm enhanced by augmented and virtual reality, is set to break down geographical constraints and elevate collaboration and connectivity to new heights. It is not only reshaping the way we work, live, and play but is also emerging as a commercial arena for businesses and consumers alike.
Particularly in the Middle East, the metaverse holds the promise of rejuvenating key industries and supports the goals of Saudi Vision 2030, which focuses on diversifying the economy and upgrading quality of life.
Recent analysis by strategy consultancy firm indicates that the metaverse could contribute approximately $15 billion to the economies of the Gulf Cooperation Council by 2030, with Saudi Arabia potentially capturing $7.6 billion of this sum.
Allocating major investments
Saudi Arabia’s significant investment in digital infrastructure, including a $500 billion initiative called NEOM, incorporates a metaverse component. This digital layer is already aiding city development, offering collaborative tools for professionals in construction, architecture, and real estate, as reported by the strategy consultancy firm.
The integration of the metaverse into various industries within Saudi Arabia and the broader region is expected to unlock new opportunities and enhance economic activities with greater decentralization and efficiency.
Priyanka Sharma of Bain & Co. Middle East suggests the metaverse will expand offerings, transcend borders, and support digital content and product development.
Enhancing operational efficiency
Ahmed Al-Mashhadi, CEO of VEEM, a metaverse-as-a-service company, predicts operational efficiencies, especially in real estate where virtual tours can save time and resources. Nigel Vaz of Publicis Sapient sees opportunities for entertainment, real estate, and education to employ the immersive and interactive capabilities of the metaverse.
Mario Pérez of MENA Tech highlights the gaming industry’s prospects, noting that immersive social interactions and community engagement will be enhanced through metaverse technologies.
Pérez also discusses how MENATech Entertainment is exploring metaverse applications, including Amazon University Esports’ virtual environment, University World, and eWorlds, a multiplayer 3D platform game.
Experts like Joachim Allerup of Bain & Co. envision virtual property tours, urban planning simulations, and interactive product demonstrations benefiting from the metaverse. Husam Yaghim from the World Metaverse Council points out that tourism and education will particularly benefit from metaverse applications in the region.
Aligning with Vision 2030 goals
Vaz asserts that metaverse advancements align with Saudi Vision 2030’s objectives of economic diversification and building a knowledge-based society. Pérez sees the metaverse enhancing entertainment, tourism, and education, while Yaghi notes Saudi Arabia’s metaverse initiatives like AI-powered experiences for Riyadh Expo 2030.
Reskilling the workforce
The labor market will need to adapt as the metaverse grows, necessitating reskilling to keep pace with new technologies and ways of working. Sharma concludes that almost all sectors will need to develop new capabilities to harness the potential of the metaverse and mixed reality.