Arab Media Forum: What happens next as metaverse becomes 'new internet'

Top Dubai official highlights the need to sit together to regulate this new-age technology and come up with solutions to challenges



Photo by Shihab
Photo by Shihab
by

Waheed Abbas

Published: Tue 4 Oct 2022, 5:09 PM

Though the metaverse is still in its inception stage, some people are already calling it the next internet.

While speaking at the Arab Media Forum on Tuesday, a media expert suggested that the industry will face losses and challenges in the initial stage of adopting this new technology.

Fares Akkad, managing director for Mena at Meta, said there are multiple reasons for the losses.

“We have a global recession challenge. But the Middle East is protected by high oil prices. We are talking about an investment that is not less than five to 10 years (before it gives a return). Investors want to see the metaverse but want profits as well. It is a project that we are committed to because the future internet will be metaverse,” Akkad said during a panel discussion on 'Media and Metaverse'.

Khalfan Belhoul, CEO of Dubai Future Foundation, said there is a need to sit together to regulate this new-age technology.

“We need to hold virtual and physical forums to be able to reach solutions.”

Hossam Saleh, CBO of United Media Service, pointed out that "the media sector will face challenges in the early stage and there is a need for further work to take media to a new phase and get revenues from investments,” he said, adding that human capabilities will also be a challenge in the metaverse.

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