News
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.
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.
News
NASA Forms New Partnership With Saudi Space Agency
The pair will collaborate on the Center for Space Futures, advancing space tech by bringing together public and private stakeholders.
Saudi Arabia’s space industry is on the brink of substantial expansion after generating $400 million in revenue in 2022, according to a report by the Saudi Communications, Space and Technology Commission.
Now, in a new venture with NASA, plans for a “Center for Space Futures” are set to further drive the Kingdom’s aspirations of becoming a leading player in space exploration and technology.
Capturing moments from the joint delegation visit with leaders from the Saudi and American Space Agencies @NASA to @PSU_RUH, along with scenes showcasing the audience's engagement. pic.twitter.com/oB1cFTiRNl
— وكالة الفضاء السعودية (@saudispace) May 14, 2024
The partnership between NASA and Saudi Arabia goes beyond economic advantages. The pair have already cooperated on preliminary work for the Artemis II lunar mission, which is slated for a September 2025 launch and aims to land astronauts near the moon’s South Pole.
Also Read: Plans Underway For Massive Middle East Autonomous Freight Network
During a visit to the capital, Riyadh, NASA Administrator Bill Nelson emphasized in a TV interview the broader objectives of the collaboration, which encompass “returning to the moon and then [to] Mars” while utilizing space exploration to glean important insights into climate change. The NASA spokesman also reiterated the space agency’s dedication to collaborating with Saudi Arabia on other future ventures.
-
News2 weeks ago
UAE Stores May Soon Accept Payments Through Your Palm
-
News2 weeks ago
chatlyn Unveils Hospitality Chatbot At Arabian Travel Market 2024
-
News2 weeks ago
Orchid Plans To Find Out What’s Wrong With You Before You’re Born
-
News2 weeks ago
Apple Announces New iPad Pro With M4 Chip And Updated iPad Air