News

Dubai’s DMCC Gaming Centre Adds To A $1.8B Industry

The popularity of gaming has exploded across the MENA region, with Dubai aiming to become the regional capital for talented developers and startups.

Published

2 years ago

December 13, 2022

Nour Nasir

dubai's dmcc gaming centre adds to a $1.8 billion industry

Dubai’s DMCC (a flagship free trade zone at the center of the Jumeirah Lakes Towers district) has announced the opening of the DMCC Gaming Centre. The move comes as MENA gaming revenues are predicted to top $5 billion by 2025, with Dubai’s own economy increasingly benefiting from a thriving Esports and gaming scene, as well as a concerted push to bring VR and Metaverse startups to the region.

The DMCC is already home to over 50 games companies, with developers, producers, and Esports teams flocking to this increasingly popular destination. Dubai’s world-class infrastructure and unparalleled economic opportunities make the new DMCC gaming center an enticing proposition for startups. Members will gain access to the Esports community through regular networking events, tournaments, and more, along with support from Esports organization YaLLa , and tech ecosystem builder Astrolabs.

Earlier this year, DMCC joined global VC firm Brinc to open up $150 million in accelerator program funding — known as ZK Advancer and The Sandbox Metaverse — as developers continue experimenting with the massive potential of blockchain and web3 technologies.

Also Read: Metaverse Will Bring $15B Annually To Gulf Economies By 2030

“As our roster of gaming companies expands rapidly and we see more DMCC Crypto Centre members enter the blockchain gaming space, there is no better time to formalize our efforts by opening the DMCC Gaming Centre. Through this facility, we will solidify Dubai’s position as a global hub for all gaming and Esports,” says Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC.

Gaming is now the most popular form of digital entertainment worldwide, and research undertaken by DMCC shows that 8 out of 10 people from gen Z and the millennial demographic are gamers. Enthusiasts spend upwards of seven hours each week on their hobby, and 10% of the entire online population now enjoys Esports tournaments.

News

Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

1 day ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.