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1、A Middle East perspective on the metaverseIs the region ready to seize the US$15 billion opportunity?ContactsDubaiTony G.KaramPartner+971-4-436-Dany KaramPartner+971-4-436-Jad N.BaroudiPrincipal+971-4-436-3000jad.baroudi About the authors Tony G.Karam is a partner with Strategy&Middle East,part of t

2、he PwC network.Based in Dubai,he is the leader of the digital team in the region.He has 25 years of experience across three continents helping organizations develop and deliver on complex transformation strategies and stand up mission critical systems.He helps clients apply technology innovation to

3、create sustainable business and social impact.Dany Karam is a partner with Strategy&Middle East.Based in Dubai,he is a member of the digital team in the region.He has over 17 years of experience applying digital and analytics to enable business strategies and drive frontline transformations.In parti

4、cular,he focuses on shaping and driving large,complex digital and data transformations,product and platform strategies,and helping build ventures,blending digital technology with deep industry expertise to tackle disruption.Jad N.Baroudi is a principal with Strategy&Middle East.Based in Dubai,he is

5、a member of the digital team in the region.He has 13 years of experience advising chief experience officers and senior government officials in the Middle East on how to shape the future of their organization in response to digital disruption and innovation.He specializes in corporate venture buildin

6、g and venture capital,digital business transformation,and data and artificial intelligence strategy.Sharona Boonman,Karim Al-Masri,Ankur Mittal,and Raveesh Rai also contributed to this report.Imagine youre a real estate developer,meeting virtually with architects and designers on three continents to

7、 test a 3D model of a proposed office and retail complex.Long before committing to a plan and a budget,you build a metaverse twin to experiment with architectural designs.You can test your cost structure,on-site renewable energy systems,and preventive maintenance in order to see how well they work b

8、efore installing them.During construction,you embed sensors that feed data to the metaverse twin,allowing owners and operators to virtually experience the complex.You can test thermostat settings for different areas and seasons,assess maintenance issues,see how furnishings look,and more.Welcome to t

9、he metaversea world of possibilities that extends beyond next-generation gaming and internet-based home buying or shopping.The metaverse will change how we work,transact,plan,design,build,shop,recreate,travel,and live.The metaverse has significant potential to energize and transform key sectors in t

10、he Middle East.In particular,the metaverse has enormous possible impact in the Gulf Cooperation Council(GCC)countries.1 The region is already seizing the opportunity,with important metaverse initiatives in Saudi Arabia2 and the United Arab Emirates(UAE).3 The metaverses potential contribution to GCC

11、 economies could be around US$15 billion by 2030,with more possible throughout the rest of the Middle East.Metaverse elements and applications are developing swiftly.Business leaders should immediately begin preparing strategically and technologically to take advantage of the metaverses transformati

12、ve possibilities.EXECUTIVE SUMMARYStrategy&|A Middle East perspective on the metaverse 1Strategy&|An opportunity for the Middle East to feed the world sustainably2WHAT IS THE METAVERSE?Precisely because the metaverse is in its infancy and its underlying technologies and structures are still developi

13、ng,defining it can be slippery.The metaverse is neither a place nor a technology.Instead,think of it as the culmination of the evolving humancomputer interface.Consider how that interaction has grown.The earliest days of the computer era featured mainframes and punch cards.Then,we had the personal c

14、omputer with its screen and mouse.Today,we hold in our hands mobile devices with touch screens,we use voice activation,and apps are hyper-personalized.We play and interact through augmented reality(AR)and virtual reality(VR).Then,from that long chain of ever-intensifying humancomputer connection and

15、 communication,we have created the metaverse,the ultimate interaction of humans and computers,an experience unlike anything that came before it.The metaverse is a convergence of technologies:an assemblage that creates a pervasive,immersive simulated experience so realistic that it is a parallel to r

16、eality.It can also be as intense as reality,because metaverse interaction is more than a solo experience.The metaverse allows groups of users to experience a simulated world together.Strategy&|A Middle East perspective on the metaverse2Underpinning the metaverse is a constellation of advanced techno

17、logies,including:HAPTIC TECHNOLOGY:which creates an artificial touch-like experience through the use of sensor-triggered vibrations or motions.Common uses today include space exploration,medicine,and video games.BLOCKCHAIN:a digital ledger that enables secure,decentralized economic and financial tra

