Check out the latest developments and stories related to Metaverse in the Kingdom of Saudi Arabia with our Saudi Metaverse news.

Saudi Metaverse News

The College of Architecture and Planning at King Abdulaziz University has recently revealed its latest project, &#8220;Building in the Metaverse.&#8221;



This innovative project offers an interactive and engaging experience for faculty and students in the education field. Ahmed Khoja and Abdulaziz Hashem, both students, used virtual reality technology to create a fully immersive environment.



According to Hashem, colleges and universities have not yet fully embraced the concept, but they may explore its potential in creating virtual classrooms and lecture halls.



According to Khoja, the project is in line with the goals of Saudi Arabia&#8217;s Vision 2030 plan, which aims to improve the quality of life, strengthen cultural infrastructure like museums, promote tourism, and help Saudi artists expand their reach globally. Despite the difficulties, Hashem and Khoja believe that these technologies can significantly reduce material costs.



The Metaverse is a virtual reality world where users can interact with each other in an immersive environment, transcending the limitations of the physical world. It includes multiplayer video games that allow players to come together, compete, and collaborate in virtual worlds. It can also be used for education, socializing, exhibitions, and online commerce. The Metaverse has the potential to accommodate an unlimited number of participants and facilitate the display and sale of products using digital currencies.



According to a study by Strategy&amp;, a management consulting company, the metaverse is expected to contribute $15 billion to the economies of the Gulf countries by 2030 given that their governments are tapping into the virtual space.



Saudi Arabia topped the GCC countries in terms of metaverse contributions, as it is predicted to account for $7.6 billion by 2030 (more than half of the figure). While, the UAE came second with an expected share of $3.3 billion.

King Abdulaziz University

Metaverse

Saudi Students Showcases Metaverse-based Project

Seracle, a prominent global Web3 infrastructure provider, has revealed its plan to enter the Saudi Arabian market by introducing Marhabaverse, a platform designed to revolutionize brand engagement in the fast-paced world of Web3 Gaming and Metaverse.&nbsp;



In addition, Seracle has established an office in Riyadh to manage its operations in Saudi Arabia and other Middle Eastern countries. The company aims to promote digital innovation and sustainability in this market by collaborating with local businesses.&nbsp;



Through partnerships with local businesses, Marhabaverse seeks to establish immersive and sustainable brand experiences within the Metaverse and Web3 Gaming arena.



Marhabaverse will soon be welcoming some of the leading brands and businesses in Saudi Arabia. The platform&#8217;s primary goal is to assist these businesses in showcasing their products, services, and identities. Additionally, Marhabaverse aims to contribute to a greener planet by generating carbon credits for every interaction made on the platform. These credits will be utilized to offset the environmental impact caused by these interactions.



In this regard, Founder &amp; CEO of Seracle Shrikant Bhalerao said: &#8220;Seracle&#8217;s expansion into Saudi Arabia is a testament to our belief in the transformative potential of the Metaverse and Web3 Gaming. Marhabaverse goes beyond entertainment; it represents a commitment to sustainability and brand innovation.&#8221;



Seracle will soon announce SCM, ERP, and blockchain-based carbon tracking integrations. They will also form partnerships with local oil and gas and construction companies, Bhalerao added. This approach supports local businesses and Saudi brands to succeed in a digital-first world.



About Seracle:&nbsp;



Seracle is an innovative Web3 infrastructure provider that aims to create a sustainable digital future. They are dedicated to sustainability, innovation, and engaging brands. Seracle supports companies and brands in the Web3 era by enabling them to excel. Seracle has developed &#8220;Marhabaverse,&#8221; an immersive and sustainable brand experience for Metaverse and Web3 Gaming. Additionally, they are committed to environmental responsibility by offering carbon credits.

Seracle

Web3

Seracle Enters Saudi Market by Launching Marhbaverse

Research by Kaspersky has revealed that a significant proportion of workers in Saudi Arabia are optimistic about the potential of the metaverse to revolutionize various industries.



Around 64.8% of employees believe that it represents the future of the internet. Only a small minority (19.5%) are skeptical and see it as a passing trend. Many respondents reported that their companies are already involved in metaverse-related projects (32.3%) or have plans to launch such projects in the future (42.5%). However, the metaverse also poses new cybersecurity challenges that must be addressed.



Experts from Kaspersky have warned about the potential cyber risks associated with the emergence of new phenomena such as the metaverse. They caution that VR headsets could be vulnerable to attack, which could lead to content manipulation.



Additionally, virtual assets earned in the metaverse may be at risk of theft, and entire virtual economies could be compromised. There are also growing privacy concerns as extensive data is collected about users&#8217; actions, preferences, and behaviors, which could be exploited for identity theft or surveillance. Protecting individuals&#8217; privacy in such a vast and interconnected digital space is a significant challenge that will require cybersecurity strategies to adapt to address emerging threats and vulnerabilities as the metaverse continues to evolve.



In this regard, KasperskyOS Business Development Lead Victor Ivanovsky said: &#8220;When we discuss linking the metaverse and real-world objects and devices, technically, we talk about the rising importance &amp; new roles of IoT in the meta world. Hence, the &#8216;Internet-of-Everything&#8217; attractiveness for global cybercrime also increases.&#8221;



In March, Kaspersky found that 77% of the UAE residents think the NFTs can provide a new and advanced way to trade digital assets, whereas 72% believe it can guarantee the uniqueness of digital assets and contribute to the promotion of the concept of intellectual property.

