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.
No%20Windmills%20in%20Basra
%3Cp%3EAuthor%3A%20Diaa%20Jubaili%3C%2Fp%3E%0A%3Cp%3EPages%3A%20180%3C%2Fp%3E%0A%3Cp%3EPublisher%3A%20Deep%20Vellum%20Publishing%C2%A0%3C%2Fp%3E%0A
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Batti Gul Meter Chalu
Producers: KRTI Productions, T-Series
Director: Sree Narayan Singh
Cast: Shahid Kapoor, Shraddha Kapoor, Divyenndu Sharma, Yami Gautam
Rating: 2/5
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
'Moonshot'
Director: Chris Winterbauer
Stars: Lana Condor and Cole Sprouse
Rating: 3/5
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Our legal advisor
Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.
Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation.
Education: Sagesse University, Beirut, Lebanon, in 2005.
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
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
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
more from Janine di Giovanni