18、nsactions.AR:which superimposes interactive virtual content on the real world.One example:eyewear that provides data points to users as they move through the virtual world.VR:a mock 3D visual(or other sensory)environment that the individual interacts with through headsets,goggles,gloves,or body suit

19、s.Strategy&|A Middle East perspective on the metaverse 3THE SEVEN BUILDING BLOCKS OF THE METAVERSEStrategy&|A Middle East perspective on the metaverse 4FUNCTIONALITIES(Capabilities of the metaverse)DIGITAL ASSETS(Elements present whenuser logs on)METAVERSE TYPE(Nature of the structureand control)ENG

20、AGEMENT(Hardware devices thatcustomers interact with)USE CASE(Possible experiences)TECHNOLOGIES(Technologies that power theobjects capabilities)REGULATIONS(Requirements for metaverse design)Industry and government regulations(Financial,broadcasting,intellectual property,data,privacy,etc.)3D Modeling

21、/VisualizationCurrencyBehavioralimitationCommunicationPrivateEnterpriseDecentralizedCentralizedSmartwearablesHolographicdevicesWebMobileAR/VRdevicesDigitize thephysical worldReimagine socializationand collaborationInnovate experiencesand engagementComputingCybersecurityPlatformDataSoftwareSensoryact

22、ionsDigital paymenttokensInfrastructureand landscapeVirtualobjectsAvatarsPlatformAuthenticityOwnershipPaymentmodesInteroperabilityIntellectualproperty3DreconstructionTransactionsEmotionalintelligenceStrategy&|A Middle East perspective on the metaverse 5Use casesThe differentiated experiences that di

23、gitize the physical world,facilitate seamless collaboration,and create a new reality.Distinct and compelling experiences are what the metaverse is all about.EngagementThe hardware that gives users access:artificial reality headsets,mobile devices,holographic devices that create virtual 3D images,sma

24、rt wearables,and the internet.Metaverse typeThe kind of structure and controlling entity.A centralized metaverse might be controlled by a video game maker,by an enterprise metaverse,or by a company that promotes its own digital tools and services.In a decentralized metaverse,users are in control.A m

25、etaverse can also be private.Digital assetsAvatars and their virtual possessions(such as clothing,or non-fungible tokens),5 along with the landscape and physical infrastructure,digital payment tokens,and sensory actions that support bodily movement.FunctionalitiesThe key aspects of the user experien

26、ce that animate interactions,that authenticate transactions,and that safeguard user identity:3D modeling and visualization,3D reconstruction(which captures the appearance of objects),interoperability(which lets users take their avatars across virtual spaces),behavioral imitation,transaction,communic

27、ation,and emotional intelligence.TechnologiesThe metaverses powertrain:computing tools such as the internet of things,5G,and edge computing;4 data tools such as artificial intelligence(AI),machine learning,and data management systems;platforms such as blockchain;and software applications such as ava

28、tar development,3D modeling,volumetric video,and payment services.RegulationsIndustry and government rules on issues such as data privacy,broadcasting,finance,and intellectual property,which together enable a well-functioning ecosystem.Strategy&|A Middle East perspective on the metaverse6OVERALL,WE

29、ESTIMATE THE METAVERSE WILL INJECT$15 BILLION INTO GCC ECONOMIES BY 2030.Strategy&|A Middle East perspective on the metaverse 7The metaverse is attracting substantial investment.The total value of the metaverse is expected to come close to$800 billion worldwide by 2024,and GCC countries are already

30、active participants.6 In July 2022,Dubai formally launched its metaverse strategy,with the aim of Dubai becoming a leading metaverse economy.Dubais new metaverse strategy is designed to add$4 billion to the economy and result in 40,000 new jobs over the next five years.7 The United Arab Emirates(UAE

31、)has established the Middle Easts first metaverse incubator8 to develop early-stage metaverse and Web3 applications.9 Saudi Arabias$500 billion city of NEOM has a metaverse component that already is being used to develop the city by informing construction and providing architects,engineers,designers

32、,and others with ways to collaborate and customize aspects of the project for real estate clients.Overall,we estimate the metaverse will inject$15 billion into GCC economies by 2030.We broke down its potential GDP contribution across the economy and by country.The projections assessed growth in the

33、component technologies,platforms,hardware,and software,as well as the economic contribution of new metaverse applications such as content creation,shopping,and so on(see Exhibit 2).METAVERSE POSSIBILITIES IN THE GCCStrategy&|A Middle East perspective on the metaverse8EXHIBIT 2Projected metaverse eco