About 65% of Employees in Saudi Arabia Believe in Metaverse’s Potential

The metaverse, with its related technologies, including VR and AR technologies, can change the current concept of traveling as the metaverse experiences can contribute $20 billion by 2030, according to a new report.



Research by McKinsey said that the metaverse could revolutionize the ways of exploring the world, including attending concerts, shopping, testing products, visiting attractions, and taking workshops virtually without going anywhere.



The report highlighted the early use cases of the metaverse in some historical sites and landmarks around the world. For example, French start-up Histovery produced an augmented exhibition on the history of Notre Dame de Paris aftermath of the fire that damaged the famous cathedral.



Also, in December 2021, MGM Resorts International applied a virtual solution in partnership with platform provider Strivr. MGM developed VR headsets that give aspirant front-of-house staff a realistic sense of what working at MGM casinos and hotels entails to speed up onboarding and upskilling and increase employee confidence.



The report also referred to Saudi Arabia’s Royal Commission for AlUla (RCU) recent announcement of launching the ancient city of <a href="https://upyo.com/en/news/tags/saudi-metaverse">Hegra in the metaverse</a> to be the first UNESCO World Heritage Site to be placed in the metaverse.



It also noted that the BCB Group, a leading crypto banking group, has developed a metaverse city that hosts virtual replicas of the most visited destinations in the world in the metaverse, such as the Great Wall of China and the Statue of Liberty with a low cost not exceeding $2.5.



In January, Booking surveyed more than 24,000 travelers from 32 countries, finding that 43% plan to use VR for traveling in 2023. China (75%), Thailand (72%), and India (70%) lead in VR adoption. Moreover, VR experiences can influence destination choices, with 46% of respondents more willing to visit previously unconsidered places after exploring them virtually, 60% still find traditional traveling more satisfying.

Virtual Traveling

Metaverse Can Contribute $20 Bln To Traveling by 2030

The organizing committee for the Metaverse Discovery Conference chose the World Metaverse Council (WMC) to be a strategic partner. The first edition of the Metaverse Discovery Conference will be held on June 8 at Crowne Plaza Riyadh RDC, according to Al Riyadh Newspaper.



Metaverse and crypto experts from New York, California, Cairo, Berlin, Dubai, Seoul, and Edinburgh will take part in the event. The day will feature everything from live demos to mind-blowing talks on fields like healthcare, sustainability, tourism and entertainment, smart cities, development and construction, finance, government services, and retail.



In this regard, Interim Chair of the World Metaverse Council Jane Thomason expressed her happiness for holding the council&#8217;s executive committee working group in the Saudi capital, hailing the selection of the Kingdom for holding the conference because it is one of the first countries to adopt the metaverse world in many sectors.



The event will also witness the holding of the World Metaverse Awards, under which a committee of experts will evaluate and assess the projects submitted to it. A short-list of potential winners will be revealed before the upcoming event.



In March, the Gulf country hosted the first edition of the International Telecommunication Union (ITU) forum on embracing the metaverse.



The metaverse is expected to contribute $15 billion to the economies of the Gulf countries by 2030 given that their governments are tapping into the virtual space, according to a study by Strategy&amp;, a management consulting company.



Saudi Arabia topped the GCC countries in terms of metaverse contributions, as it is predicted to account for $7.6 billion by 2030 (more than half of the figure. While, the UAE came second with an expected share of $3.3 billion. The predicted figures reflect the two countries’ tremendous efforts to deploy the usage of the metaverse in their respective national program, the report noted.

WMC Strategic Partner for Saudi-based Metaverse Event

A recent survey found that 90% of Saudi CEOs believe that the metaverse will play a key role in their expansion strategies in the coming two years in line with the development of the consumers&#8217; needs and desires, while 82% of UAE CEOs believe so.



Conducted by Deloitte in July 2022, a leading global provider of audit and assurance, consulting, and financial advisory, the survey addressed metaverse, sustainability, and other emerging topics in the marketing field. It covered 1,015 C-level executives, including 50 Saudi and 50 Emirati leaders in various industries, <a href="https://ar.cointelegraph.com/news/90-saudi-and-82-emirati-execs-think-metaverse-will-play-key-role-in-marketing" target="_blank" rel="noreferrer noopener">according to Cointelegraph</a>.



The participants represented international companies in the United States, the United Kingdom, Switzerland, Japan, and Australia, in addition to the Middle East.



According to the survey, 42% of the Saudi CEOs said their companies plan to join the metaverse world within 12 months, while 40% noted that their companies had already joined the virtual world. Only 2% of the surveyed pointed out that they have no plans to enter the metaverse.



As for the UAE CEOs, only 14% of the Emirati companies have already benefitted from the metaverse in their expansion plans, while 42% of the participants said they intend to enter the metaverse within the coming 12 months.



Commenting on the results, Partner at Deloitte Digital Middle East Hussein Dajani said Deloitte is keen to pay more attention to sustainability and emerging technologies.



In a statement, Deloitte noted that the marketers lay the foundation stone for adopting such new technologies this year to make their brands connected to what&#8217;s going on around them.



The metaverse is expected to contribute $15 billion to the economies of the Gulf countries by 2030, given that their governments are tapping into the virtual space, according to a study by Strategy&amp;, a management consulting company.



