Abu Dhabi-based sovereign investor Mubadala Investment Company has signed a Memorandum of Understanding (MoU) with Abu Dhabi Gaming (AD Gaming) to develop strong gaming and esports ecosystem in the emirate and the UAE.
According to the statement, the agreement reflects the ambition of the two entities to support high-value products, creative industries, and new technologies as part of Abu Dhabi’s diversification agenda.
The MoU establishes a framework for Mubadala and AD Gaming to explore avenues for collaboration and action that will promote the development and publication of gaming, esports, and relevant content creation, as well as gaming initiatives and events.
James Hartt, Director of Strategy and Business Development at AD Gaming said, “As Abu Dhabi continues to be recognized as a top destination for gaming and eSports, it is partnerships with entities such as Mubadala that will add incredible value to all stakeholders in the burgeoning gaming and eSports industry.”
“The gaming and eSports markets in the MENA region are growing faster than anywhere else in the world and as the region’s hub, Abu Dhabi is the ideal location for gaming and esports businesses as we create an ecosystem with an abundance of employment opportunities for skilled gaming and esports industry talent,” Mr. Hartt added.
Badr Al Olama, Executive Director of UAE Investments at Mubadala Investment Company, commented, “As an active investor in innovation, we are always on the lookout for new opportunities. Esports and gaming have quickly emerged as an exciting sector and we look forward to developing opportunities related to it, and complementing our efforts in further diversifying the UAE’s economy.”
The creative sectors have emerged as significant drivers of social and economic progress as the world recovers from the consequences of the global pandemic. They’re also one of the world’s fastest-growing economic sectors, with a market of $218.7 billion expected by 2024.
The formation of strong gaming and esports ecosystem in the UAE will serve as a catalyst to draw global talent and advance education in virtual reality, coding, game design, and development, amongst others, as per the reports.
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