Accel-backed Jetapult, a global strategic investment company in the gaming landscape, announced acquiring a major stake in UMX Studio, one of the first homegrown game development studios in Saudi Arabia in a multi-million-dollar all-cash transaction.
The deal also envisages UMX Studio also getting help to support the expansion of their existing portfolio, expand their audiences across global markets, and build games in new genres, besides the capital infusion.
Jetapult’s MENA investment
This is Jetapult’s first investment in the MENA region, with further investments planned in markets like South East Asia and Europe, the company said in a media release.
Sharan Tulsiani, the Co-Founder and CEO of Jetapult said the company’s investment in UMX goes beyond providing capital as it will bring a wealth of proven gaming expertise and cutting-edge technology to this partnership.
“This collaboration will not only unlock UMX’s global potential but also contribute to the growth of local talent and enhance gaming experiences across the Middle East’s vibrant development ecosystem,” he said.
Ali Alharbi, Founder of UMX, said this significant investment from Jetapult not only marks a milestone for UMX Studio, but also heralds a new era for the Saudi Arabian gaming industry.
“This collaboration will not only accelerate our expansion but also empower us with advanced tools and expertise.
“In partnership with Jetapult we are committed to setting new benchmarks and establishing a solid foundation for nurturing and expanding Saudi Arabia’s gaming talent,” he said.
Saudi Arabia’s gaming ambitions
The investment comes in the context of the exponential growth of the gaming and e-sports sector in the MENA region, and with the Saudi National Gaming and Esports entity aiming to make the country a global gaming hub by 2030.
UMX Studio, founded by Ali Alharbi in 2014, develops high-quality mobile games featuring stunning graphics, engaging gameplay, and suitability for all ages.
Their games have garnered over 70 million downloads till date, showcasing their competence in developing high-resonance Arabic content that reflects their culture and values.
In 2023, gaming revenues in the MENA were approximately $7.2 billion, with Saudi Arabia emerging as a key growth player.
Saudi Arabia is home to 23.5 million gaming enthusiasts, which accounts for 67 per cent of its population, as per PWC in 2024.
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