The metaverse refers to an extension and a replica of the world. It can be a virtual world where people live, shop, interact, and work with others from their comfort of homes. The metaverse describes current and future integrated digital platforms that concentrate on augmented reality and virtual reality. It is the concept of collective and an interconnected virtual space where people can communicate and interact through avatars. It is generally touted as the next frontier of the internet and embraced by tech sectors and industries as a financial and big business opportunity.

You may know the metaverse is at an initial stage of development and no one can predict its direction where it will go, but it has the potential to change how we leverage technology and engage with others. A native economy with digital trade and assets are anticipated for the metaverse. The Internet and economy have a close relationship and that’s why many people think that metaverse can now play a significant role in the economy.

Following are the companies in the middle east that are stepping into metaverse:

1. Ministry of Economy (UAE)
2. Pickl (UAE)
3. Neom (KSA)
4. Qatar Airways QVerse
5. Emirates

1. Ministry of Economy

The UAE ministry of economy that is represented by Abdulla bin Touq AL Marri, opened the third office in the metaverse. Abdulla bin Touq AL Marri is a top minister of the Ministry of Economy and offers several accessible services, including consumer protection, trademark services, patent services, industrial designs, and aims to meet the requirements and needs of government entities and customers. This minister has also said that the economic success of the nation will now be evaluated using GMP (gross metaverse product) instead of GDP (gross domestic product).

Bin Touq believes that the third office can provide an immersive experience to global corporations, governments, and the public and encourage them to connect and collaborate. It will also be built with cutting-edge technologies and allow the ministry to sign bilateral agreements with other countries embracing the metaverse. Bin Touq concluded, “the UAE has committed to support and expand growing economic sectors that are based on innovation, knowledge, and artificial intelligence.

Digital technology is crucial for our new economic model that will last for about 50 years. Apart from that, the metaverse defines digital technology as one of the best applications in the field. In keeping with the UAE’s futuristic vision, we realize that the metaverse can redefine and transform our diversified economy and have started to implement strategies to unlock its potential.

2. Pickl (UAE)

Pickl is the first restaurant in the UAE that will offer pickl-themed NFTs and virtual shops in the future due to its entrance in the metaverse. “We are pleased to enter into the metaverse with the release of the digital pickl,” said the Chief Executive and pickl Founder Steve Flawith.

We are expected to welcome the bright future for the brand in the real world. The best part is metaverse enables us to conduct meetings with our global teams and franchise partners and ensures a wider reach through metaverse.

Flawith wants to offer a great customer experience with its virtual restaurant in the future and they are planning to deliver customer’s orders like double cheeseburgers and nashville chicken sando in the metaverse and help them receive burgers to their door.

3. Neom

A subsidiary of the $500bn signature Saudi megacity Neom, Neom tech & digital has changed its name to Tonomou as it invests money into the artificial intelligence in Saudi Arabia and metaverse.

The company has already invested nearly $1bn this year in AI-based projects and metaverse platform is one of them. The goal of a Neom is to become a cognitive city in which residents can feel more connected, live and work.

The company is also investing in robotics and has an ambition to transform a human machine into action.

4. QVerse by Qatar Airways

Another company that made a move to the metaverse is Qatar Airways and it has launched the Qverse to offer a nover VR (virtual reality experience) to travellers. With metaverse, visitors of the www.qatarairways.com/Qverse website can now plan a virtual tour and explore the premium check-in area at HIA (hamad international airport) that is the cabin interior and includes the economy class cabin, business class – Qsuite of the airline’s aircrafts that have their own personal electronic devices. 

5. Emirates Airlines

Emirates Airlines will be the next leading company that will soon introduce NFTs and amazing experience in the metaverse for its employees and customers. As you know, Emirates airlines have a huge reputation due to its customer-centric services and innovative products.

Recently, it has decided to build signature brand experiences in the metaverse as well as utility-based and collectible NFTs. Also, the future projects of the Airline’s will be related to Web3, NFTs, and the metaverse.

Middle East Professionals are Ready to Use Metaverse and Schedule Metaverse Meetings

According to one study, approximately 79% of business professionals in the Middle East are ready to use platforms that are virtual-reality based. One such example is the metaverse that may replace video conferencing options and instead of this, respondents are comfortable to schedule metaverse meetings like formal work meetings with HR will be scheduled in a virtual reality environment.

Another report by McKinsey & Co. ‘s shows that the value of metaverse may increase up to $5 trillion in 2030. It demonstrates that the metaverse will soon be used by major sectors and businesses. 

The Takeaway

Many companies in the Middle East are investing in digital transformation and metaverse today. From AR, VR, gaming, social media, cryptocurrency to blockchain, everything can be integrated in the digital world with the metaverse and there is a huge possibility to interact with your users virtually and in a decentralized environment. Book a quick digital transformation consultation with one of our experts from Alareeb ICT and build your metaverse strategy to give an immersive and memorable experience to users. 

If you want to know our role as the digital transformation service provider, you can download the latest ebook on digital transformation written by Alareeb ICT specialists.