twofour54 ibtikar, twofour54’s financing and support pillar, has today announced new venture capital investment deals with two of the region’s leading Arabic online games companies, Tahadi Games and Jawaker.
With global information technology research experts Gartner predicting significant growth for the gaming industry in the coming years, these strategic investments represent another important milestone for the region’s indigenous digital gaming industry. The new agreements will help boost the development of a gaming cluster in Abu Dhabi, strengthening twofour54’s position as the region’s leading centre for game development in the Arab world.
Commenting on the new investment deals, Wayne Borg, Deputy CEO and Chief Operating Officer at twofour54, said: “Gaming represents a huge area of growth and these investments, with two of the region’s most promising companies, clearly shows twofour54’s commitment to supporting the development of an Arabic gaming industry.
“The worldwide revenue of the industry is enormous with consumer spending expected to surpass $74bn by the end of the year, and online spend expected to double from USD11.8bn this year to some $28bn by 2015 (Gartner 2011). However until recently the gaming landscape in the Middle East was significantly under-developed, despite appetite from local consumers for games that they can culturally identify with, and good levels of local developer and entrepreneurial talent. Our new agreements, which combine Tahadi and Jawaker’s online gaming expertise with twofour54 ibtikar’s investment and strategic support, will help to strengthen the regional gaming industry in addition to Abu Dhabi’s position as the Middle East’s leading Arabic gaming hub.”