News

The Middle East Is Rapidly Becoming An eSports Hub

Events like the BLAST Premier World Finals in the United Arab Emirates are cementing the region’s reputation as a gamer’s paradise.

Published

9 months ago

December 12, 2023

Nour Nasir

the middle east is rapidly becoming an esports hub

eSports champions are gearing up for the Blast Premier World Final, hosted in Abu Dhabi on December 16 and 17. Gaming fans from around the world will gather to experience the action first-hand as “part of a three-year partnership with AD Gaming” that seeks to cement the UAE’s position in the gaming sector and “contribute to the growth of esports in Abu Dhabi”.

BLAST has already created a huge buzz around the eSports scene, and the tournament’s arrival in Abu Dhabi should boost the profile of the entire MENA region. According to a Statista survey, Egypt leads the region with 6.32 million residents who consider themselves gamers. Meanwhile, the UAE will be home to another 1.73 million participants by 2028.

To cater to the growing Middle Eastern fanbase, BLAST.tv will “bring fans closer to the action, serving up maximum excitement for esports lovers with a number of innovative features on offer, helping them watch events live like never from the comfort of their homes”.

Andrew Haworth, Director of Production and Operations at BLAST and Commissioner for BLAST Premier, explained that “esports has the ability to engage with hard-to-reach, tech-savvy, and young audiences, which separates it from other industries”.

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

Unlike other sporting events, eSports has a unique selling point in that the games are live and accessible anywhere. “Through the healthy relationship technology has with esports, it is able to bring fans to the very heart of this viewing experience in an interactive and innovative way,” said Haworth, who is optimistic that the genre could soon become as big as F1 racing.

Recent data seems to agree, as surveys show that overall, people now spend more time watching eSports than they do with Netflix. BLAST aims to make esports a global experience that encapsulates “skill level, player stardom, drama, production quality, and storylines”.

News

Paymob Extends Series B Funding To $72M Amid Continued Growth

The financial services provider has secured an extra $22 million after strong performance in its core market of Egypt.

Published

23 hours ago

September 12, 2024

Nour Nasir

paymob extends series b funding to $72 million amid continued growth

Leading financial services provider Paymob has secured an additional $22 million in a funding extension, bringing its Series B total to $72 million.

The funding was spearheaded by EBRD Venture Capital, with support from Endeavor Catalyst. Existing backers such as PayPal Ventures, BII, FMO, A15, Nclude, and Helios Digital Ventures also participated, reaffirming their confidence in Paymob’s business model and potential in the regional fintech industry.

This extension comes on the back of Paymob’s strong performance in its core market of Egypt, where it has experienced 6x revenue growth since the initial Series B in Q2 2022. With the Series B extension and continued profitability in Egypt, Paymob is well-positioned to further its expansion strategy across the MENA region.

Islam Shawky, Co-founder and CEO of Paymob, commented: “We are very excited by our strong prospects in Egypt – where we hold a market-leading position – and the significant traction experienced in the UAE since launching operations there. This funding will help Paymob fully capitalize on the momentum in our established markets, as we accelerate our GCC roll-out. We remain committed to creating cutting-edge infrastructure enabling SMEs across the region to thrive in the digital economy and are proud of our continued impact”.

Also Read: Zoho Expands Qatar Operations & Releases New Survey Data

The expansion into GCC markets has been driven by Paymob’s initial Series B funding of $50 million, raised in 2022 and led by Kora Capital, PayPal Ventures, and Clay Point. The investment fueled Paymob’s growth, allowing it to launch its mobile app in 2023 and grow its merchant base by 3.5 times, now serving nearly 350,000 merchants across MENA.

Paymob has also expanded its payment acceptance suite to offer 50 payment methods through its gateway, POS terminals, and the Paymob app, providing the region’s most comprehensive fintech solution. The company recently introduced embedded checkout services for Shopify and WooCommerce, further demonstrating its commitment to empowering small and medium businesses across the region.