MENA in key position to realise promise of metaverse 

The potential of Meta combined with the potential of Mena presents a massive opportunity 

MENA in key position to realise promise of metaverse 

Earlier this year, NEOM, the futuristic city taking shape in Saudi Arabia, announced a “cognitive digital twin metaverse.” This is a first of its kind digital twin that will enable visitors to explore NEOM, both physically and virtually, as an avatar or hologram.

More excitingly, it will allow visitors to interact with the construction of virtual buildings by perfecting their design, making them more sustainable, or simply purchasing them — influencing their counterparts in the real world.

This is an example of the promise of the metaverse — a place that breaks the barrier between imagination and reality. At its best, the metaverse could be an economic equaliser that creates new opportunities and uplifts communities, helping us use our limited resources to benefit more people.

The metaverse is not just a buzzword or a catchphrase for Augmented Reality and Virtual Reality technology. It is the next chapter of the internet. The metaverse breaks down physical barriers.

AFP
Attendees try out the Caliverse Hyper-Realistic Metaverse experience at the Lotte booth at CES 2023 at the Las Vegas Convention Center on January 05, 2023

It can make you feel like you are right there with another person or in another place. It’s hard to fully grasp what the metaverse will be a decade from now as we are still in its “dial-up internet” stage. But the vision of what it could be is crystal clear.

Opening doors

To start with, the metaverse opens multiple doors for society. Imagine if everyone had access to the greatest business models or the brightest minds. Imagine power shifting from the few to the many through streamlined communications.

These are lofty ideals but the potential societal benefits, particularly in education and healthcare, are real and tangible — from helping medical students practice surgical techniques to bringing school lessons to life in exciting new ways. For instance, the metaverse could help aspiring surgeons learn specialised surgical techniques through VR before they ever operate on a real patient.

The potential societal benefits of the metaverse, particularly in education and healthcare, are real and tangible — from helping medical students practice surgical techniques to bringing school lessons to life in exciting new ways 

The metaverse could also transform the learning experience for students by transporting them to a different place or time. They could stand on streets, hear sounds and visit markets of places far, far away or visit an ancient city, experiencing what life was like in another time. 

This is the potential of the metaverse. 

An exciting time 

For me, this is an exciting time. The Mena (Middle East and North Africa) region is at the vanguard of the development of the metaverse as an invaluable part of our daily life. The Analysis Group has estimated that the metaverse economy could be worth an estimated $360 billion in a decades' time, which would comprise 6.2% of the GDP in the Middle East, North Africa, and Turkey.  

Being based in this region, we are at the heart of this activity. 

The UAE, especially, has been a pioneer in incorporating the metaverse into its growth strategy. The nation aims to support 40,000 virtual jobs by 2030 and attract 1,000 companies specialising in blockchain and metaverse technologies to turn Dubai into one of the world's top 10 metaverse economies.  

What is so encouraging to see is the support and commitment of UAE leaders, who have encouraged a culture of innovation, prioritising and embedding it into everyday life. 

The NEOM announcement was part of a larger investment by Saudi Arabia of $6.4 billion in advanced technologies, including the metaverse. We have seen it pushing the growth of its digital capabilities to diversify away from an oil-based economy.  

This has manifested in cultural projects like Saudi Arabia's Virtual Black Stone, which makes it possible for Muslims to virtually touch the Black Stone at the Kaaba, to investments in Silicon Valley startups focused on the metaverse, blockchain and other advanced technologies.  

I'm encouraged to see the interest and desire of such nations to become digital pioneers, especially given the renewed focus on the metaverse and all that entails. We are seeing a similar level of enthusiasm across the region, and this could define the next decade for Mena. 

We have a significant role to play in that journey.  

We know this region. We have more than 300 million people using our platforms every day. This is a very young and connected population — 48% are Millennials or Gen Z versus 34% in the US and 31% in the UK.  

We have more than 300 million people in the Mena region using our platforms every day. This is a very young and connected population — 48% are Millennials or Gen Z versus 34% in the US and 31% in the UK. 

We also have 90% social media penetration and video consumption which is twice the global average. 

Collective growth 

We know from our work in the region that there are 43 million small and medium businesses with room to digitise many more. We are talking about collective growth on a monumental scale, and we are already working with SMBs to provide support to help them traverse the digital landscape. 

Then there's ecommerce, which is projected to be valued at $50 billion by 2025 — almost double from 2021, with KSA and the UAE leading the charge.  

There is also a booming start-up scene and a flourishing venture capital ecosystem, with $1.2 billion in funding in the first half of 2021, growing at 64% — twice the growth seen between 2020 and 2021. 

Finally, we have Mena's emerging digital creators representing a powerfully diverse pool of talent — one that holds the key to reaching the next billion people who are coming online. 

This presents a synergy like no other for us — the potential of Meta combined with the potential of Mena — to realise the promise of the metaverse. As we step into this new phase of socialising, working, learning and doing business, we have the opportunity to build a better future — one of equality, learning and responsible growth.  

-Fares Akkad is the Regional Director for Meta in Mena 
 

font change