Saudi Arabia topped the GCC countries in terms of metaverse contributions, as it is predicted to account for $7.6 billion by 2030 (more than half of the figure. While the UAE came second with an expected share of $3.3 billion. The predicted figures reflect the two countries’ tremendous efforts to deploy the usage of the metaverse in their respective national program, the report noted.

Riyadh

90% of Saudi CEOs Believe Metaverse To Help to Expand Businesses

Saudi Arabia plans to build a new sci-fi city of the future in Riyadh, named New Murabba, that takes shape of a gigantic cube packed full of metaverse-related technologies. 



<a href="https://www.dailystar.co.uk/tech/news/inside-saudi-arabias-giant-metaverse-29275089" target="_blank" rel="noreferrer noopener">According to The Daily Star newspaper</a>, New Murabba will be an iconic landmark featuring the latest technologies, including the metaverse as it will be a massive metaverse cube with dimensions of 400 meters high, 400 meters wide, and 400 meters long.



In a tweet, the Public Investment Fund of Saudi Arabia said: &#8220;A gateway to another world:&nbsp;<a target="_blank" href="https://twitter.com/hashtag/TheMukaab?src=hashtag_click" rel="noreferrer noopener">#TheMukaab</a>&nbsp;will be the world’s first immersive, experiential destination. Large enough to hold 20 Empire State Buildings, the global icon will feature innovative technologies to transport you to new worlds.&#8221;&nbsp;



At its center, a gigantic spiral tower will at the city&#8217;s center, which will be full of massive screens, robots, AI, and holograms. The Saudi government posted a promotional video of the new city, wishing to finish construction before the time of the 2030 World Expo.&nbsp;



Recently, Saudi Arabia has witnessed applications and agreements related to Web3 technologies, topped by metaverse, during the LEAP 23 Conference, held lately in Riyadh. The Saudi Arabia Digital Government Authority (DGA) has inked a memorandum of understanding with metaverse giant The Sandbox to boost cooperation in the virtual space.&nbsp;



Meta also plans to set up a Metaverse Academy in Saudi Arabia to be the first of its kind in the Middle East and North Africa (MENA) region. In addition, KPMG, the financial audit, tax, and advisory provider, announced the establishment of a Center of Excellence (CoE) to accelerate the application of metaverse and digital twins in Saudi Arabia.&nbsp;



The Gulf country also collaborated with King Abdulaziz Foundation for Research and Archives to bring the Saudi National Day to the metaverse.



The metaverse is expected to contribute $15 billion to the economies of the Gulf countries by 2030 given that their governments are tapping into the virtual space, according to a study by Strategy&amp;.



Saudi Arabia topped the GCC countries in terms of metaverse contributions, as it is predicted to account for $7.6 billion by 2030 (more than half of the figure. While the UAE came second with an expected share of $3.3 billion.

New-Murabba-project

Paper Says New Murabba Will Be Huge Saudi Metaverse Hub

The Royal Commission for AlUla called on metaverse users to visit the Tomb of Lihyan in the virtual world, which is considered the first Saudi site listed on the World Heritage Site.



Visitors, through their avatars, can enjoy an air balloon experience in the metaverse in the historical site as their tour will include an eye view of a 3D model of the tomb and the desert in the virtual space in a step to promote an immersive experience in virtual tourism, <a href="https://www.spa.gov.sa/viewstory.php?lang=ar&amp;newsid=2427928" target="_blank" rel="noreferrer noopener">according to Saudi Press Agency (SPA)</a>.



The royal commission will offer wearable NFTs to a limited number of balloon riders through which they could be used for unlocking metaverse experiences in the future.



Ahmed Daoud, the royal commission&#8217;s acting executive director of innovation, said the commission&#8217;s entry into the metaverse world is a first step of a journey in which the commission needs to reveal new worlds, pointing out that the commission seeks to bolster AlUla&#8217;s ties with the new geeks around the world.



Commenting on the virtual balloon experience, Daoud noted: &#8220;The balloon tourism experience in the metaverse allows for viewing the tomb in new dimensions, giving digital explorers exceptional access to one of the most important attractions in the world, in ways that exceed what is possible in real life.&#8221;



The new Saudi virtual experience is a result of the royal commission&#8217;s collaboration with global creative consultancy Frog Design. It is now available on Decentraland as users can start their tour and explore Hegra in the metaverse via this link: https://play.decentraland.org.



In November 2022, the royal commission announced the recreation of the Tomb of Lihyan in the metaverse, bringing a UNESCO World Heritage Site for the first time into the virtual world.

Hot_Air_Balloon_Flight_1283x781

Saudi Arabia Enables AlUla Visitors to Ride Air Balloon in Metaverse

Saudi media conglomerate MBC Group teamed up with Social app VUZ, an app that enables users to stream in the metaverse and extended reality, to benefit from MBC Group’s video library.



Through this partnership, VUZ will offer an immersive experience for its users benefitting from MBC Group&#8217;s media assets in the region, including satellite TV, radio, social media, and streaming platform Shahid, <a href="https://www.arabnews.com/node/2252506/media" target="_blank" rel="noreferrer noopener">according to Arab News</a>.



