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A Billion Dollars Will Be Invested In Blockchain Technology And The Metaverse By Saudi Arabia

A Billion Dollars Will Be Invested In Blockchain Technology And The Metaverse By Saudi Arabia

Last Updated on February 1, 2024 by Ameer Hamza

Ever imagined a world in which you could buy items, supervise colleagues, conduct business operations, and even trade your properties without ever having to leave your home? Even though it might seem unattainable, the metaverse offers this as the future that’s just a click away. Currently, the metaverse is drawing trillions of dollars in investments and might be worth $5 trillion by 2030. More than $120 billion has already been reserved by corporations to access the metaverse, including giant technological firms, start-ups, investment firms, and private equity firms.

Saudi Arabia revealed investments in cutting-edge technology totaling several billion dollars. KSA and UAE will dominate the Middle East region by expanding their operations in metaverse technology. On the other hand, the first ever Middle East Metaverse Incubator has been launched in Dubai. This project is intended to encourage the creation of Web3 and Metaverse services.

Into The Metaverse: The Middle East Foray

The Arab region has occupied a prominent place on the edge of embracing everything AI-related, including the emerging metaverse. The metaverse will produce more than $800 billion by 2024, which will shift the Middle East economy on the growth curve, according to Bloomberg. In addition, the metaverse jobs are probably spread throughout a variety of industries. By 2030, the metaverse may generate up to $4 billion in additional economic output, according to estimates by the Dubai government. It may also provide up to 42,000 digital employment in Dubai.

Does The Saudi Government Have The Capacity To Benefit From The Metaverse?

The Kingdom has significantly increased its participation in the metaverse and has invested heavily. A substantial $64 billion investment in technology innovations, including the $1 billion grant to XVRS, is projected to expedite the state’s digital transition. Saudi Arabia will establish itself as a pioneering metaverse powerhouse. It is because 65% of its population is under 35 years of age, highly educated, and enthusiastic about digitalization.

Metaverse’s Digital Twin For Saudi Neom

The Neom City is developing a metaverse-based project that will effectively reunite the real and virtual worlds. The Neom’s digital twin will enable its residents to interact, work and play before the modern city is created. This project will also allow people to buy real estate in XVRS. People will have the option of entering into the NEOM metaverse where they will live their everyday lives as they would in an actual metropolis.

95% Of Corporate Executives Anticipate A Metaverse Impact On The Business Industry

The virtual world is going to impact all sectors, including real estate, healthcare, telecom, and consumer and retail. A whopping 95% of corporate executives believe that within the next ten years, the metaverse will have a beneficial influence on their sector. By 2030, the commercial effect of the virtual world on the e-commerce industry might be in the range of $2 trillion and $2.6 trillion. Consequently, it will start ingraining itself into our lives very soon.

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