Abu Dhabi's twofour54 to sell mobile gaming studio for $205m
ABU DHABI, September 18, 2021
Media and entertainment hub twofour54 Abu Dhabi has confirmed that Stillfront Group has agreed to purchase leading Mena mobile gaming studio Jawaker for AED753 million ($205 million), representing a key milestone in its regional expansion plan in what is thought to be the largest acquisition in the Arab world’s booming gaming sector.
In 2011, twofour54 had signed a financial investment agreement with Jawaker, the first Middle Eastern card games website. The site, founded in 2009, enables players to connect with their friends and build new friendships without having to download an application.
As per the deal, Stillfront will acquire 100% stake in Jawaker FZ from its owners, which include twofour54, and will pay 74% in cash and 26% in 8.5 million newly-issued shares in Stillfront.
CEO Michael Garin said: "twofour54 has been at the forefront of creating an attractive and stimulating environment for game developers in the Middle East, as well as its strategic investments and providing support in all its forms to entrepreneurs and start-ups."
"These investments not only create financial value but also contribute significantly to building Abu Dhabi’s gaming infrastructure and developing homegrown talent capable of driving the growth and development of the sector and creating content that expresses the aspirations of Arab youth," he added.
AD Gaming Director (Strategy & Business Development) James Hartt said: "With investments in leading online gaming companies such as Jawaker, twofour54 is truly demonstrating that it is a pioneer of the regional gaming industry."
"This deal clearly demonstrates that the emirate’s gaming sector is moving from strength to strength, and through the AD Gaming initiative, we remain committed to driving its growth in the years to come to reinforce Abu Dhabi’s position as the Arab world’s capital for game developers," he added.-TradeArabia News Service