In this regard, Founder of VUZ Khaled Zaatarah said Vuz seeks to bring the best content to its users using the latest media trends of MBC, noting: &#8220;Our goal is to provide our users with the most beloved content and the best immersive experiences.&#8221;



Meanwhile, Fadel Zahreddine, group director of emerging media at MBC Group, affirmed the necessity of embracing captivating experiences, like the metaverse, whose importance is growing in the region lately, adding &#8220;Creating a more realistic and engaging environment allows users to become more deeply involved in — and more connected to — the content they are consuming.&#8221;



Moreover, Vuz will debut special social channels for MBC on its platform.



The metaverse is expected to contribute $15 billion to the economies of the Gulf countries by 2030 given that their governments are tapping into the virtual space, according to a study by Strategy&amp;, a management consulting company.



Saudi Arabia topped the GCC countries in terms of metaverse contributions, as it is predicted to account for $7.6 billion by 2030 (more than half of the figure. While the UAE came second with an expected share of $3.3 billion.

VUZ-x-MBC-PARTNERSHIP

MBC Group Collaborates with VUZ in Metaverse Experience

The LEAP 2023 conference, held in the Saudi capital of Riyadh, announced the launch of the Alliance for Metaverse and Web3 Empowerment (AM3E), according to ITP website.



The initiative, set to be operated through 2023, is meant to set up technical, economic, and ethical standards for digital builders to make sure of fairness and safety in the digital space. AM3E gathers global companies and innovators along with Web3 designers to unleash the metaverse&#8217;s potential.



It is composed of pioneering individuals, corporations, metaverse experts, and organizations, who tackled, during a roundtable, ways to drive the metaverse growth. They shared a group of principles that could serve users, creators, digital builders, and companies.



AM3E&#8217;s meeting was chaired by Forbes Ignite’s CEO and founder Nicole Cacal and Chief Strategy Officer William Thompson, in the presence of President of King Abdulaziz City for Science and Technology Munir M. Eldesouki, Founder of the Global Meta Blockchain Jane Thomason, COO and founder of The Sandbox Sebastien Borgetm, CTO at Wipro Subha Tatavarti, CEO of the TMRW Foundation Cevat Yerli, Chief Transformation Officer of Magic Leap Daniel Diez, SVP and Head of Enterprise Technology Business at Tech Mahindra Harshul Asnani, Co-founder and CEO at Proof of Learn Sheila Lirio Marcelo and CEO of Animoca Brands Robby Yung.



In this regard, Regional EVP of MEA at Informa Markets Michael Champion said: &#8220;This landmark alliance underlines LEAP’s commitment to unveil and accelerate breakthrough products and ideas, and forge partnerships that will drive new worldwide collaborations leveraging technology’s limitless potential.



It is worth mentioning that LEAP23 announced a series of total investments worth $580 million to promote Saudi Arabia’s digital transformation in various fields.

LEAP

LEAP Conference Launches Metaverse Alliance

The Saudi Ministry of Municipal, Rural Affairs and Housing announced it has the launch of a metaverse platform, Sakani Metaverse, the first of its kind in the Kingdom, to improve the quality of life for the citizens.



The housing ministry&#8217;s announcement came during its participation in the LEAP 2023, held in Riyadh, from February 6 to 9 with the participation of dozens of experts, government officials, and representatives of companies who discussed the latest developments in virtual reality, fintech, Fourth Industrial Revolution, and smart cities.



In this regard, Rayan bin Abdullah Al-Aql, the head of the individual solution sector at the National Housing Company (NHC) of Saudi Arabia, said Sakani will allow those who are interested in buying real estate to have a look at the properties they want in the metaverse instead of conducting field visits.



Aql pointed out that Sakani would provide different housing options for the beneficiaries and offer new aspects of cooperation between real estate companies, brokers, and buyers in an attempt to upgrade the level of quality of life.



During the event, Saudi Arabia saw the launch and sign of metaverse-related initiatives, topped by the inking of a memorandum of understanding between the Saudi Arabia Digital Government Authority (DGA) and the metaverse giant The Sandbox to boost cooperation in the virtual space.



The metaverse is expected to contribute $15 billion to the economies of the Gulf countries by 2030 given that their governments are tapping into the virtual space, according to a study by Strategy&amp;.



Saudi Arabia topped the GCC countries in terms of metaverse contributions, as it is predicted to account for $7.6 billion by 2030 (more than half of the figure. While the UAE came second with an expected share of $3.3 billion. The predicted figures reflect the two countries’ tremendous efforts to deploy the usage of the metaverse in their respective national program, the report noted.

Saudi Ministry of Housing

Saudi Housing Ministry Launches Sakani Metaverse

KPMG, the financial audit, tax, and advisory provider, announced the establishment of a Center of Excellence (CoE) to accelerate the application of metaverse and digital twins in Saudi Arabia, <a href="https://gulfbusiness.com/kpmg-launches-coe-for-metaverse-at-leap/" target="_blank" rel="noreferrer noopener">according to Gulf Business</a>.



The consultancy firm&#8217;s announcement was made on the fringe of the LEAP 2023 conference, held in Riyadh, set to conclude today after it had attracted over 100,000 tech innovators and pioneering experts from around the world.



One of the center&#8217;s objectives is to help organizations build digital twin objects, processes, and assets, like in metaverse for example. It will work jointly with Microsoft, Ericsson for their 5G technology, and Metakey for developing 3D objects.



In this regard, Head of Digital Lighthouse at KPMG in Saudi Arabia Maz Hussain hailed the Saudi government&#8217;s keenness to explore opportunities in the metaverse and its public utility, a matter which creates chances for the government, public and private sectors across different industries.



