W Ventures Holding Is Investing USD 50 Million To Develop A Local Esports And Gaming Ecosystem In The MENA Region
In December 2018, W Ventures successfully expanded its portfolio by opening RedPeg Middle East to service the MENA region. This year, in partnership with gaming and Esports experts RedPeg, the MENA region will experience its first ever state-of-the-art on and offline gaming platform. The project will see USD 50 million invested into a new business model that aims to improve gaming in the region and support the local Esports ecosystem.
Habib Wehbi, Chairman of W Ventures commented, “We see an opportunity to offer gamers in the region a completely unique and authentic experience, by providing them with the tools and infrastructure to be discovered and flourish in this growing global phenomenon.”
The Esports industry is growing at a rapid pace and is projected to reach USD 196 billion in revenue by 2022. To date the MENA region hasn’t fully capitalized on this industry, however the region is quickly evolving, and the gaming industry is expected to be worth USD 4.4 billion by 2022 as teams have started springing up and making a name for themselves on an international scale. In September, local team YaLLa Esports qualified for three international tournaments - in China, Romania, and Spain - with over USD 1.2 million in prize money.
Brad Nierenberg, CEO of RedPeg, added, “For the past eight years we’ve worked with publishers, endemic and non-endemic brands, influencers, developers, streamers and gaming communities across the United States and globally. By leveraging our extensive knowledge with our experiential marketing expertise, we’ll aim to create unforgettable experiences and expand career prospects for gamers in the MENA region.”
Gaming has historically carried a certain stigma among adults who saw it as little more than a pastime, but thanks to the rapid growth of the industry, a broad range of opportunities beyond playing is increasingly becoming the norm. The W Ventures initiative will help to significantly bolster the image of gaming and highlight multiple opportunities for growth.
W Ventures will reveal full details about its unique initiative in November.