The Dubai Multi Commodities Centre (DMCC) has released its latest report, titled “FUTURE OF TRADE,” which predicts a significant surge in gaming revenues in the Middle East and North Africa (MENA) region. The report forecasts that gaming revenues will reach a staggering $6 billion by the year 2027, almost doubling the revenue generated in the region in 2021.
The report delves into the world of esports, highlighting that revenues in this sector are expected to grow by 23.3% between 2019 and 2024. This exponential growth can be attributed to several factors, including the region’s younger and more digitally savvy population as well as substantial government support. As a result, MENA has emerged as a thriving hub for both gaming enthusiasts and creators, not only in the realm of esports but also in the broader gaming industry.
To further capitalise on this burgeoning market, the DMCC report outlines a series of recommendations for governments and businesses to explore the technological, cultural, and business implications of gaming. One such recommendation is the diversification of esports revenue streams, suggesting a shift from traditional sponsorship models to newer monetization strategies that cater directly to fans. This can involve digital merchandising, loyalty programmes, and training platforms for amateur gamers.
Additionally, the report calls for the implementation of regulatory safeguards to ensure privacy, security, and safety in the digital gaming world. Establishing a business-friendly environment is deemed crucial, with a particular focus on streamlining the visa acquisition process to allow players and audiences to attend esports events in person.
The rapid growth of the MENA gaming industry has caught the attention of industry leaders. Gaming giant Tencent, along with its subsidiary Riot Games, a leading video game publisher and esports organiser, has established their respective headquarters in Dubai, the capital city of the United Arab Emirates. Ubisoft, a French-founded video game publisher, has also followed suit.
Commenting on the report, Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer (CEO) at DMCC, emphasised the significance of the gaming sector’s accelerated growth. He stated, “Gaming has come to the fore of entertainment globally, driving rapid growth, especially in the MENA region, which now constitutes 15% of the global player base.”
Bin Sulayem further highlighted the importance of leveraging the gaming sector’s potential to solidify Dubai’s reputation as a global trade and economic hub. “Ensuring the accelerated growth of the gaming sector will have a measurable impact on the future of markets around the world as well as the future of trade. As DMCC seeks to solidify Dubai’s reputation as a global trade and economic hub, efficiently activating opportunities within the gaming sector will prove essential,” he added.
With MENA poised to become a gaming powerhouse, the report’s recommendations serve as a roadmap for governments and businesses to harness the immense potential of this booming industry. As the region embraces the digital future, gaming is set to play a pivotal role in shaping both the markets and the future of trade worldwide.