Metaverse to play a key role for CEOs over the next two years

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Some 90% of industry leaders in Saudi Arabia and 82% in UAE believe the metaverse will play a significant role in their plans over the next two years, a survey shows.

This is according to Deloitte, which released its 2023 Global Marketing Trends report, providing for the first- time insights into the priorities and concerns of brands in Saudi Arabia and the UAE.

Deloitte Digital Partner, Hussein M Dajani said: "This survey provides valuable insights into the current state of marketing in the Middle East and the priorities for brands as they look to the future. We are encouraged to see a strong focus on sustainability, creative transformations, and the adoption of emerging technologies to drive growth and customer engagement."

Sustainability a key focus

Sustainability is a key focus area for the surveyed brand guardians in the region, as consumers today value efforts related to improving the sustainability of internal practices, the promotion of sustainable products and service offerings, as well as establishing long-term sustainability commitments.

64% of company leaders in Saudi Arabia are highlighting their internal sustainability practices in their marketing efforts. Additionally, over half of the surveyed leaders (56%) expressed their commitment to long-term sustainability initiatives.

In the UAE 56% of company leaders are taking steps to solidify their marketing strategies through long-term sustainability business commitments. Additionally, 54% of company leaders believe their marketing strategies should incorporate more sustainable products and service offerings.

Emerging tech

In addition to sustainability, the Deloitte findings indicate that company leaders in the region also have their sights set on emerging technologies such as the metaverse.

Dajani added: “This highlights the importance of staying ahead of the curve and embracing the latest technologies to remain competitive in the market. The findings show that high-growth brands are more likely to foster a creative environment, while the main reason cited by brands for not engaging in the metaverse is the difficulty of complex technology implementations.”