Investment from the digital giants
Initially billed as a virtual world where you could interact with other people, the Metaverse is set to revolutionise business in the Middle East to the tune of billions of dollars.
While it sounds like something out of a superhero movie, Meta Platforms, the parent company of Facebook, is launching MENA’s first Metaverse Academy in Riyadh, Saudi Arabia, this May.
Based on Web3 – an updated version of the World Wide Web with decentralisation and blockchain – the Metaverse is being touted as the next big thing with regards to reshaping workspaces and businesses digitally. Fashion brands such as Gucci have already experimented with releasing virtual clothing for people’s avatars to wear, but it’s merely the tip of a very big virtual iceberg.
More than a thousand people will be trained at the Academy in the next 18 months.
Last July also saw the launch of a plan to make Dubai one of the global leading Metaverse economies. PwC predicts the Metaverse’s potential contribution to GCC economies could be around $15billion by 2030, worth $4billion with 40,000 new jobs in Dubai in five years.
Meanwhile, Amazon has launched the Amazon Academy in Saudi Arabia, aiming to train more than 30,000 people by 2025. Among courses covered are cloud architecture, artificial intelligence, machine learning, data analytics, end-to-end customer fulfilment and last-mile logistics, preparing the way for more investment from global retail brands and businesses in the region in the coming years.