Hussain said: &#8220;We have seen an immense commitment from the government to invest in the metaverse and to explore the public utility of the technology. With the launch of the Centre of Excellence, we are proud to bring together a team of experts and organizations to really drive these initiatives forward.&#8221;



He asserted that the metaverse would contribute to making Saudi companies more competitive and exploring global opportunities, expressing his optimism about the future of the metaverse and Web 3.0 applications in the Kingdom.



&#8220;With our CoE, guided by an advisory board of global ecosystem partners and with a dedicated team of specialists from academia and industry, we will be very focused on use case development in Saudi Arabia,&#8221; he added.



The metaverse is expected to contribute $15 billion to the economies of the Gulf countries by 2030 given that their governments are tapping into the virtual space, according to a study by Strategy&amp;.



Saudi Arabia topped the GCC countries in terms of metaverse contributions, as it is predicted to account for $7.6 billion by 2030 (more than half of the figure. While the UAE came second with an expected share of $3.3 billion. The predicted figures reflect the two countries’ tremendous efforts to deploy the usage of the metaverse in their respective national program, the report noted.

KPMG Sets up CoE in Saudi Arabia to Accelerate Metaverse Adaption

The Saudi Arabia Digital Government Authority (DGA) has inked a memorandum of understanding with metaverse giant The Sandbox to boost cooperation in the virtual space.&nbsp;



The deal, which was signed during the LEAP 23 Conference, which started in Riyadh on Monday, set to close doors on Thursday, was announced by COO and co-founder of The Sandbox Sebastien Borget on Twitter.&nbsp;



Borget said: &#8220;It was a true honor to sign our MOU partnership ceremony between&nbsp;<a rel="noreferrer noopener" href="https://twitter.com/TheSandboxGame" target="_blank">@TheSandboxGame</a>&nbsp;and the Saudi Arabia Digital Government Authority (DGA) during<a rel="noreferrer noopener" href="https://twitter.com/hashtag/LEAP?src=hashtag_click" target="_blank">&nbsp;#LEAP</a>&nbsp;2023 conference, and we look forward to exploring, advising and supporting mutually each other in activations of the Metaverse.&#8221;&nbsp;



<blockquote class="twitter-tweet" data-width="500" data-dnt="true">It was a true honor to sign our MOU partnership ceremony between <a href="https://twitter.com/TheSandboxGame?ref_src=twsrc%5Etfw">@TheSandboxGame</a> and the Saudi Arabia Digital Government Authority (DGA) during <a href="https://twitter.com/hashtag/LEAP?src=hash&amp;ref_src=twsrc%5Etfw">#LEAP</a> 2023 conference, and we look forward to exploring, advising and supporting mutually each other in activations of the Metaverse <a href="https://t.co/mTBYqlwvUa">pic.twitter.com/mTBYqlwvUa</a>&mdash; Sebastien 🏞 (@borgetsebastien) <a href="https://twitter.com/borgetsebastien/status/1623011246491701250?ref_src=twsrc%5Etfw">February 7, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 



<a href="https://www.cryptotimes.io/sandbox-partners-with-saudi-arabia-dga-for-metaverse-initiatives/" target="_blank" rel="noreferrer noopener">According to Crypto Times</a>, he pointed out that he could not provide any additional information about his company&#8217;s agreement with the Saudi government now, adding more details will be revealed within the coming weeks.&nbsp;



Following the deal, the native token of The Sandbox, SAND, increased to $0.91 shortly after the announcement, a 27% hike compared to yesterday’s figures.



The LEAP 2023 conference is expected to attract more than 250,000 visitors from around the world this year.



The event also witnessed Meta&#8217;s announcement of its intent to set up the first metaverse academy in the MENA region in Saudi Arabia, a matter which shows competition between Riyadh and Abu Dhabi in cope up with the latest technology events like metaverse and Web 3.0.&nbsp;&nbsp;



The metaverse is expected to contribute $15 billion to the economies of the Gulf countries by 2030 given that their governments are tapping into the virtual space, according to a study by Strategy&amp;.



Saudi Arabia topped the GCC countries in terms of metaverse contributions, as it is predicted to account for $7.6 billion by 2030 (more than half of the figure. While the UAE came second with an expected share of $3.3 billion. The predicted figures reflect the two countries’ tremendous efforts to deploy the usage of the metaverse in their respective national program, the report noted.

The-Sandbox-MOu-X-Digital-Saudi

Saudi Arabia, Sandbox Ink Deal on Metaverse Cooperation

Meta plans to set up a Metaverse Academy in Saudi Arabia to be the first of its kind in the Middle East and North Africa (MENA) region.



This announcement was made during the first day of the LEAP 23 Conference, which started in Riyadh on Monday, set to close doors on Thursday,<a href="https://www.spa.gov.sa/viewstory.php?lang=en&amp;newsid=2423822" target="_blank" rel="noreferrer noopener"> Saudi Press Agency (SPA) reported</a>.



During the opening of the event, Saudi Minister of Communications and Information Technology Abdullah bin Amer Al-Swaha said his country will pump investments worth more than $9 billion in future technologies, digital entrepreneurship, and tech startups to make the Arab country a leading digital market in the MENA region.



