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
The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the south territory with a decline of 0.56 per cent on Wednesday, April 2.
This brought down the market capitalisation by N13 billion to N2.417 trillion from N2.430 trillion, and downed the NASD Unlisted Security Index (NSI) by 22.57 points to 4,062.87 points from the previous session’s 4,062.87 points.
It was observed that the NASD exchange ended with three price gainers and three price losers during the trading day.
MRS Oil Plc depreciated by N19.00 to close at N171.00 per unit compared with the previous price of N190.00 per unit, NASD Plc lost N4.14 to trade at N37.36 per share compared with Wednesday’s N41.50 per share, and Central Securities Clearing System (CSCS) Plc gave up N2.00 to sell at N78.00 per unit versus N80.00 per unit.
On the flip side, FrieslandCampina Wamco Nigeria Plc appreciated by 19 Kobo to N93.00 per share from N92.81 per share, Food Concepts Plc expanded by 15 Kobo to N2.87 per unit from N2.72 per unit, and Great Nigeria Insurance (GNI) Plc improved by 2 Kobo to 52 Kobo per share from 50 Kobo per share.
Yesterday, the volume of securities dipped by 91.8 per cent to 260.2 million units from 3.2 billion units, the value of securities went down by 98.1 per cent to N154.2 million from N8.3 billion, while the number of deals soared by 53.3 per cent to 46 deals from 30 deals.
GNI Plc was the most active stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by CSCS Plc with 56.9 million units valued at N3.9 billion, and Okitipupa Plc with 27.5 million units traded for N1.8 billion.
The most traded stock by volume on a year-to-date basis was also GNI Plc with 3.4 billion units sold for N8.2 billion, trailed by Resourcery Plc with 1.1 billion units exchanged for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
By Adedapo Adesanya
The Naira dropped N2.09 or 0.15 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 2, to trade at N1,380.79/$1 compared with Wednesday’s rate of N1,378.70/$1.
However, it appreciated against the Pound Sterling in the official market by N2.77 to quote at N1,824.86/£1 versus the N1,836.57/£1 it was traded at midweek, and improved its value against the Euro by N10.54 to N1,591.92/€1 from N1,602.46/€1.
Yesterday was the last trading session of the week for the local currency in the spot market, as the market will be closed on Friday and Monday for the Easter Holiday.
At the black market, the Nigerian Naira maintained stability against the greenback yesterday at N1,405/$1, but gained N8 at the GTBank FX counter to settle at N1,388/$1, in contrast to the previous session’s N1,396/$1.
Pressure eased on the domestic currency as strong policy indicators have helped calm the majority of worries within the financial systems. Particularly in the remittance segment, the apex bank has directed all International Money Transfer Operators (IMTOs) to route remittance transactions through designated Naira settlement accounts in banks, a move aimed at boosting transparency and channelling more foreign exchange into the formal market.
This helps take off pressure from the foreign reserves, which have fallen below the $50 billion mark as they are gradually decreasing rather than falling sharply.
Meanwhile, the cryptocurrency market was bullish on Thursday, as macro sentiment shifted against recent optimism after reports that Iran is drafting a protocol with Oman to manage traffic through the Strait of Hormuz, easing concerns about disruptions to a key global oil route.
The remarks came after U.S. President Trump on Wednesday night vowed to hit Iran “extremely hard” in the coming weeks and that the Strait of Hormuz would “open naturally” once the war ends.
Cardano (ADA) chalked up 1.9 per cent to trade at $0.2435, Dogecoin (DOGE) grew by 1.2 per cent to $0.0912, Ethereum (ETH) appreciated by 0.8 per cent to $2,066.37, Bitcoin (BTC) added 0.5 per cent to sell at $67,080.53, Solana (SOL) increased by 0.5 per cent to $79.91, and Ripple (XRP) jumped 0.2 per cent to $1.31.
Conversely, Binance Coin (BNB) dipped 0.7 per cent to $586.90, and TRON (TRX) depreciated by 0.3 per cent to $0.3147, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
By Dipo Olowookere
The local stock market was relatively flat on Friday, as the bears and the bulls shared the spoils of war, though investor sentiment turned bullish compared with the preceding session’s bearish posture.
Data from the Nigerian Exchange (NGX) Limited showed that the All-Share Index (ASI) was marginally down by 4.66 points as it ended at 201,698.89 points versus Wednesday’s 201,703.55 points, and the market capitalisation slightly contracted by N3 billion to N129.806 trillion from N129.809 trillion.
Customs Street was shut on Friday because of the public holidays declared by the federal government today and next Monday.
Business Post reports that John Holt declined by 9.91 per cent to N15.45, Abbey Mortgage Bank shed 9.60 per cent to trade at N8.95, International Energy Insurance slipped by 6.48 per cent to N3.32, Chams shrank by 5.30 per cent to N3.75, and Tantalizers depreciated by 5.18 per cent to N4.03.
On the flip side, Unilever Nigeria improved by 10.00 per cent to N103.40, Fortis Global Insurance gained 9.82 per cent to trade at N1.23, Multiverse appreciated 9.81 per cent to N20.15, Legend Internet advanced by 9.38 per cent to N6.30, and Zichis grew by 9.02 per cent to N14.14.
The market breadth index was positive during the trading session, as there were 35 appreciating stocks and 24 depreciating stocks.
Yesterday, investors traded 560.0 million equities valued at N19.3 billion in 49,676 deals, in contrast to the 815.5 million equities worth N33.3 billion transacted in 52,641 deals in the preceding day, representing a drop in the trading volume, value, and number of deals by 31.33 per cent, 42.04 per cent, and 5.63 per cent, respectively.
Secure Electronic Technology dominated the activity log with 59.7 million shares valued at N61.1 million, Wema Bank exchanged 52.0 million equities worth N1.4 billion, VFD Group transacted 36.0 million stocks for N410.5 million, Access Holdings sold 35.3 million shares valued at N914.8 million, and Chams traded 31.0 million equities worth N115.0 million.
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