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Declining Gaming Revenues Bring Middle East Opportunities
The global gaming industry faces plenty of challenges, but the Middle East’s investments have resulted in growth opportunities and regional resilience.
Ask a casual observer about the state of the gaming industry, and they’ll likely tell you that it’s in fine health. After all, this vast landscape of big-studio and indie developers, consoles, and cloud-based services rakes in billions each year.
However, despite headline-grabbing news such as Microsoft’s recent $75 billion acquisition of Activision Blizzard, a closer examination reveals several underlying challenges. Despite initial surges during the pandemic, gaming usage and revenues have declined due to factors like inflation. Business Insider recently reported a 2.3% decrease in US gaming revenue in 2023 compared to the previous year, signaling a shift in consumer behavior that includes reduced gaming hours per week.
Analyst Matthew Ball’s assessment of the industry’s state highlights a concerning trend of layoffs, with a significant increase observed in 2024. Substantial cuts within Microsoft Gaming have impacted approximately 8% of its workforce. Meanwhile, key departures from Blizzard add to the industry’s instability.
While these layoffs have global implications, the Middle East and North Africa (MENA) region presents a unique opportunity amidst the industry’s challenges. With a rapidly growing gaming market and substantial government investments, countries like Saudi Arabia and the UAE are aiming to establish themselves as global hubs.
Also Read: Top 10 Best Video Games Set In The Middle East
Saudi Arabia’s Savvy Games Group, backed by a $38 billion investment from PIF, seeks to bolster the Kingdom’s gaming industry and emerge as a global leader. Similarly, the UAE’s ambitious Dubai Program for 2033 aims to position Dubai among the top 10 cities in the gaming industry by boosting its digital economy and GDP.
These initiatives could offer insulation against the industry’s turbulence while creating growth opportunities for regional gaming companies. By diversifying their economies and investing in long-term development, Middle Eastern countries are demonstrating a strategic approach distinct from the short-term profit-driven motives seen elsewhere in the industry.
News
NASA Forms New Partnership With Saudi Space Agency
The pair will collaborate on the Center for Space Futures, advancing space tech by bringing together public and private stakeholders.
Saudi Arabia’s space industry is on the brink of substantial expansion after generating $400 million in revenue in 2022, according to a report by the Saudi Communications, Space and Technology Commission.
Now, in a new venture with NASA, plans for a “Center for Space Futures” are set to further drive the Kingdom’s aspirations of becoming a leading player in space exploration and technology.
Capturing moments from the joint delegation visit with leaders from the Saudi and American Space Agencies @NASA to @PSU_RUH, along with scenes showcasing the audience's engagement. pic.twitter.com/oB1cFTiRNl
— وكالة الفضاء السعودية (@saudispace) May 14, 2024
The partnership between NASA and Saudi Arabia goes beyond economic advantages. The pair have already cooperated on preliminary work for the Artemis II lunar mission, which is slated for a September 2025 launch and aims to land astronauts near the moon’s South Pole.
Also Read: Plans Underway For Massive Middle East Autonomous Freight Network
During a visit to the capital, Riyadh, NASA Administrator Bill Nelson emphasized in a TV interview the broader objectives of the collaboration, which encompass “returning to the moon and then [to] Mars” while utilizing space exploration to glean important insights into climate change. The NASA spokesman also reiterated the space agency’s dedication to collaborating with Saudi Arabia on other future ventures.
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