Why Are Big Saudi Companies Interested in the Metaverse

Why Are Big Saudi Companies Interested in the Metaverse
Why Are Big Saudi Companies Interested in the Metaverse

Imagine a world where you can meet and interact with people, attend job interviews, buy properties, build houses, and thoroughly socialize without leaving the comfort of your home or chatting with others. This world is not surreal and far-fetched like it was three decades ago. Metaverse presents a virtual community that seeks to bridge the gap between physical and virtual worlds. The incorporation of the Metaverse is becoming increasing. Although there is yet to be an entire Metaverse world, there is no doubt that the world is rapidly moving toward the development of one.

This article explains the reasons behind the vested interest of big Saudi Arabian companies in the Metaverse.

Why are Big Saudi Companies Interested in the Metaverse

Saudi Arabia as a country is generally deeply vested in accelerating Metaverse. Indeed, the country has announced its plans for investing in the Metaverse by 2030. The government is a haven for metaverse investment; it is not surprising that companies are readily interested in technology. Additionally, there are tremendous opportunities and potential in Metaverse. The Metaverse is slated to reach $1.5 trillion by 2030 and could potentially include global exposure, economic boosts, and improved online education.

One can also not dismiss the inherent creativity and innovation in the Metaverse. Companies can now connect with global users and consumers with minimal effort or investment. Companies in Saudi Arabia also have it easy as the country is highly keen on developing the Metaverse. It has pledged to invest $64 billion in future technologies to accelerate the country’s digital transformation.

It is also not difficult to see why companies would be interested in putting their best foot forward in matters relating to the Metaverse in Saudi Arabia. Bureau Beatrice, a luxury creative technology mogul present in Saudi Arabia, has rightly stated that the Metaverse opens a whole new realm of possibilities free from the constraint of reality. Brands now have the attention they desire through the rise of a phygital world accelerated by a country like Saudi Arabia with the willingness to stake all it has on promoting the Metaverse.

The government seeks to create a physical city and a simultaneous virtual twin to mirror all activities of the physical ones. The country also hopes to build Neom, its first metaverse city equivalent to its planned town in Northwestern Saudi Arabia. While this project is particularly ambitious on the part of the country, it has undoubtedly caught the attention of big tech companies who see the potential and are ready to stay through the process. It also does help that these companies have the full support of the Saudi Arabian government.

Conclusion 

One can only laud the efforts and resilience of the country and big tech companies. These efforts come at a time when other governments have little interest or are downright hostile to Metaverse-related development. So, it is easy to see why big tech companies in Saudi Arabia are vested in the Metaverse. Additionally, it does help that the project is a multi-trillion-dollar community with numerous potentials.

Last Updated on December 24, 2023 by News Editor

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