Rabat – Metaverse technologies have the potential to increase Morocco’s gross domestic product (GDP) by up to $5 billion, says a new report commissioned by Meta — formerly known as Facebook — and produced by Deloitte.
Titled “The Metaverse and its potential for MENA,” the report examines the economic potential of the metaverse and the key enabling factors to deliver the technology’s full potential across the region.
The report suggests that “successful metaverse applications” are projected to generate value in important economic areas such as tourism, gaming, retail, and real estate.
However, because the metaverse is still in its early phases of development, the study adds that the precise timing and scope of its influence are “uncertain.”
For the MENA region, the report finds that the contribution to GDP could be $360 billion per year by 2031.
Meanwhile, the economic contribution of the metaverse to Morocco’s yearly GDP is predicted to reach between $2.6 and $5 billion by 2035.
Saudi Arabia is predicted to reap between $38.1 billion-$20.2 billion from the technology, while Egypt is expected to receive between $22 billion– $11.6 billion.
The metaverse’s economic contribution to the UAE’s yearly GDP might range between $16.7 billion and $8.8 billion, while the technology could generate between $1.7 billion and $900 million in Jordan.
The report noted that the MENA region is embarking on a journey of economic transformation and digitalization citing several ambitious transformation plans such as Morocco’s “Horizon 2025,” a project that seeks to digitize the Moroccan government and accelerate the development of Morocco’s digital economy.
Metaverse applications
The report emphasizes that Metaverse technologies may provide new prospects for MENA countries as they pursue digitization, inward investment, and growth of non‑hydrocarbon sectors.
The research makes the case that the metaverse may be used in a variety of industries, including tourism, to help promote the region’s natural and cultural assets to a wider audience through virtual campaigns and eco-tourism.
In the retail industry, the metaverse could help drive growth through virtual shopping for both digital and physical products.
The use of the metaverse in the retail industry has already yielded results; according to the report’s data, IKEA in Jordan and Morocco allows buyers to visualize items using VR, reportedly increasing sales by 20%.
As for the gaming industry, the report argues that the metaverse could increase market growth through new types of AR and VR gaming, or E‑sports.
Read Also: What Does Generative AI Mean For Moroccan Artists?
According to the report, several VR gaming attractions have already opened in Jordan, Morocco, Egypt, and the UAE.
Delivering on the full promise of the technology depends on important enabling factors, such as adequate digital infrastructure, digital skills, and regulations to attract investment.
The report highlights that MENA countries differ significantly in terms of enabling factors and available resources, impacting their route towards metaverse adoption and benefit realization.
“Countries such as Egypt, Jordan and Morocco face wider gaps in digital infrastructure, skills and affordability, creating barriers especially for the adoption of the most sophisticated and transformative use cases,” the report says.
