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Abu Dhabi plans to launch a $150 million qualified venture fund focused on gaming as the emirate pushes ahead to establish itself as a gaming hub in the region.
Domiciled in Abu Dhabi, the close-ended Beam Ventures fund, will have an accelerator programme, which will work with early-stage startups specialising in web3 gaming and AI.
“This is a qualified venture fund established within ADGM [Abu Dhabi Global Market], with a three-to-five-year tenure, which is mainly meant for a larger investor base,” Mark Borsten, Chief Strategy Officer, Beam Ventures told Zawya.
“The fund is going to bootstrap a kind of local ecosystem in Abu Dhabi, but it is also slightly different because it builds on virtual assets, as investments are mainly in battery gaming startups.”
Established by the Beam Foundation, the Abu Dhabi-headquartered Beam Ventures is also focused on its early-stage accelerator programme. Borsten sait it is a 12-week in-person and remote participation setup that will bring teams down to Abu Dhabi to create a breeding ground for startups that will impact the gaming industry, while further delving in to web3 and artificial intelligence (AI).
“Over the past three years, we have built a robust gaming infrastructure in Abu Dhabi and establishing a dedicated gaming fund is a crucial step in ensuring that this ecosystem continues to thrive,” said Saeed Al Fazari, Strategic Affairs Executive Director at the Department of Culture and Tourism – Abu Dhabi.
Abu Dhabi has been actively building up its gaming ecosystem as competition heats up in the region, with Saudi Arabia emerging as a key player with the backing of its $925 billion Public Investment Fund (PIF).
Following the launch of the government-backed Abu Dhabi Gaming initiative in 2021 to build a self-sustaining gaming and e-sports ecosystem in the emirate, plans were unveiled earlier this year to develop an island dedicated to gaming.
Gaming company True Gamers is spearheading this private island $1 billion project, which, upon completion will feature experiences such as a PUBG-inspired parachute jump, a high-end training facility for professional gamers and teams, and an arena hosting major events.
(Reporting by Bindu Rai, editing by Brinda Darasha)
