Abu Dhabi to Launch $150 Million Gaming Fund to Boost Web3 and AI Startups
As the emirate moves to position itself as a gaming hub in the region, Abu Dhabi plans to launch a $150 million qualifying venture fund focused on gaming.
The yet-to-be-closed Beam Ventures Fund, based in Abu Dhabi, will have an accelerator program to work with early-stage startups specializing in web3 gaming and AI.
“It is a qualified venture fund set up in ADGM [Abu Dhabi Global Market], with a maturity of three to five years, primarily targeting a large investor base,” Mark Borsten, chief strategy officer at Beam Ventures, told Javya. .
“This fund is going to bootstrap a kind of local ecosystem in Abu Dhabi, but it’s a little bit different because it’s building virtual assets because the investment is primarily in battery gaming startups.”
Founded by Beam Foundation, Abu Dhabi-based Beam Ventures also focuses on its early-stage accelerator program. Borsten said the teams will be brought to Abu Dhabi to create a breeding ground for startups that will make an impact in the gaming industry and further explore Web3 and Artificial Intelligence (AI). .
“Over the past three years, we have built a strong gaming infrastructure in Abu Dhabi, a critical step in ensuring the progress of this ecosystem,” said Saeed Al Fazari, Executive Director of Strategic Affairs at the Department of Culture. Tourism – Abu Dhabi.
Abu Dhabi is aggressively developing its gaming ecosystem as competition heats up in the region, with Saudi Arabia emerging as a major player backed by a $925 billion Public Investment Fund (PIF).
Plans to create an island dedicated to gaming were unveiled earlier this year following the launch of the Abu Dhabi Gaming Initiative, a government-backed initiative to create a self-sustaining gaming and e-sports ecosystem in the emirate by 2021.
Gaming company True Gamers is leading the $1 billion project for the private island, which upon completion will feature experiences such as a PUBG-themed parachute jump, an advanced training facility for professional gamers and teams, and a venue to host major events.