The metaverse is still relatively unknown to the general public. Specialists predict that in the near future it will become a flourishing sector of digital tourism in the Gulf countries.
The metaverse as a catalyst for growth
Investments by Gulf economies in the metaverse are expected to bring in a whopping $15 billion annually over the next eight years. This is essentially what emerges from a report of the research and consulting firm Strategy & Middle East. According to the document, the travel and tourism sectors will take the lion’s share of these revenues. They alone should rake in $3.2 billion. This when the metaverse and its use have reached their full potential. The rest will be shared between the other sectors.
These projections build on the growth of technologies, platforms, hardware and software in the metaverse. There is also the economic contribution of new applications such as content creation, shopping, etc.
What about the metaverse in GDP?
In terms of annual GDP increase, Saudi Arabia will be the region’s leader. The Wahhabi kingdom should collect 7.6 billion dollars. The United Arab Emirates $3.3 billion, Qatar $1.6 billion, Kuwait $1 billion, Oman $800 million and Bahrain $400 million.
” The metaverse holds possibilities beyond next-gen games and internet shopping. It will change the way we work, exchange, plan, design, build, recreate, travel and live. In a regional context, the potential of the metaverse to energize and transform key sectors in the Gulf Cooperation Council (GCC) countries is enormous”said Tony Karam, partner at Strategy & Middle East.
Saudi Arabia and the United Arab Emirates have already invested heavily in the development of the metaverse. Tech startups play a central role in building this universe. Among the seven Emirates, Dubai stands out as the main Metaverse economy. According to experts, the region’s digital strategy will increase GDP by $4 billion and create 40,000 new jobs.
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