W Ventures, RedPeg to launch e-sports platform in Dubai
DUBAI, October 31, 2019
W Ventures, a Dubai-based holding company with offices across Saudi Arabia and Lebanon, said it has joined hands with gaming and e-sports experts RedPeg to launch its first on and offline gaming platform in the Middle East region.
The successful portfolio expansion comes at a time when the e-sports (a form of competition sports using video games) sector is growing at a rapid pace and is projected to reach $196 billion in revenue by 2022, said a statement from W Ventures.
To date the Mena region hasn’t fully capitalised on this industry, however the region is quickly evolving, and the gaming industry is expected to be worth $4.4 billion by 2022 as teams have started springing up and making a name for themselves on an international scale, it stated.
In September, local team YaLLa e-sports qualified for three international tournaments - in China, Romania, and Spain - with over $1.2 million in prize money.
The project will see $50 million invested into a new business model that aims to improve gaming in the region and support the local e-sports ecosystem.
Chairman Habib Wehbi said: "We see an opportunity to offer gamers in the region a completely unique and authentic experience, by providing them with the tools and infrastructure to be discovered and flourish in this growing global phenomenon."
RedPeg CEO Brad Nierenberg said: "For the past eight years we’ve worked with publishers, endemic and non-endemic brands, influencers, developers, streamers and gaming communities across the United States and globally."
"By leveraging our extensive knowledge with our experiential marketing expertise, we’ll aim to create unforgettable experiences and expand career prospects for gamers in the Mena region," he added.-TradeArabia News Service