Swaha pointed to investments that are expected to be made by companies like Oracle and Huawei worth $1.9 billion in launching new cloud areas in the Kingdom, adding Microsoft will pump $2.1 billion investment in setting up a hyper-scale cloud in the country. LEAP 23 is expected to attract more than 250,000 visitors from around the world this year.



It is worth mentioning that Meta opened its first Metaverse Academy in the world in France. The academy is supposed to qualify students for the technological demands that the metaverse needs in areas of virtual reality and augmented reality.



The metaverse is expected to contribute $15 billion to the economies of the Gulf countries by 2030 given that their governments are tapping into the virtual space, according to a study by Strategy&amp;.



Saudi Arabia topped the GCC countries in terms of metaverse contributions, as it is predicted to account for $7.6 billion by 2030 (more than half of the figure. While the UAE came second with an expected share of $3.3 billion. The predicted figures reflect the two countries’ tremendous efforts to deploy the usage of the metaverse in their respective national program, the report noted.

LEAP-2022

Saudi Arabia To Witness Opening 1st Metaverse Academy in MENA

Saudi Communications Minister Abdullah Alswaha said Saudi Arabia eyes achieving more progress in the industrial metaverse, such as the healthcare sector.



Alswaha&#8217;s remarks came during his participation in a World Economic Forum panel in Davos on tackling the impacts of the next era of the internet on the metaverse, <a href="https://english.alarabiya.net/News/saudi-arabia/2023/01/19/Saudi-Arabia-doubling-down-on-talent-to-grow-industrial-metaverse-Minister-at-WEF" target="_blank" rel="noreferrer noopener">Al Arabiya reported on Thursday</a>.



“We’re doubling down on talent and technology in the industrial metaverse,” the minister said during the panel, adding: &#8220;I’m a big advocate of the metaverse.&#8221; The Saudi minister also noted that the metaverse would be the next wave of technology, which will bring an adding value to industries.



The Kingdom is currently deploying the metaverse in developing its futuristic city NEOM and NEOM Tech &amp; Digital Company subsidiary, Tonomus, which has invested $1 billion in products, including a digital twin metaverse.



The Saudi minister further said Crown Prince Mohammed bin Salman had asked for a digital twin for the NEOM and the Red Sea Project ahead of the start of development.



During this edition of WEF, Saudi Arabia showed its interest in investing in the Global Collaboration Village, the purpose-driven metaverse launched by WEF.



During a meeting between a high-level Saudi delegation and WEF senior officials, the Kingdom announced that it plans to build a virtual house in the village to be a bridge of communication between different national stakeholders and international institutions for luring investments. Aramco, the pioneering energy producer, will be the first Saudi entity to establish a house in the WEF’s village.



It is worth mentioning that WEF had established the village where organizations and companies around the world can convene to address and create solutions for the world’s top challenges with the help of 80 pioneering organizations to create the first-ever interactive and multilateral session in the metaverse.

Swaha

Saudi Minister: I’m Big Advocate of Metaverse

Saudi Arabia showed its interest in investing in the Global Collaboration Village, the purpose-driven metaverse launched by the World Economic Forum (WEF).



Saudi Arabia plans to build a virtual house in the village to be a bridge of communication between different national stakeholders and international institutions for luring investments. Aramco, the pioneering energy producer, will be the first Saudi entity to establish a house in the WEF&#8217;s village.



This announcement was made during a meeting between a Saudi high-level delegation and WEF Founder and Executive Chairman Klaus Schwab and WEF President Børge Brende. The Saudi delegation included Foreign Minister Prince Faisal Bin Farhan, Saudi Ambassador to the US Princess Reema Bint Bandar, Minister of Communications and Information Technology Abdullah Al-Swaha, Minister of Industry and Mineral Resources Bandar Alkhorayef, and Minister of Economy and Planning Faisal Al-Ibrahim.



<a href="https://saudigazette.com.sa/article/628976/SAUDI-ARABIA/Saudi-Arabia-WEF-launch-innovation-accelerator-explore-collaborations-in-global-metaverse-village" target="_blank" rel="noreferrer noopener">Saudi Gazette Newspaper</a> reported that the house would be a Saudi tool for attending events, making announcements, sharing knowledge, and interacting with people.



It is worth mentioning that WEF had established the village where organizations and companies around the world can convene to address and create solutions for the world’s top challenges with the help of 80 pioneering organizations to create the first-ever interactive and multilateral session in the metaverse.



Regarding the village, it consists of a town hall, which includes WEF’s Virtual Congress Centre with the purpose of holding plenaries and workshops, a collaborative center, which is a virtual space for captivating storytelling and the Forum’s thought leadership on different issues.



The Global Collaboration Village also includes stakeholder campuses, where WEF’s partners can meet with their stakeholders and others to find solutions for global issues.

Saudi Delegation

Saudi Arabia To Build Virtual House in WEF’s Metaverse

Saudi Arabia announced that it has launched a metaverse platform for educating pilgrims on the rituals of Hajj and Umrah.



This new platform was launched by the King Abdulaziz University and the Virtual Reality Research Group in collaboration with the artificial intelligence consulting office during the second edition of the Hajj and Umrah Services Conference and Exhibition, Hajj Expo, held in Jeddah till January 12 with the participation of 81 speakers and officials from more than 57 countries.



The Hajj metaverse will teach the rituals for the pilgrims from their arrival at King Abdulaziz International Airport in Jeddah till finishing all rituals. The first-of-its-kind virtual tour needs only three minutes for the pilgrim to complete it.



