- Fund will not only provide financial backing but also support through an accelerator program designed to foster innovation and development among startups.
Abu Dhabi’s strategic initiative to launch a $150 million qualified venture fund, Beam Ventures, underscores its ambition to establish itself as the predominant gaming hub in the region.
As the emirate intensifies its efforts in this sector, the fund, domiciled within the Abu Dhabi Global Market (ADGM), is set to focus on early-stage startups specialising in web3 gaming and artificial intelligence (AI).
The venture fund is characterised as a close-ended investment vehicle with a three-to-five-year tenure, aimed primarily at a larger investor base. Mark Borsten, the Chief Strategy Officer of Beam Ventures, emphasised that this initiative is poised to stimulate the local gaming ecosystem.
The fund will not only provide financial backing but also support through an accelerator program designed to foster innovation and development among startups.
The accelerator programme, which spans 12 weeks, combines both in-person and remote participation. It serves as a breeding ground for entrepreneurial talent and aims to attract teams to Abu Dhabi, thus solidifying the city’s position as a beacon for gaming innovation.
The initiative aligns with the broader vision articulated by Saeed Al Fazari, Strategic Affairs Executive Director at the Department of Culture and Tourism – Abu Dhabi, who highlighted the importance of a robust gaming infrastructure developed over the past three years.
Regional dynamics shifting
With regional dynamics shifting, particularly in light of Saudi Arabia’s significant investments in the gaming industry through its $925 billion Public Investment Fund, Abu Dhabi recognises the imperative to bolster its competitive edge.
The launch of the government-backed Abu Dhabi Gaming initiative in 2021 marks a pivotal moment in this endeavor, aimed at cultivating a self-sustaining gaming and esports ecosystem.
Moreover, the ambitious plans for a dedicated gaming island, spearheaded by the private venture True Gamers, further illustrate Abu Dhabi’s commitment to becoming a global gaming destination.
The $1 billion project promises unique attractions, such as a PUBG-inspired parachute jump and a state-of-the-art training facility for professional gamers, thereby enhancing the emirate’s allure to gamers and investors alike.