Mubadala Investment Company and Abu Dhabi Gaming (AD Gaming), have signed a Memorandum of Understanding to build a robust gaming and esports ecosystem in Abu Dhabi and the UAE.
The agreement reflects the ambition of the two entities to support high-value products, creative industries and new technologies as part of Abu Dhabi’s diversification agenda.
With the world emerging from the effects of the global pandemic, creative industries have become key drivers of social and economic growth. They are also one of the fastest-growing economic sectors worldwide with a market size estimated to be worth US$218.7 billion by 2024. In the UAE, the creation of a strong gaming and esports ecosystem will act as a catalyst to attract global talent and advance education in virtual reality, coding, game design and development, amongst others.
Badr Al Olama, Executive Director at UAE Investments, Mubadala Investment Company, commented, "As an active investor in innovation, we are always on the lookout for new opportunities. Esports and gaming have quickly emerged as an exciting sector and we look forward to developing opportunities related to it, and complementing our efforts in further diversifying the UAE’s economy."
AD Gaming was launched earlier this year to aggregate the emirate’s drive to build a thriving gaming and esports ecosystem. Supported by a range of international and regional entities including Unity Technologies, the initiative seeks to facilitate the growth of gaming companies of all sizes, from SMEs through to large multinationals to aid the emirate’s economic diversification efforts.
"As Abu Dhabi continues to be recognised as a top destination for gaming and eSports, it is partnerships with entities such as Mubadala that will add incredible value to all stakeholders in the burgeoning gaming and eSports industry," said James Hartt, Director of Strategy and Business Development at AD Gaming. "The gaming and eSports markets in the MENA region are growing faster than anywhere else in the world and as the regions hub, Abu Dhabi is the ideal location for gaming and esports businesses as we create an ecosystem with an abundance of employment opportunities for skilled gaming and esports industry talent."
The MoU sets a framework for both Mubadala and AD Gaming to explore routes for collaboration and action that will support the development and publishing of gaming, esports and relevant content creation, as well as support gaming initiatives and events.