Search Site

Trends banner

Luberef net profit falls 7% in Q1

A fall in by-products sales leads to profit dip.

SABIC net loss $322 million

The company's net profit was $66m in Q1 2024

PureHealth posts $137m Q1 net profit

The Group's revenue increased 8 percent YoY.

Borouge Q1 net profit $281 million

The total dividend paid to shareholders in 2024 $1.3bn.

Emirates expects first 777X delivery in H2 2026

Boeing had pushed back the first delivery to 2026 from 2025.

UAE set to lead MENA metaverse

  • At its broadest, metaverse combines elements of social media, augmented reality, virtual reality, video games, cryptocurrencies and other advanced technologies.
  • As the next big market opportunity, the metaverse could provide nearly US$800 billion in revenue by 2024, Bloomberg Intelligence estimates show.

By 2026, according to a study, 25 percent of internet users would spend at least an hour a day in the metaverse and 30 percent of organizations would use it to distribute their products and services globally.

The study by Gartner Foundation for Research and Studies said the space would provide more opportunities for communication and cooperation at all levels.

For example, companies could offer better participation, levels of cooperation and communication to their employees through productive workspaces in virtual offices that would require no physical infrastructure.

In the GCC region, UAE has taken a lead in digital technologies such as AI and 5G through investments and innovations. It appears to have embarked on a similar journey towards metaverse, a virtual-reality space where users interact with computer-generated environments and other users.

At its broadest, metaverse combines elements of social media, augmented reality, virtual reality, video games, cryptocurrencies and other advanced technologies.

As the next big market opportunity, the metaverse could provide nearly US$800 billion in revenue by 2024, Bloomberg Intelligence estimates show.

TRENDS takes a look at the some of the UAE’s metaverse initiatives.