Abu Dhabi to Launch $150 Million Gaming Fund
Funding | Dec 11, 2024 | Zawya
Abu Dhabi is set to establish a $150 million venture fund aimed at fostering the growth of the gaming industry within the region. Beam Ventures, domiciled in Abu Dhabi and established under the ADGM jurisdiction, will operate the close-ended fund which is designed to cater to a wide investor base over a three-to-five-year period. The fund will focus on early-stage startups specializing in web3 gaming and artificial intelligence, with the goal of boosting the local gaming ecosystem through its accelerator program. This initiative highlights Abu Dhabi's strategic push to become a key player in the regional gaming market, especially as competition intensifies with Saudi Arabia's significant investments in the sector. The initiative is part of a broader effort that began with the 2021 Abu Dhabi Gaming initiative, which aims to create a sustainable gaming and e-sports ecosystem.
Sectors
- Gaming
- Venture Capital
- Technology
Geography
- United Arab Emirates – The article is centered around Abu Dhabi, the capital of the United Arab Emirates, and its initiatives in the gaming sector.
- Middle East – Abu Dhabi's initiative is part of a broader regional effort to compete in the gaming industry, particularly against other Middle Eastern countries like Saudi Arabia.
Industry
- Gaming – The article focuses on the establishment of a gaming venture fund, indicating the industry's expansion and potential in Abu Dhabi.
- Venture Capital – The article pertains to the launch of a $150 million venture fund supporting gaming startups, a key activity in the venture capital sector.
- Technology – The fund is centered on startups specializing in web3 and AI technologies, fields linked to technological advancements.
Financials
- 150,000,000 – The total value of the qualified venture fund established by Beam Ventures for gaming.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Beam Ventures | Fund Manager | Company | A company headquartered in Abu Dhabi responsible for managing the new $150 million gaming venture fund. |
| Beam Foundation | Founder | Organization | The entity that established Beam Ventures. |
| Abu Dhabi Global Market (ADGM) | Regulatory Jurisdiction | Government | The jurisdiction where the Beam Ventures fund is domiciled, providing regulatory oversight. |
| Department of Culture and Tourism Abu Dhabi | Strategic Director | Government | Involved in strategic planning related to Abu Dhabi's gaming ecosystem. |
| Saeed Al Fazari | Strategic Affairs Executive Director | Person | An executive at the Department of Culture and Tourism Abu Dhabi, involved in promoting the gaming ecosystem. |
| True Gamers | Project Developer | Company | Company leading a significant private island project dedicated to gaming in Abu Dhabi. |
| Saudi Arabia Public Investment Fund (PIF) | Regional Competitor | Government | Saudi Arabia's investment fund, presenting regional competition in the gaming sector. |