Saudi Arabia - Accel-backed Jetapult, a global strategic investment company in the gaming landscape, acquired a majority stake in Riyadh-based UMX Studio, according to a press release.

The multi-million-dollar all-cash transaction marks Jetapult’s first investment in the MENA region, with further investments planned in markets like South East Asia and Europe.

The investment comes within the framework of the significant growth of the gaming and e-sports sector in the MENA region as well as the Saudi National Gaming and Esports entity aiming to make the Kingdom a global gaming hub by 2030.

Furthermore, the acquisition of UMX Studio will back the expansion of the company’s existing portfolio, expand its audiences across global markets, and build games in new genres.

Sharan Tulsiani, Co-Founder and CEO of Jetapult, said: “This collaboration will not only unlock UMX’s global potential but also contribute to the growth of local talent and enhance gaming experiences across the Middle East’s vibrant development ecosystem.”

Ali Alharbi, Founder UMX, commented: “In partnership with Jetapult we are committed to setting new benchmarks and establishing a solid foundation for nurturing and expanding Saudi Arabia’s gaming talent.”

The company aims to drive game studios to sustainable growth in markets, such as Southeast Asia, MENA, Eastern Europe, and Latin America, through a $100 million commitment over the next five years.

In 2023, gaming revenues in the MENA region were nearly $7.20 billion, with Saudi Arabia emerging as a key growth player. The Kingdom is home to 23.50 million gaming enthusiasts, representing 67% of its population, as per PWC in 2024.

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