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Metaverse can contribute $80 billion to GDP in MENA, $38 billion in Saudi Arabia
New report by Deloitte finds innovations in metaverse drive economic growth in the region
When it comes to the metaverse, there is no shortage of opinions. While tech giants are spending billions to make the metaverse the cornerstone of this new Internet, technology is believed to contribute to countries’ economies. In Middle and North Africa, the sentiment regarding its potential is robust.
A new report by Deloitte, The Metaverse and its Potential for MENA, finds that the augmented reality of the metaverse can contribute $80 billion to the additional annual GDP of the Middle East and North Africa region by 2035 and $38 billion in Saudi Arabia.
The report, commissioned by Meta, studies how the metaverse is being used innovatively and ways to maximize its potential economic opportunities.
“The metaverse will be a constellation of technologies, platforms, and products built by a range of companies, opening up incredible new creative and commercial opportunities in the Middle East and North Africa and around the world,” said Fares Akkad, regional director for the Middle East and Africa at Meta.
With Saudi Arabia and UAE in the lead, other countries of the region, including Egypt, Jordan, and Morocco, also have plans to drive digital transformation in the coming years. Metaverse can contribute $16.7 billion in the UAE, $22 billion in Egypt, $5 billion in Morocco, and $1.7 billion in Jordan in additional GDP per year by 2035.