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Metaverse Will Bring $15B Annually To Gulf Economies By 2030

The travel and tourism industries alone will gain $3.2 billion once the virtual universe reaches its full potential.

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metaverse will bring $15 billion to gulf economies by 2030

Saudi Arabia and the United Arab Emirates are already heavily invested in the development of the Metaverse, and the tech startups are playing a pivotal role in its construction. According to a recent report compiled by Strategy& Middle East, that investment will likely pay off to the tune of a cool $15 billion in annual revenue by 2030.

“The projections assessed growth in the component technologies, platforms, hardware, and software, as well as the economic contribution of new metaverse applications such as content creation, shopping, and so on,” says Tony G. Karam, partner at Strategy& Middle East.

Out of the seven Emirates, Dubai is emerging as the pre-eminent metaverse economy. Experts predict that the region’s digital strategy will bring a $4 billion boost to GDP, with 40,000 new jobs created in the process. The UAE as a whole has embraced Web3.0 enthusiastically and recently established the first metaverse incubator.

Meanwhile, in Saudi Arabia, NEOM — a $500 billion futuristic metropolis on the Red Sea — will also build a parallel digital version of its cityscape, enabling people to coexist in both the real world and the Metaverse simultaneously.

Also Read: The UAE Has Launched A Program To Assist 100 Startups

“The Metaverse holds a world of possibilities that extends beyond next-generation gaming and internet-based home buying or shopping. It will change how we work, transact, plan, design, build, shop, recreate, travel, and live. In a regional context, the Metaverse’s potential to energize and transform key sectors in the Gulf Cooperation Council (GCC) countries is enormous,” says Dany Karam, partner at Strategy& Middle East.

Breaking down Strategy&’s predicted annual raise in GDP reveals the following figures:

  • Saudi Arabia: $7.6 billion
  • UAE: $3.3 billion
  • Qatar: $1.6 billion
  • Kuwait: $ 1 billion
  • Oman: $0.8 billion
  • Bahrain: $0.4 billion

Although the Metaverse is still relatively unknown to the general public, experts believe that in the near future, a thriving digital tourism sector will emerge, with tours to famous UNESCO World Heritage Sites, concerts, festivals and sports events all having their own digital versions.

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PowerSchool Launches Arab Version Of Its EdTech Platform

The cloud-based solution is now available to Middle Eastern users, helping schools with administrative, communication, and classroom workflows.

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powerschool launches arab version of its edtech platform

PowerSchool, a leading cloud-based education software provider, today announced the launch of newly translated and localized solutions for the UAE and wider Gulf Coast and Middle East region.

Native-Arabic speaking educators will now be able to accomplish critical administrative, communication and classroom workflows using newly-updated Arabic translations, as well as access a right-to-left oriented interface, Hijri calendar overlay, and more.

PowerSchool’s platform is able to log student records and create reports in their native language, while teachers can now create enhanced, personalized lessons for their students and digital forms for parents.

powerschool edtech arabic interface

Finally, PowerSchool’s multi-language AI-powered assistant is also in development, and the company plans to launch the tool in the Middle East in the near future.

“With the UAE and other GCC countries prioritizing digital transformation in education, we are pleased to announce the availability of our educational and operational products in Arabic,” revealed Stewart Monk, Senior Vice President & General Manager, International at PowerSchool. “This also aligns with our commitment to provide mission-critical support to education leaders to provide personalized learning for students globally”.

Also Read: Top Free AI Chatbots Available In The Middle East

Along with the launch of a new Dubai office in 2023, PowerSchool seems highly invested in localized Arabic products. The latest announcement from the company strongly signals its commitment to the Middle East and GCC, and comes after the publication of its 2024 Education Focus Report, which takes a deep dive into the region’s education trends and developments.

“PowerSchool’s commitment to providing Arabic localization across its products reflects an understanding of their diverse user base and their commitment to inclusivity,” explained Mohammed Essam, PowerSchool Lead at ESOL Education. “This investment can lead to closer collaboration with educational institutions in the Middle East, fostering innovation and progress in the education sector. Overall, this is a promising direction that could benefit both PowerSchool and the educational community in the region”.

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