<figure class="wp-block-image size-full is-resized"><img decoding="async" loading="lazy" src="http://adminblog.upyo.io/wp-content/uploads/2023/01/4-1.png" alt="" class="wp-image-3632" width="663" height="332" srcset="https://3.111.63.208/wp-content/uploads/2023/01/4-1.png 680w, https://3.111.63.208/wp-content/uploads/2023/01/4-1-300x150.png 300w" sizes="(max-width: 663px) 100vw, 663px" /></figure>



The user will see Kaaba, Mount Arafat, Jamaraat Bridge, and other holy sites during his tour. The platform will count the waiting period at the various places that witness the biggest amount of congestion during the Hajj season, such as toilets, with the motive of reducing the burden on the pilgrim, so that he does not have to stand for long periods in these areas during peak hours.



Moreover, the Museum of the Prophet’s Biography and Islamic Civilization offered a virtual experience for the visitors of its pavilion during Hajj Expo to get familiarized about the Prophet Muhammad’s life.



The event was attended by more than 60,000 visitors from inside and outside the Kingdom, and more than 200 specialized companies were present, in addition to local companies.

Hajj In Metaverse

Saudi Arabia Launches Metaverse for Hajj, Umrah

A recent report showed that there is a high level of awareness across the Gulf countries about NFTs, metaverse, and cryptocurrencies, especially among younger and high-income males.



Chalhoub Group released a new report titled ‘GCC State of the Metaverse and its Potential for Luxury Retail’ in which it surveyed 1,600 consumers from Gulf countries to measure the actual adoption and future behavior towards metaverse, NFTs, and crypto, <a href="https://www.itp.net/emergent-tech/high-metaverse-awareness-in-the-gcc-presents-huge-opportunities-for-retail-sector-report" target="_blank" rel="noreferrer noopener">according to ITP Website</a>.



The report indicated a high level of awareness among residents in the UAE, Saudi Arabia, and Oman about crypto, NFTs, and metaverse, with a percentage of 77%, 49%, and 46%, respectively.



Chalhoup surveyed luxury consumers in the Gulf countries, showing that 89% would like to see products in the metaverse and 71% have already engaged with a branded virtual experience. Regarding the adoption rates, 48% of the surveyed said they have already invested in crypto, while 23% confirmed that they had engaged with NFTs and actively used metaverse platforms.



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="824" height="1024" src="https://adminblog.upyo.io/wp-content/uploads/2022/12/GCC-State-of-the-Metaverse-data-3-824x1024-1.jpg" alt="" class="wp-image-3065" srcset="https://3.111.63.208/wp-content/uploads/2022/12/GCC-State-of-the-Metaverse-data-3-824x1024-1.jpg 824w, https://3.111.63.208/wp-content/uploads/2022/12/GCC-State-of-the-Metaverse-data-3-824x1024-1-241x300.jpg 241w, https://3.111.63.208/wp-content/uploads/2022/12/GCC-State-of-the-Metaverse-data-3-824x1024-1-768x954.jpg 768w" sizes="(max-width: 824px) 100vw, 824px" /></figure>



Regarding NFTs, 23% of Gulf countries&#8217; luxury shoppers already own NFTs, while 57% are interested in purchasing NFTs. According to the report, 83% said they would consider NFTs if they could be redeemed for a physical product. The report found that the reason for purchasing NFTs is for investment purposes, with virtual art and sport being the most purchased types.



As for the metaverse, the report asserted that the Gulf countries have the right foundations to render their metaverse-based initiatives successful, driven by tech-savvy youth and enabled by a favorable regulatory environment. The high disposable income in the Gulf countries and regional firms&#8217; desire to experience the metaverse are factors that contribute to the metaverse development in the region.



In addition, their governments are prioritizing incorporating the metaverse into national strategies. Despite the optimistic figures, the report detected some concerns from the users. It reported that 34% of the users are afraid of crypto volatility, while 28% have a lack of trust in NFTs, in addition, 42% have a lack of understanding of the metaverse.



In this regard, Head of Corporate Innovation at Chalhoub Group Nick Vinckier said: &#8220;The GCC is known for its young and tech-savvy consumers who are very knowledgeable about the metaverse while being luxury enthusiasts. For us at Chalhoub Group, we recognize that leveraging the power of Web3 enables us to reinvent the entire customer journey, whether it’s building awareness, increasing brand engagement, enhancing conversion, nurturing loyalty, or launching new business models.&#8221;

Report Reveals High Level of Awareness in Gulf Countries about NFTs, Metaverse, Crypto

The metaverse is expected to contribute $15 billion to the economies of the Gulf countries by 2030 given that their governments are tapping into the virtual space, according to a study by Strategy&amp;, a management consulting company.



Saudi Arabia topped the GCC countries in terms of metaverse contributions, as it is predicted to account for $7.6 billion by 2030 (more than half of the figure. While the UAE came second with an expected share of $3.3 billion. The predicted figures reflect the two countries&#8217; tremendous efforts to deploy the usage of the metaverse in their respective national program, the report noted.



Qatar came in third place with $1.6 billion, followed by Kuwait ($1 billion), Oman ($800 million), and Bahrain ($400 million). The report pointed out that the travel and tourism industry in the GCC countries will be the most benefitted sector, with a predicted economic gain worth $3.2 billion each year, <a href="https://www.itp.net/emergent-tech/metaverse-to-add-15-billion-to-gcc-economies-by-2030" target="_blank" rel="noreferrer noopener">according to ITP news</a>.