34、nomic contribution in GCC countries,20303.70.41.01.82.23.22.4OthersectorsGovernmentservicesRealestateBanking andfinancialservicesRetail ande-commerceTravel andtourismGamingOman0.8Kuwait1.0Saudi Arabia7.6United ArabEmirates3.3Qatar1.6Bahrain0.4CONTRIBUTION TO GCC ECONOMIES,2030 US$BILLIONCONTRIBUTION

35、 BY INDUSTRY,2030 US$BILLIONStrategy&|A Middle East perspective on the metaverse 9Travel and tourismThe travel and tourism sector has the potential to reap the greatest economic gain from the metaverse:an estimated$3.2 billion throughout the GCC by 2030.Expanding travel and tourism opportunities is

36、an important part of Saudi Arabias Vision 2030 economic diversification initiative.10 The country is using cutting-edge technology to reach its aggressive target of 100 million tourists(foreign and domestic)by 2030.11 Indeed,beyond travel and tourism,the metaverses projected$7.6 billion contribution

37、 to the Saudi economy can contribute to Vision 2030s goal of attracting foreign direct investment inflows of SAR388 billion(US$103.5 billion)annually by 2030.12 Travelers crave experiences,and experiencesalbeit simulatedare the core promise of the metaverse.The travel industry can translate that cap

38、ability into tours of religious and cultural sites,fashion and food festivals,spa and health retreats,and entertainment and sports events.An immersive virtual experience can encourage in-person visitsand later on,tourists can relive their in-person experience through the metaverse.For example,studen

39、ts,historians,and tourists from around the world could experience the historic city of AlUla,home to the countrys first UNESCO World Heritage Site,via the metaverse.13 Qiddiyawhich is planned to be the worlds largest entertainment city,almost three times the size of Walt Disney World in the United S

40、tatescould attract almost double its annual goal of 14 million visitors by offering them immersive entertainment and leisure facilities that combine extended reality and metaverse for participation in major live events.14The question is,how might the metaverse energize sectors that are already estab

41、lished and projects that are already underway in the GCC region?Consider these examples.Strategy&|A Middle East perspective on the metaverse10Financial servicesWe project that the metaverse can create$1.8 billion in value for the GCCs banking and financial-services sector.The GCC region has managed

42、to establish four financial technology(fintech)hubs.15 Given its increasing prominence in global finance,the UAE in particular stands to gain from the metaverse.16 The Central Bank of the UAE plans to introduce digital currency within the next three years.The growth of fintech will require blockchai

43、n technology and crypto currencies,central to metaverse transactions,which can enable innovation in lending(including crowdsourcing)and secure payment systems.17 Indeed,with the evolution toward Web3,fintechs that use blockchain will constitute the economic rails of the metaverse,ensuring the moneti

44、zation of metaverse experiences.Commercial Bank International has just delivered precisely the kind of personalized banking experience that the metaverse enables by launching the GCCs first virtual banking location,doubtless the first of many to come.18Real estateBy our estimates,the metaverse could

45、 add$1 billion to the GCC real estate sector by 2030.Consider its possibilities in NEOM,the futuristic Red Sea city in northwest Saudi Arabia.NEOM is already a huge fixture on the global real estate market,41 percent of respondents in a recent survey called it the worlds most attractive giga project

46、(a project exceeding$10 billion).19 The metaverse is perfectly suited to enhancing the project and redefining the experiences it offers.Indeed,NEOMs technology and digital subsidiary is working to create XVRS,a metaverse in which people can visit NEOM.XVRS will allow them to do so completely virtual

47、ly,or,if they so choose,they can be physically at NEOM and explore it virtually.They can appear as avatars or as holograms.20 The metaverse representation of NEOM will shape how the city is built.Embedding an immersive experience in NEOM real estate will also enable virtual visitors to customize and

48、 personalize their residences.Strategy&|A Middle East perspective on the metaverse 11Six ways to start formulatinga metaverse strategyImagine the possibilitiesWhat are the most compelling ways tobring your offerings to life?Get on the ball with blockchainBlockchain is the payment infrastructureof th

49、e metaverseGet smarter about dataAI,machine learning,and next-gen analyticswill be critical for insights and decision makingMake cybersecurity a prioritySystemwide,there is far more user data to protect Build a robust digital infrastructureScalability and cloud capability are crucialIdentify relevan

