By Sam Bridge
W Ventures says funds to be invested into a new business model that aims to improve gaming in the region
Dubai-based W Ventures announced on Wednesday that it will invest $50 million to develop a local eSports and gaming ecosystem in the Middle East and North Africa.
The company said that in partnership with gaming and eSports experts RedPeg, the MENA region will experience its first ever on and offline gaming platform this year.
The project will see $50 million invested into a new business model that aims to improve gaming in the region.
Habib Wehbi, chairman of W Ventures, said: “We see an opportunity to offer gamers in the region a completely unique and authentic experience, by providing them with the tools and infrastructure to be discovered and flourish in this growing global phenomenon.”
The eSports industry is growing at a rapid pace and is projected to reach $196 billion in revenue by 2022. To date the MENA region hasn’t fully capitalised on this industry, but the region is quickly evolving, and the gaming industry is expected to be worth $4.4 billion by 2022 as teams have started forming and making a name for themselves on an international scale, he added.
In September, local team Yalla Esports qualified for three international tournaments - in China, Romania, and Spain - with over $1.2 million in prize money.
Brad Nierenberg, CEO of RedPeg, added: “For the past eight years we’ve worked with publishers, endemic and non-endemic brands, influencers, developers, streamers and gaming communities across the United States and globally. By leveraging our extensive knowledge with our experiential marketing expertise, we’ll aim to create unforgettable experiences and expand career prospects for gamers in the MENA region.”
W Ventures said it will reveal more details about its plans in November.