In this regard, Partner with Strategy&amp; Middle East Dany Karam said: &#8220;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.&#8221;



The report asserted that in light of the ongoing development of the metaverse, the GCC countries should act and seize the opportunity.



Saudi Arabia&#8217;s Neom on the Red Sea plans to widely use the metaverse to provide information on construction operations. A metaverse for Neom has also been developed to allow people to simultaneously experience the city in both the real and virtual worlds.



Also, the Emirati government, in July, launched the Dubai Metaverse Strategy which aims to contribute $4 billion to the emirate’s economy. The strategy targets increasing the number of blockchain and metaverse companies fivefold within five years as well as offering 40,000 virtual jobs to be one of the top 10 global metaverse economies.



In an April global survey by Accenture, 71% of respondents said moving to the metaverse will have a positive business impact.

Metaverse To Contribute by $15 Billion to GCC Economies by 2030

Saudi business tycoon Prince Alwaleed bin Talal debuted on Wednesday a virtual charity center in the metaverse.



The virtual charity center is being set up by Alwaleed Philanthropies in cooperation with the University of Edinburgh, the Oxford University Museums, Pergamon Museum Berlin, the crafts non-governmental organization Turquoise Mountain Foundation, and Darzah, a Palestinian crafts designer.



The captivating experience, launched on the <a href="https://upyo.com/en/news/tags/decentraland">Decentraland</a>, consists of virtual exhibitions of historical Arab science, art, and culture. One exhibition will showcase traditional handmade Saudi crafts from Mizwada, the Alwaleed Philanthropies brand, for the guests.



Another exhibition will focus on the Astrolabe, an ancient astronomical Islamic instrument that was a handheld model of the universe. While another room will display the Compendium of Chronicles of the Persian statesman and historian Rashīd al-Dīn.



Darzah designer will also showcase traditional Palestinian handmade products in addition to a room that will show the beauty of the interior of a Syrian mansion in the 17th century.



Alwaleed bin Talal&#8217;s charitable organization comes in conjunction with the International Day of Tolerance, according to Al Arabiya.



The Saudi billionaire organization will announce its areas of concentration by developing this metaverse base as it will exhibit its plans throughout the center.



Secretary-General of Alwaleed Philanthropies Princess Lamia Bint Majed said the charitable organization believes in creating an impact on people&#8217;s lives globally.



“At Alwaleed Philanthropies, we initiate and collaborate, to come together for good deeds, through cooperating with a range of philanthropic, governmental and educational organizations to combat poverty, empower women and youth, develop communities, provide disaster relief and create cultural understanding,” she added.



A metaverse is a network of three-dimensional virtual environments focusing on social interaction. It may be characterized as a digitally simulated world. It utilizes blockchain, augmented reality, and virtual reality (VR), combined with social media principles, to develop venues for extensive user communication that imitate the real world.



The metaverse is an encompassing word for technologies that aid in creating a whole digital world similar to the real one. This universe can be incredibly comprehensive and encompass a broad range of various planets, sometimes referred to as virtual environments.

Alwaleed bin Talaal’s Center Metaverse

Alwaleed bin Talal Launches Charity Center in Metaverse

Hegra’s Tomb of Lihyan in Al-Ula in Saudi Arabia is now recreated in the metaverse, the Royal Commission for Al-Ula (RCU) announced.



RCU said tourists can visit and enter the Hegra, a matter which tourists in the real world cannot do, in addition to getting detailed information about the Saudi destination, dating back to the first century BCE, by interacting with virtual touchpoints, <a href="https://www.thenationalnews.com/travel/2022/11/07/hegras-tomb-of-lihyan-in-alula-is-recreated-in-the-metaverse/" target="_blank" rel="noreferrer noopener">according to the National Newspaper</a>. 



Rendered on Decentraland, an Ethereum-based 3 Dimensional virtual platform, this is the first project in Al-Ula to enter the metaverse and the first UNESCO World Heritage site also.



In this regard, RCU Chief Executive Amr AlMadani said the move represents an open invitation for digital explorers, travelers, and academics to tour Al-Ula like never before, an amazing turning point in the Al-Ula unique heritage history.



Madani described Al-Ula&#8217;s accession to the metaverse as an important step, which will contribute to its regeneration, saying: &#8220;moving from the physical to the digital realm and accessible to everyone, everywhere.&#8221;



Tomb of Lihyan, son of Kuza, also known as Qasr Al Farid or “The Lonely Castle”, is a well-known and iconic tomb in Mada’in Salih, Hegra in Saudi Arabia.



The structure is said to have been erected in the 1st century CE and is unmatched when it comes to ancient design and architecture. Moreover, It was also the first Saudi site to be declared a UNESCO World Heritage Site.



Frog, a leading global creative consultancy firm, will help RCU in launching Hegra in the metaverse.



It is worth mentioning that iconic Arab landmarks, especially in the Gulf region, announced their debut in the metaverse over the past months, topped by Abu Dhabi&#8217;s Yas Island and Dubai&#8217;s Burj Khalifa. They are intending to introduce a new type of tourism based on the digital space and present an immersive experience for all visitors from any place in the world.

Saudi Metaverse News

Latest Saudi Metaverse News