The metaverse, characterized by virtual and augmented reality, is poised to dismantle traditional geographical limitations, ushering in an era of heightened collaboration and connectivity. Its influence will be substantial, reshaping everything from work and leisure to commerce and living.
As a commercial entity, the metaverse will soon offer companies and consumers a novel platform for interaction. In the Middle East, it’s anticipated to rejuvenate and transform crucial sectors, in alignment with Saudi Arabia’s Vision 2030 objectives of economic diversification and improved quality of life.
A report by a strategic management consulting firm suggests that by 2030, the metaverse could contribute an estimated $15 billion to Gulf economies, with Saudi Arabia potentially capturing $7.6 billion of this growth.
Investing in the Metaverse
The Kingdom is channeling resources into the metaverse as part of its grand digital transformation strategy. For example, the ambitious $500 billion NEOM project includes a metaverse element that facilitates collaboration among professionals like architects and engineers, optimizing construction processes and real estate development.
Metaverse adoption across diverse industries in Saudi Arabia is expected to spawn new opportunities for both individuals and companies, enhancing economic engagement in a decentralized and efficient manner.
Priyanka Sharma, an associate partner at a leading consultancy, asserts that the metaverse will expand the reach of offerings and experiences, breaking through demographic and geographic boundaries. It will enrich the realm of virtual events and travel, bolster digital content creation, and promote product development and customization.
Sharma further highlights the metaverse’s role as a virtual sandbox for prototyping, experimentation, and research, significantly reducing time and budgetary constraints.
Boosting Efficiency
VEEM’s CEO, Ahmed Al-Mashhadi, notes that metaverse technologies promise to significantly enhance operational efficiency in various sectors. In real estate, for instance, virtual tours allow clients to explore projects from afar, facilitating quicker and more informed decision-making.
Nigel Vaz, CEO of a global digital consultancy, identifies entertainment, real estate, and education as prime sectors for metaverse application, leveraging its immersive and interactive potential to revolutionize services and experiences.
From the gaming perspective, Mario Pérez, CEO of MENA Tech, discusses how immersive and interconnected virtual environments will transform social interactions and community engagement in gaming, particularly as Saudi Arabia’s gaming industry burgeons with projects like Qiddiya City and the World Esports Championship.
Pérez also shares insights on GGTech Entertainment’s ventures into metaverse applications, such as the Amazon University Esports initiative and the development of multiplayer 3D platform games.
Experts predict that the metaverse will impact other sectors as well, from virtual property tours to urban planning simulations, next-generation e-commerce, and interactive product demonstrations.
Members of the World Metaverse Council believe tourism and education in Saudi Arabia will greatly benefit from metaverse applications, aligning with the nation’s Vision 2030 goals.
Complementing Vision 2030
Vaz emphasizes the metaverse’s congruence with Saudi Vision 2030’s aims, highlighting his firm’s commitment to support the Kingdom’s digital transformation. Pérez echoes this sentiment, identifying entertainment, tourism, and education as key areas where the metaverse aligns with Vision 2030’s aspirations.
With the establishment of Saudi Arabia’s Center of Excellence for the metaverse and initiatives like AI-Powered Metaverse for Riyadh Expo 2030, the Kingdom is leveraging the metaverse to achieve its ambitious objectives.
Future Workforce and Reskilling
The labor market is expected to undergo significant shifts with the rise of metaverse-related projects. Workers will require reskilling to adapt to new virtual environments, tools, and digital asset development. As Sharma concludes, nearly all sectors will need to embrace new capabilities to capitalize on the opportunities presented by the metaverse and mixed reality.