News

Smartphones Dominate The Saudi Online Gaming Sector

Around 73% of gamers use smartphones in the Kingdom to play online, according to a YouGov survey.

Published

11 months ago

August 17, 2023

Nour Nasir

smartphones dominate the saudi online gaming sector

Gamers8

By 2026, the global gaming market is projected to surpass $200 billion in value, with mobile devices continuing to dominate the sector.

As in many other markets, smartphones are the gaming device of choice for Saudi Arabians, with nearly three-quarters of users (73%) preferring portability and convenience over consoles and PCs.

UK-based research firm YouGov found that game consoles like Microsoft’s Xbox, Sony’s PlayStation, and Nintendo’s Switch were favored by 34% of gamers, with desktops and laptops recording a 33% score. Meanwhile, high-end gaming PCs were preferred by just 14% of users.

On how much time is spent gaming per week, the biggest portion of respondents (22%) admitted they spend about 3-6 hours per day, YouGov found.

“Although mobile devices have opened the gates to casual gaming in a big way, the likes of Xbox and PlayStation continue to appeal to gaming enthusiasts, with a third of weekly gamers using dedicated gaming consoles to play video games. Men are more likely than women to say this,” YouGov analysts explained.

Like citizens in most other developed nations, social media interaction remains the top online activity for Saudi Arabians, with 41% of those surveyed engaged in it, according to experts. As you’d imagine, the likes of YouTube, Netflix, and Amazon Prime came in next, dominating the rankings ahead of other activities like checking emails and general browsing.

Also Read: Top 10 Best Video Games Set In The Middle East

As for online gaming, Saudi Arabia’s government will be pleased with the survey’s findings, as the country plans to develop 30 new gaming titles locally and create around 40,000 jobs by 2030 as part of a program known as the National Gaming and Esports Strategy.

Last month, the Kingdom began hosting Gamers8, one of the world’s largest gaming festivals, which YouGov found to be well received by residents. Saudi Arabia’s online gaming industry also received a boost with $488 million of funding from the Saudi Esports Federation, the National Development Fund, and the Social Development Bank, announced at Riyadh’s Leap Technology Conference back in February.

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

21 hours 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.