Last Updated on November 9, 2023 by newseditor
The world witnessed the unveiling of Meta’s first Metaverse Academy in France. Now, anticipation mounts as Meta sets its sights on Saudi Arabia as the location of its second academy. It comes as no surprise that Meta chose this Middle Eastern country, given the region’s growing metaverse activity. Embracing metaverse technology with passion and purpose, the Middle East has already embarked on remarkable projects, including the US$500 billion megacity NEOM project in Saudi Arabia.
Moreover, Dubai made history by introducing the world’s first government Metaverse Strategy. Saudi Arabia, along with neighboring countries like the UAE, Bahrain, and Qatar, has already implemented regulations and initiatives to promote Web3 technologies, aligning with its Vision 2030 goals and economy diversification. With a forward-thinking approach and the potential for billion-dollar metaverse returns, Saudi Arabia stands poised to thrive in the metaverse economy.
Metaverse Academy: Fuelling the Metaverse Business in Riyadh
The MENA region will soon be home to the world’s second Metaverse Academy, situated in Saudi Arabia, the Arab world’s largest economy. The Academy, scheduled to open in Riyadh this year, is a collaboration between Tuwaiq Academy, Simplon, a French digital skills provider, and Meta. Its primary objective is to bolster and expedite the development of the regional metaverse ecosystem through comprehensive training programs. By harnessing Web3 technology, the metaverse offers a virtual realm where individuals can engage and interact as avatars. The Academy’s upcoming series of programs, commencing on May 1, aims to equip a thousand students with the essential expertise required to embark upon a successful career within the burgeoning metaverse industry. The curriculum encompasses extended reality programs, as well as initiatives to promote awareness of this emerging technology.
Driving Economic Growth: MENA’s Role in Virtual Reality Future
Kojo Boakye, in launching a Metaverse academy in the Middle East, affirms the MENA region’s potential to emerge as a significant contributor to the metaverse’s development. He also hopes to reap the economic benefits it offers. With a growing demand for skilled professionals in the business landscape, Meta is dedicated to forging partnerships with educational institutions and policymakers across the region. Notably, Saudi Arabia, the UAE, Bahrain, and Qatar have established regulations, while Kuwait has implemented guidelines for approving digital banks. Additionally, Oman is actively studying cryptocurrency and virtual asset regulatory aspects. By nurturing this collaborative ecosystem, Meta aims to train the next generation of metaverse builders and propel the region’s metaverse development forward.
Metaverse as the Creator Economy: Driving Commerce in 2025
The metaverse presents a global economic opportunity valued at US$8-13 trillion (PwC). J.P. Morgan, the first major bank in the metaverse, eyes a US$1 trillion market opportunity in virtual real estate. Enterprises seek to capture their share of this emerging industry, positioning themselves as crucial players. Accenture’s research forecasts a US$1 trillion commerce opportunity by 2025, driven by growing consumer and business interest in the metaverse as a creator economy. 55% of consumers desire active metaverse participation, and 89% of C-suite executives recognize its importance for future growth.