50、t business use cases for pilot projectsConsider which cases best serve your business model and purposeSIX WAYS TO SEIZE THE METAVERSE OPPORTUNITYThe components of the metaverse are continuing to develop rapidly,its potential is becoming clearer,and its role is growing.So organizations need to move d

51、ecisively to prepare for the future.There are six ways to start formulating a metaverse strategy(see Exhibit 3).Strategy&|A Middle East perspective on the metaverse12Imagine the possibilitiesOne major goal of the metaverse is to offer a markedly better user experience than what is currently availabl

52、eto offer something that is almost lifelike.As a starting point,organizations should get creative.They should imagine how they can provide realistic experiences to customers in a make-believe environment.Whether its,say,a 3D representation or avatars and their belongings,organizations should conside

53、r the most compelling way to bring to life their particular offerings.That means an immersive experience that highlights the value of interacting with the organization and its products,while instilling confidence among both customers and the public.Identify relevant business use cases for pilot proj

54、ectsIt is easy to be swept away by the hype surrounding the metaverse.Companies must think strategically and practically about the use cases best suited to their business model and most aligned with their organizational purpose and aspirationsand then develop pilot projects.For example,a retail bank

55、 deciding its most effective first moves should weigh the relative benefits of either developing a metaverse loan application process or using an avatar application to prevent fraud.Above all,it is crucial to start experimenting today while the metaverse is still maturing,because in a few years it m

56、ight be too late to catch up with the competition.Build a robust digital infrastructureHaving a robust digital infrastructure in place is a prerequisite for developing metaverse experiences.The metaverse requires massive computing power,which means that organizations digital operations must expand c

57、onsiderably.Cloud computing capacity and other digital infrastructure driving the metaverse will need to be scaled up.6123456Strategy&|A Middle East perspective on the metaverse 13Get on the ball with blockchainEnsuring authenticity and maintaining a clear chain of custody records is crit

58、ical for the decentralized transactions of the digital economy.The payment infrastructure of the metaverse relies heavily on blockchain.At its core,blockchain provides the security and anonymity necessary to support transactions.No organization can realistically consider the commercial capabilities

59、of the metaverse unless it understands and is prepared to invest in this technology.Get smarter about dataData is the lifeblood of the digital world.To reap the benefits of data,companies must improve their data analytics and management capabilities continually.The metaverse will require a massive e

60、xpansion of those capabilities as the volume of data increases exponentially.Companies need robust,scalable data architectures and next-generation advanced analytics powered by machine learning.They also need people with related skills,such as proper data governance and data management skills.These

61、capabilities,moreover,are vital for guiding decision making,and for design and operations purposes.Make cybersecurity a priorityBusinesses need to embed cybersecurity throughout their operations.They must not treat cybersecurity as an end point,or,worse,an afterthought.User acceptance depends on the

62、 assurance that organizations will safeguard customer and visitor information.In the metaverse,that information goes well beyond a users payment and account information;it encompasses the full range of their movements and activities in the metaverse itself.As a starting point,companies must build th

63、eir cyber defenses with stronger infrastructure and systems,along with the necessary human expertise.6123456Strategy&|A Middle East perspective on the metaverse14CONCLUSIONThe road ahead is likely to be winding and long.The underlying technologies of the metaverse are complex,are not full

64、y developed,and interact in complicated ways.Governments and companies need to resolve various regulatory issues,particularly those regarding data privacy,data storage,and financial services.There are risks,known and unforeseeable,that could trigger setbacks or disappointment.However,not one of thes

65、e issues is stopping the metaverse,as the growing number of metaverse applications in the GCC demonstrates.As the metaverses theoretical and practical issues are overcome,the promise of value creation can only grow.Strategy&|A Middle East perspective on the metaverse 15ENDNOTES1.The GCC countries ar

66、e Bahrain,Kuwait,Oman,Qatar,Saudi Arabia,and the United Arab Emirates.2.Ben Flanagan,“Saudi Arabias New Metaverse Will Help Design$500bn City IRL,”Wired,February 1,2022(https:/wired.me/technology/saudi-arabias-new-metaverse-will-help-design-500bn-city-irl/).3.Fintechnews Middle East,“Dubai Launches

67、Its Official Metaverse Strategy,”July 20,2022(https:/fintechnews.ae/12722/fintechdubai/dubai-launches-its-official-metaverse-strategy/).4.Edge computing is the converse of the cloud approach in that it occurs close to the source(whether the computer,internet of things devices,or edge server)to reduc

