RIYADH: The gaming sector in Saudi Arabia is experiencing strong growth, fueled by the interest and enthusiasm of its population, said the top executive of one of the world’s largest venture funds on esports.
Speaking on the sidelines of the Next World Forum in Riyadh, Griffin Gaming Partners Managing Director Peter Levin highlighted that 70 percent of the population under 30 in the Kingdom displayed keen involvement in the gaming market.
In an interview with Arab News, Levin, who heads the venture fund on gaming with over $1 billion under management, emphasized the surge in competitive gaming.
“In the region, there’s a tremendous appetite for not just investing in the sector but also for teams to start enterprises here in Saudi and the region,” he said.
Levin highlighted the company’s engagement with numerous regional startups and enterprises, reaffirming its commitment to support and underwrite initiatives in the interactive software space.
The company envisions substantial growth potential driven by demographics and consumption trends.
“This is when we look at the Middle East, North Africa, Africa and the Indian subcontinent. These are major markets of growth for a variety of different reasons. Demographically, consumption patterns, mobile gaming continue to explode in the region and others,” Levin told Arab News.
“So, we want to continue to deploy resources against it accordingly,” he continued.
Levin stressed the need to closely monitor the market dynamics and remain informed about the gaming industry’s current state.
He advocated a proactive approach to understanding the ecosystem, from university teams and students to thriving platforms, to identify investment opportunities and insights into emerging gaming projects.
Furthermore, Lavin revealed that Griffin Gaming Partners has been actively seeking investment opportunities within Saudi Arabia, underscoring the company’s belief in the sector’s growth trajectory.
Moreover, Levin highlighted growth projections, stating that the demand for content, games, and immersive experiences is rising rapidly.
“There is so much lore from this region that is untapped, under-leveraged, and we do feel that the global consuming constituency of gamers currently at 3.1 billion, and that number is going to skyrocket to close to 5 billion over the next dozen plus years,” he concluded.