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 recorded a loss of 1.13 per cent on Thursday, June 4, shrinking the market capitalisation by N30.03 billion to N2.630 trillion from N2.660 trillion on Wednesday.
Similarly, this brought down the NASD Unlisted Security Index (NSI) by 50.19 points to 4,396.08 points from the 4,446.27 points recorded a day earlier.
The loss was influenced by the overpowering of the bulls by the bears, after the bourse closed with two price gainers and three price losers, led by FrieslandCampina Wamco Nigeria Plc, which slumped by N20.03 to sell at N190.38 per unit compared with midweek’s N210.41 per unit. Food Concepts Plc declined by 25 Kobo to trade at N2.50 per share versus the previous day’s N3.00 per share, and Acorn Petroleum Plc crumbled by 2 Kobo to end at N1.32 per unit, in contrast to the preceding session’s N1.34 per unit.
For the gainers, Central Securities Clearing System (CSCS) Plc added N2.93 to close at N78.34 per share compared with the previous price of N75.41 per share, and Afriland Properties Plc gained 80 Kobo to settle at N16.80 per unit versus N16.00 per unit.
There was a slip in the volume of transactions yesterday by 46.8 per cent to 280,714 units from 527,221 units, as the value of trades dropped 66.5 per cent to N21.8 million from the preceding session’s N64.2 million, and the number of deals fell by 8.7 per cent to 42 deals from 46 deals.
Great Nigeria Insurance (GNI) Plc ended the session as the most traded stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 64.7 million units traded for N4.4 billion.
GNI Plc also finished the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Dipo Olowookere
The domestic stock market crashed by 0.37 per cent on Thursday as a result of the decline in the price of shares of McNichols, Eterna, Aradel Holdings, and others.
Business Post reports that investor sentiment remained weak after the Nigerian Exchange (NGX) Limited ended the session with 25 price gainers and 31 price losers, indicating a negative market breadth index.
McNichols lost 10.00 per cent to trade at N7.74, ABC Transport slipped by 9.88 per cent to N6.20, Eterna shrank by 9.85 per cent to N29.75, Aradel Holdings depreciated by 9.51 per cent to N1,749.90, and NPF Microfinance Bank contracted by 8.45 per cent to N5.20.
On the flip side, International Energy Insurance gained 10.00 per cent to close at N6.60, Omatek improved by 9.73 per cent to N2.03, Abbey Mortgage Bank surged by 9.68 per cent to N8.50, Cutix expanded by 9.66 per cent to N3.18, and John Holt grew by 7.79 per cent to N14.90.
As for the sectorial performance, the industrial goods and banking indices chalked up 0.54 per cent and 0.31 per cent, respectively. But the energy sector depleted by 4.90 per cent, the insurance counter tumbled by 0.58 per cent, and the consumer goods index slumped by 0.03 per cent.
As a result, the All-Share Index (ASI) dipped by 905.30 points to 242,227.31 points from 243,132.61 points, and the market capitalisation stumbled by N581 billion to N155.359 trillion from N155.940 trillion.
During the session, investors traded 588.5 million equities valued at N27.9 billion in 57,352 deals compared with the 923.0 million equities worth N42.3 billion transacted in 69,332 deals on Wednesday, showing a drop in the trading volume, value, and number of deals by 36.24 per cent, 34.04 per cent, and 17.28 per cent, respectively.
The most active equity yesterday was Access Holdings with 109.7 million units sold for N2.6 billion, FCMB traded 35.6 million units valued at N384.2 million, NGX Group transacted 28.1 million units worth N3.9 billion, Zenith Bank exchanged 26.9 million units for N3.3 billion, and Sterling Holdings recorded a turnover of 22.5 million units worth N176.1 million.
By Adedapo Adesanya
A 0.1 per cent or N1,49 loss was recorded by the Nigerian Naira against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, June 4, closing at N1,358.75/$1 compared with the previous day’s N1,347.26/$1.
In the same vein, the Naira depreciated against the Pound Sterling in the official FX market during the session by N5.39 to trade at N1,828.06/£1 versus Wednesday’s closing rate of N1,822.67/£1, but gained N6.75 against the Euro to sell at N1,574.83/€1 versus the preceding session’s N1,584.39/€1.
At the black market and GTBank FX desk, the local currency traded flat against the Dollar during the session at N1,375/$1 and N1,372/$1, respectively.
Data from the Central Bank of Nigeria (CBN) showed that NFEM interbank FX turnover contracted to $128.117 million in 121 deals on Thursday from $133.731 million the previous day.
On the positive side, Nigeria’s external reserves moved closer to a 2009 high of $50 billion, enhancing analysts’ confidence about the local currency outlook in the second half of 2026.
This improvement has been helped by heightened global uncertainty, which has reduced the incentive for importers and corporates to demand FX, as cautious trade weighs on import needs. Analysts estimate a $40 billion net FX position for the year, a projection anchored in oil windfall gains.
As for the cryptocurrency market, prices extended steep weekly losses as the broader artificial-intelligence trade that has driven global risk assets since 2026 faltered.
The sell-off was led by equity and currency markets, with semiconductor stocks, Asian indexes and several regional currencies sliding in a broad risk-off shift.
Persistent outflows from US spot Bitcoin ETFs and a rare BTC sale by Strategy have removed a key source of support, leaving markets focused on Friday’s US jobs report for clues on Federal Reserve policy and the fate of the AI trade. The most valued coin slipped 3.6 per cent to $61,914.58.
Cardano (ADA) plunged by 17.6 per cent to $0.1630, Solana (SOL) declined by 7.0 per cent to $65.69, Ethereum (ETH) slipped by 6.9 per cent to $1,666.13, Dogecoin (DOGE) went down by 6.5 per cent to $0.8445, and Ripple (XRP) crashed by 6.5 per cent to $1.11.
Further, Binance Coin (BNB) slumped by 4.3 per cent to $581.45, and TRON (TRX) dropped 1.9 per cent to sell at $0.3261, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) gained 0.01 per cent each to sell at $0.9990 and $0.9998, respectively.
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