Economy
Middle East Gaming At A Whole New Level
The gaming industry in the Middle East is rapidly evolving, putting the region on track to become the gaming industry’s epicenter. According to recent developments, Middle East and North Africa (MENA) countries are revolutionizing gaming and related technologies faster and more uniquely than most established hotspots, including the United States and Western Europe.
Gaming has become a popular pastime, a social activity, and a source of technology to other e-commerce sectors as a result of the multifaceted revolution. At the current rate of change, the Middle East is poised to become a major player in the global gaming industry.
The Shifting Status of Gambling in the Middle East
In the traditionally religious and conservative Arab world, one of the most notable changes in recent years is the increasing acceptance of gaming. What was once considered a mere leisure pursuit has now become a socially embraced activity, driven in part by the rise of online gaming. Particularly among the younger generation, gaming has become an integral part of daily life, fueling the rapid growth and expansion of the industry in the MENA region.
The COVID-19 pandemic also had an impact on this change. In the face of social restrictions, curfews, and lockdowns, people sought hobbies and means to socialize. Gaming provided a nearly ideal balance of entertainment and socialization. Despite riding this worldwide wave, as the rest of the world reduced their video gaming activities in the aftermath of the epidemic, the Middle East increased their engagement.
Boosting Governmental Assistance
The Middle East’s relatively new gaming culture is built on the support of supportive governments. Administrative authorities in the Middle East are rising to the challenge of supporting the gaming industry through consistent policy shifts. Government assistance is critical to the growth of the gaming industry. Through various initiatives, most administrations in the region encourage and support participation and spectatorship.
The governments of Saudi Arabia and the United Arab Emirates are particularly well-known for their accommodative policies, as they provide existing and aspiring players, gamers, and programmers with access to modern studios. Saudi Crown Prince Mohammed bin Salman announced plans in 2022 to produce more than 30 games domestically and create more than 39,000 eSports-related jobs.
Many governments in the Middle East have placed their bets on the gaming industry’s ability to spur economic growth and are working to expand it.
The Middle East is Changing into a Tech Incubator
Gaming technology has been altered throughout the Middle East, and more changes are on the way. The region quickly absorbs gaming technology and contributes to its widespread adoption through mass consumption. Residents in the region have easy access to games via the internet, which has boosted the number of people who play online on trusted sites such as Arabicbet.org. They also consume a significant amount of gaming content through various streaming platforms and social media.
The Middle East is also actively involved in the development and incorporation of new technologies into the gaming industry. Technologies and technological initiatives such as virtual reality and the metaverse are quickly gaining traction among the region’s large gaming population.
The region’s massive gaming demand is also attracting publishers and developers from all over the world. Gaming technology experts are relocating to fast-rising tech hubs like Dubai, and tech firms are establishing offices in the region to capitalize on its potential. With these trends, the Middle East is on track to attract a large number of talented professionals capable of developing better technologies and assisting in the creation and development of the gaming industry’s future.
The Investment Rush
The Middle East has proven a lucrative location for gaming investments. Unlike in other places, investors in this region show no signs of slowing down. For example, Abu Dhabi Gaming is working to attract game developers in order to create a self-sufficient gaming ecosystem in the region.
The situation is similar in other Middle Eastern countries. By 2022, gaming startups had raised more than $16 million through various deals, an increase from $15 million in 2021. Given the attractiveness of the Middle East’s gaming industry, investments are expected to grow further in 2023.
The gaming industry in the Middle East is thriving, as is the video game market in North Africa. Major corporations, including Tencent Games, are establishing operations in the region, and several other international investors are expected to follow suit in the near future. The Middle East’s gaming market is projected to be worth more than $5 billion by 2025.
Final Thoughts
From technology to consumption and investment, the Middle East’s gaming ecosystem is swiftly evolving toward greatness. This is due to a number of growth accelerators acting in the modern industry’s favor. If the growing trend continues, the region may even surpass the United States as the worldwide gaming leader by the end of the decade.
By Adedapo Adesanya
Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.
Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.
This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.
Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.
Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.
At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.
InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
By Dipo Olowookere
The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.
This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.
UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.
On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.
Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.
Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.
A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.
This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.
For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.
By Adedapo Adesanya
The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.
At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.
It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.
Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.
Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.
Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.
“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.
Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.
If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.
Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
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