Meta Platforms, the parent company of Facebook, has launched the Middle East and North Africa region's first metaverse academy in Saudi Arabia, as it aims to accelerate the development of the emerging technology.
The academy, which will be based in Riyadh and start on May 1, focuses on shaping the metaverse ecosystem by providing training to a set goal of 1,000 individuals in its first 18 months, California-based Meta told The National on Tuesday.
The initial announcement was made by Saudi Arabia's Ministry of Communications and Information Technology during the Leap technology exhibition in Riyadh.
Among the programmes to be offered are those in extended reality, as well as raising awareness of the technology. Graduates will be equipped to pursue careers in the metaverse and its related fields, Meta said.
“The Middle East and North Africa region has all the assets to become an essential player in the development of the metaverse and embrace the benefits it will bring to the economy,” said Kojo Boakye, vice president of public policy for Africa, the Middle East and Turkey at Meta.
“The business landscape is already in high demand for skills and we are committed to collaborating with educational institutions and policymakers across the region to accelerate the development of the ecosystem and train the future builders of the metaverse.”
The metaverse, based on Web3, is the virtual space where people represented by avatars can interact. It is also poised to reshape workplaces and businesses by using new techniques to streamline operations.
Web3, meanwhile, is the emerging new concept of the World Wide Web, with blockchain, decentralisation, openness and greater user utility among its core components.
The technology is projected to contribute about $15 billion to GCC economies annually by 2030, led by Saudi Arabia, a December study from Strategy& showed.
The Arab world's biggest economy is expected to account for more than half of the figure, or $7.6 billion, reflecting the aggressive programmes the kingdom has in place to leverage the metaverse, it said.
Saudi Arabia hosting the academy bodes well for the region. The kingdom, along with the UAE, Bahrain and Qatar, already have regulations in place and programmes encouraging the use of Web3 technologies.
Kuwait has implemented guidelines to approve digital banks, while Oman is studying how to regulate cryptocurrencies and virtual assets.
Globally, the technology is seen as an economic opportunity worth between $8 trillion and $13 trillion, heavily dependent on how much companies are willing to invest in the emerging innovation, according to consultancy PwC.
The Middle East and North Africa region has all the assets to become an essential player in the development of the metaverse and embrace the benefits it will bring to the economy
Kojo Boakye,
vice president of public policy for Africa, the Middle East and Turkey at Meta Platforms
“Our mission is to provide access to world-class education and skill development opportunities to individuals across the region,” said Faisal Al Khamisi, chairman of the Tuwaiq Academy.
The metaverse academy comprises three tracks, the first of which is inviting individuals to participate in a workshop to serve as an introduction to the metaverse.
The second is online training meant to develop people's skills in order to familiarise themselves with the creation of augmented reality effects, while the third is a professional training programme that will allow jobseekers to seek entry-level roles in immersive technologies.
The training programme, which targets at least 30 per cent of its cohort to be women, will be made available to anyone regardless of their educational background.
“This partnership with Meta allows us to continue this mission and support the growth of the Metaverse ecosystem by training and empowering the next generation of metaverse builders and leaders,” Mr Al Khamisi said.
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
Company%20profile
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Royal Birkdale Golf Course
Location: Southport, Merseyside, England
Established: 1889
Type: Private
Total holes: 18
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Key findings of Jenkins report
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Did you know?
Brunch has been around, is some form or another, for more than a century. The word was first mentioned in print in an 1895 edition of Hunter’s Weekly, after making the rounds among university students in Britain. The article, entitled Brunch: A Plea, argued the case for a later, more sociable weekend meal. “By eliminating the need to get up early on Sunday, brunch would make life brighter for Saturday night carousers. It would promote human happiness in other ways as well,” the piece read. “It is talk-compelling. It puts you in a good temper, it makes you satisfied with yourself and your fellow beings, it sweeps away the worries and cobwebs of the week.” More than 100 years later, author Guy Beringer’s words still ring true, especially in the UAE, where brunches are often used to mark special, sociable occasions.
3%20Body%20Problem
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Dominic Rubin, Oxford
From Zero
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Label: Warner Records
Number of tracks: 11
Rating: 4/5
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
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World ranking (at month’s end)
Jan - 257
Feb - 198
Mar - 159
Apr - 161
May - 159
Jun – 162
Currently: 88
Year-end rank since turning pro
2016 - 279
2015 - 185
2014 - 143
2013 - 63
2012 - 384
2011 - 883
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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Director: Navdeep Singh
Stars: Saif Ali Khan, Manav Vij, Deepak Dobriyal, Zoya Hussain
Rating: 2/5
The specs
Engine: 1.5-litre turbo
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Torque: 230Nm
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RESULT
Wolves 1 (Traore 67')
Tottenham 2 (Moura 8', Vertonghen 90 1')
Man of the Match: Adama Traore (Wolves)
