The United Arab Emirates (UAE), like several other Middle Eastern countries, has been working hard to diversify its economy by making some ambitious moves.
They have taken bold steps in tourism and technology investment, pushing boundaries as they bid to wean themselves off their reliance on oil revenues.
The UAE has also made significant inroads into the gaming industry. The ambitious Wynn Resort mega project in Ras Al Khaimah could be the trigger for major gaming boom.
Integrated Resorts and the Online Casino Opportunity
The usually conservative UAE shocked the world when it announced the creation of the General Commercial Gaming Regulatory Authority (GCGRA).
The GCGRA holds exclusive jurisdiction to regulate and supervise all commercial gaming activities and facilities in the UAE.
Wynn Resorts was awarded the first commercial license to incorporate gaming at their $4.5 billion integrated resort in Ras Al Khaimah. It was a signal of serious intent.
This was the UAE’s first move into the casino sector, but it is reportedly just the beginning. According to many respected sources, the UAE is also considering issuing licences for online casinos.
All online casinos in UAE are currently operated by companies located in other jurisdictions and function under licences issued by authorities in those regions.
However, if the UAE legalises online casinos, international platforms and incoming local operators would be required to seek approval from the GCGRA.
Giving online gaming platforms licences would open a new revenue stream for the UAE. The UAE has the digital infrastructure, solid regulatory framework and location to dominate the Middle Eastern online gaming market.
The Emirate can avoid pitfalls while delivering a new level of luxury and tech-driven experiences if they get it right with their regulations regarding security, responsible gaming and enforcing compliance.
A flourishing gaming industry will attract more international operators while inspiring local fintech, gaming tech and cybersecurity innovation.
Professional Gaming and Wagering
The UAE already has a budding eSports industry, but it is still pushing for more investment as it bids to become a global force in competitive gaming.
The global eSports market is forecast to hit $6.75 billion by 2030, and the Middle East is one of the regions poised to contribute a massive chunk of that figure.
Dubai hosted the well-attended GIRLGAMER Festival, while the Blast Premier World Abu Dhabi was a massive success. These events signal an appetite from players and fans.
Creating a regulated eSports betting ecosystem is the next logical step for the UAE. They have a youthful populace already embracing competitive gaming and mobile betting, and a potential crossover is a tantalising prospect.
The UAE can become the hub for eSports tournaments, where legal betting is allowed. They will potentially rival neighbours Saudi Arabia as the go-to eSports destination.
Opening the door for eSports betting will create new jobs in technology, media, hospitality, tourism and sports markets.
The UAE already has high-end eSports venues and partners with tournament organisers to stage events. If they add legalised eSports betting to the mix, the UAE could capture a massive chunk of the digital entertainment economy.
Building A Creative Mitochondria for the UAE
Besides casinos and eSports, the UAE could also dominate game development in the Middle East.
The region consumes plenty of gaming content but does not produce many titles. This is a gap the UAE should look to close.
The first step has to be investing in gaming studios as Saudi Arabia did with Savvy Games Group. They could also encourage studios by giving them tax incentives and creating incubators for growth.
Another crucial step they could take towards producing their world-renowned titles is establishing gaming design courses across universities in the Emirates.
These moves would shape a new creative economy backed by creative storytelling and technology.
UAE-based gaming studios with Arabic themes will help export their culture and bring a new voice into an industry dominated by Western and Asian stories.
The UAE must take inspiration from countries such as Poland (The Witcher) and Finland (Clash of the Clans). They became gaming giants with a little focused support.
The UAE has even more potential with its financial muscle. They could create a thriving game development sector that drives success in software engineering, digital marketing and internet law.
