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

1 year 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

Binance Receives Virtual Assets License To Operate In Dubai

As its user base nears 200 million, CEO Richard Teng believes crypto adoption will soar over the next half of the decade.

Published

20 hours ago

April 19, 2024

Nour Nasir

binance receives virtual assets license to operate in dubai

Global crypto exchange Binance has been granted a full operational license in Dubai, in a move that’s expected to accelerate digital asset adoption and strengthen the UAE’s regulatory landscape.

The virtual asset service provider license (VASP) was granted by the Dubai Virtual Assets Regulatory Authority (VARA) and will allow Binance to extend its current range of services to retail investors, the company announced yesterday.

The move by Dubai authorities will be critical to Binance’s strategy of growing its user base globally. The crypto exchange expects to pass the 200 million user mark “quite shortly”, according to Richard Teng, the company’s CEO.

Once that milestone is achieved, Binance will have around twice as many users as rival platform Coinbase. Meanwhile, Crypto.com, another popular exchange with 80 million users, received a Dubai VASP license last week.

“We’re seeing much greater institutional adoption and institutional money coming into this space [along with] much greater regulatory clarity and a lot more jurisdictions approving [digital asset] products that bring in new investor classes,” Binance’s Richard Tang explained, adding: “As of now, we stand at about 5% crypto adoption globally, but that will become much faster moving forward”.

Also Read: Microsoft Invests $1.5 Billion In Abu Dhabi AI Tech Firm G42

Dubai and the UAE are extremely supportive of technologies like digital assets, and have already launched initiatives to boost adoption. The UAE has ambitious plans to become a world leader in the crypto economy of the future, with Dubai in particular being noteworthy for passing a new law to regulate virtual assets to support investors and exchanges.

“Global crypto regulation is currently showing diverging signs. Some developed countries have long suffered from crypto-related frauds and illegal exchanges. On the other hand, emerging nations like the UAE and Singapore have enacted crypto laws at faced pace,” said Vijay Valecha, chief investment officer of Dubai-based Century Financial.

As the UAE gears up to become one of the fastest-growing crypto capitals worldwide, investors and talent are flocking to places like Dubai. During 2023, the Emirates as a whole realized $204 million in capital gains from cryptocurrency investments, according to blockchain data analysts Chainalysis.