68、e latency and bandwidth use.5.Non-fungible tokens are unique blockchain assets.6.Matthew Kanterman and Nathan Naidu,“Metaverse May Be$800 Billion Market,Next Tech Platform,”Bloomberg Intelligence,December 1,2021(https:/ Al-Rashdan,“Dubais Metaverse Plan Targets 40,000 Virtual Jobs in Five Years,”Blo

69、omberg,July 19,2022(https:/ Middle East,“Dubai Launches Its Official Metaverse Strategy,”July 20,2022(https:/fintechnews.ae/12722/fintechdubai/dubai-launches-its-official-metaverse-strategy/).8.Rizwan Choudhury,“Middle Easts First Metaverse Incubator Opens in Dubai World Trade Centre,”Mashable Middl

70、e East,April 12,2022(https:/ is the internets move toward decentralization.In Web3,traditional intermediariessuch as mobility platforms,banks,and government officesbecome obsolete.10.Saudi Arabia,“Vision 2030,Economy and Business,Promoting Local Content and National Industry”(https:/www.vision2030.g

71、ov.sa/thekingdom/explore/economy/#:text=Saudi%20Vision%202030%20aims%20to,and%20create%20sustainable%20job%20opportunities).Strategy&|A Middle East perspective on the metaverse 16Strategy&|A Middle East perspective on the metaverse 1711.Karim Abdallah,Marwan Bejjani,Dima Sayess,Vivek Madan,and Melis

72、sa Rizk,“Destination Middle East:Boosting the Regions Position in Global Tourism,”Strategy&,2020(https:/ Swilam and Enas Alashray,“New Saudi Investment Strategy Aims for$100 Bln Annual FDI FlowsSPA,”Reuters,October 11,2021(https:/ Trade Administration,“Saudi ArabiaCountry Commercial Guide:Travel,Tou

73、rism,and Entertainment,”2022(https:/www.trade.gov/country-commercial-guides/saudi-arabia-travel-tourism-and-entertainment).15.Jorge Camarate,Mark Stanley,Dr.Antoine Khadige,and Patricia Keating,“Fintech in the Middle East:Building on the Momentum,”Strategy&,2022(https:/ Waugh,“Where to from Here?The

74、 Future of the UAE Finance Industry,”Al Tamimi&Co.(https:/ Joshi,“Exploring the Galaxy of Fintech Services within the Metaverse,”Forbes,May 10,2022(https:/ Alomar,“UAE In-FocusUAE Bank Enters Metaverse;CVC-Owned TMF Group Acquired by Abu Dhabis Wealth Fund,”Arab News,July 24,2022(https:/arab.news/m2

75、k7k).19.Marco Ferrari,“NEOM First Choice among Giga-Projects for Saudi Arabian Homebuyers:Survey,”Al-Arabiya News,February 23,2022(https:/ Flanagan,“Saudi Arabias New Metaverse Will Help Design$500bn City IRL,”Wired,February 1,2022(https:/wired.me/technology/saudi-arabias-new-metaverse-will-help-des

76、ign-500bn-city-irl/).Strategy&Strategy&is a global strategy consulting business uniquely positioned to help deliver your bestfuture:one that is built on differentiation from the inside out and tailored exactly to you.Aspart of PwC,every day were building the winning systems that are at the heart of

77、growth.We combine our powerful foresight with this tangible know-how,technology,and scale to help you create a better,more transformative strategy from day one.As the only at-scale strategy business thats part of a global professional services network,we embed our strategy capabilities with frontlin

78、e teams across PwC to show you where you need to go,the choices youll need to make to get there,and how to get it right.The result is an authentic strategy process powerful enough to capture possibility,while pragmatic enough to ensure effective delivery.Its the strategy that gets an organization th

79、rough the changes of today and drives results that redefine tomorrow.Its the strategy that turns vision into reality.Its strategy,made the latest Ideation Center insightsConnect with Strategy&Middle E with Strategy& 2022 PwC.All rights reserved.PwC refers to the PwC network and/or one or more of its

80、 member firms,each of which is a separate legal entity.Please see for further details.Mentions of Strategy&refer to the global team of practical strategists that is integrated within the PwC network of firms.For more about Strategy&,see .No reproduction is permitted in whole or part without written permission of PwC.Disclaimer:This content is for general purposes only,and should not be used as a substitute for consultation with professional