Spoiler alert: The number of countries actively developing metaverse strategies is more than you might think. Among them are China, the UAE, Saudi Arabia, South Korea, the UK, Spain, and others. However, in this article, we will focus on Asian countries to examine the broader trend.

In 2021, the China Institute of Contemporary International Relations (CICIR), an entity under the Ministry of State Security, launched the Chinaverse initiative and published the report titled “Metaverse and National Security.” This marked the onset of China’s active involvement and public announcements regarding its metaverse plans.

By 2022, Beijing hosted the inaugural conference of the Coordinated Organization for the Development of the Industrial Metaverse. This event was significant as participants ratified the charter and organizational framework of the Organization for Joint Development of the Industrial Meta-Universe. Additionally, a Three-Year Action Plan for the Innovation and Development of the Industrial Meta-Universe was unveiled. These actions effectively positioned the metaverse as a crucial component of the national strategy for fostering a digital economy.

In this context, it’s crucial to highlight Shanghai’s active engagement in promoting the metaverse. Last year, the city unveiled plans to invest $1.5 billion in its development. They project this investment to catalyze the growth of a metaverse economy valued at $52 billion by 2025. This initiative includes fostering the development of 10 leading companies and 100 small enterprises in the meta-universe sector, expected to introduce 100 products and services by the same year.

Furthermore, it’s important to note additional facets of the emerging Chinese meta-universe. It’s increasingly evident that the future Chinaverse will operate within stringent regulatory frameworks. Similar to other technologies, China intends to leverage the metaverse to advance the interests and agenda of the Chinese Communist Party (CCP). Notably, the government has already established a CCP training center employing immersive technologies to instill CCP values within society.

Saudi Arabia stands as one of the pioneering nations in this domain, with the NEOM project being a prime example. In essence, NEOM is envisioned as a futuristic metropolis situated on the Red Sea coast, with an estimated cost of $500 billion. Spearheaded by the Crown Prince of Saudi Arabia, the project falls under the purview of the State Investment Fund. Managed through NEOM, a closed joint-stock company, the kingdom allocated $1 billion in 2022 solely for the development of artificial intelligence and the metaverse.

NEOM transcends the concept of a singular city; it encompasses an entire region featuring prominent facilities such as The Line linear city, Oxagon industrial center, Trojena mountainous area, and Sindalah island resort. Currently under construction, the project is anticipated to span 50 years until completion.

Simultaneously, the country introduced the National Strategy for Gaming and Esports in the same year, aiming to position Saudi Arabia as a global hub in this burgeoning industry. Projections suggest that by 2030, this initiative could generate 39,000 new jobs and contribute $13.3 billion to the Kingdom’s GDP over eight years. Moreover, gaming within the metaverse is anticipated to play a significant role in the NEOM megacities project.

This substantial investment in AI, the metaverse, and gaming/esports aligns with the kingdom’s economic diversification efforts as part of the Vision 2030 strategic initiative.

Interestingly, the latest Strategy&Middle East report by PwC indicates that the metaverse could potentially contribute around $15 billion annually to the GCC economy by 2030. Saudi Arabia is expected to account for $7.6 billion of this figure, while the UAE may contribute $3.3 billion.

Other Gulf countries, including the United Arab Emirates, have also set their sights on developing their own metaverse, as mentioned earlier.

In 2022, UAE authorities unveiled the Dubai Metaverse strategy, aimed at developing a metaverse that is projected to contribute about 1% to the total GDP. This strategy focuses primarily on key industries such as public services, education, tourism, real estate, and retail. Additionally, the plan involves doubling the number of blockchain companies in Dubai, with expectations to create 40,000 new jobs in the sector by 2030. Furthermore, Dubai has announced plans to launch a digital twin of the city, facilitating the testing and implementation of critical decisions virtually before their execution in the real world.

South Korea is also ambitiously pursuing plans for the metaverse, aiming to rank as the fifth largest country in the global metaverse market by 2026. To achieve this goal, the government announced in 2023 an allocated budget of approximately $171.6 million for metaverse development. This initiative is expected to engage around 40,000 specialists and 220 companies specializing in metaverse technologies.

It’s evident that governments of leading countries worldwide are taking the prospects of the future metaverse seriously and have already initiated their strategies. While approaches and visions may vary, it’s universally recognized that the metaverse has the potential to be a powerful tool for transforming economies and enhancing state capabilities across various administrative functions.