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Saudi Arabia Launches Summer 2024 eSports World Cup
Football megastar Ronaldo was in attendance, and was honored to meet His Highness Prince Mohammed bin Salman.
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On Monday, October 23, Crown Prince Mohammed bin Salman of Saudi Arabia announced the launch of the eSports World Cup. The event will be held annually from Summer 2024 in the Kingdom’s capital, Riyadh.
The eSports World Cup is the largest of its kind and will help to consolidate the Kingdom of Saudi Arabia’s position as an international pro gaming hub. The event will include games across a wide range of genres, with players competing for the largest pool of prize money ever to be issued at this type of event.
According to Arab News, the newly announced World Cup should boost the Saudi Arabian GDP by over 13 billion USD while creating nearly 40,000 new jobs.
During the launch, Saudi Crown Prince Mohammed bin Salman met with Portuguese football legend Cristiano Ronaldo, who was invited to the event. The star shared several images on social media and said he was honored to meet the Crown Prince.
The eSports World Cup launch also allowed Saudi Arabian officials to announce the establishment of the eSports World Cup Foundation, a non-profit organization to boost sustainability and cement the Kingdom’s place as a global gaming hub.
Also Read: Top 10 Best Video Games Set In The Middle East
The Saudi government is currently going to great lengths to promote the growth of the local gaming industry through its National Gaming and Esports Strategy.
Saudi Arabia is already home to the MENA’s leading gaming industry. The country has around 21 million gamers (nearly 58% of the population) and is the 19th biggest gaming market in the world, with a projected value of $2.6 billion by 2027 — a growth rate of 7.5% per year.
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.
![mamo completes $3.4 million funding round to enhance fintech services](https://techmgzn.com/wp-content/uploads/2024/07/mamo-completes-3.4-million-funding-round-to-enhance-fintech-services.jpg)
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.
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