The Middle East is home to some of the fastest-growing economies in the world as nations in the region explore other potential revenue streams away from energy.
While their e-Commerce market is still not as developed as in the United States or other major nations, the region has become a fertile ground for businesses to thrive.
Investors from around the world are tapping into the vast potential of the Middle East market thanks to an environment that favours business development.
With that in mind, read on as we look at three key business trends that we believe are well worth monitoring in the Middle East over the next few years.
iGaming on Course to Breakthrough in the Middle East
The iGaming industry has always caused a dilemma in the Middle East, with cultural laws strictly prohibiting gambling and all its associated activities.
However, recent developments suggest the region could be heading into a new era where gambling companies are allowed to operate freely.
Several countries across the region have started recognising the vast potential of the gambling sector and have including it in their expansion plans.
Some have even taken it a notch further and are already allowing strictly regulated forms of gambling through lotteries, casinos and digital betting platforms.
The United Arab Emirates recently awarded its first lottery licence, which shook the very core of the region’s cultural and religious landscape, but they were only getting started.
They have gone one step further to issue their first gambling licence in anticipation of the new Wynn Resort that is expected to house the region’s first-ever land-based casino.
The UAE has been the most proactive nation, exploring every potential revenue stream the gambling sector can offer, and they have set a precedent that could encourage other nations to join in.
This includes Kuwait, which has traditionally stood its ground on gambling restrictions. However, they may be inclined to rethink their approach over the next few years.
If they decide to implement a legal framework for iGaming, online slots in Kuwait, casinos and betting platforms will be free to operate under the country’s jurisdiction.
These forms of gambling are already popular among Kuwaiti citizens, but the platforms are regulated by authorities located in other nations.
Crypto Payments Could go Mainstream
Cryptocurrency has become a popular payment method worldwide, and the Middle East is no exception.
Financial technology has been a game-changer in an era where the demand for digital payment options is high, and crypto has helped to streamline the process.
Crypto is also helping businesses to expand and improve their access to digital transactions, especially in areas where banks are scarce.
The iGaming sector has been one of the main benefactors of crypto payments. It offers gamers a platform where they can make secure deposits and withdrawals.
Privacy and security are highly valued in the Middle East’s iGaming sector, which makes it a fertile ground for crypto payments to thrive.
With the Middle East ramping up its interest in crypto and online gaming, it would not be surprising to see the financial model eventually cross into the mainstream.
Rather than using conventional banks to make financial transactions, crypto offers a safer and more secure way of moving funds around.
Several countries in the Middle East have started testing the waters with crypto, and more could jump on the bandwagon in the future as the region gradually changes its approach.
Middle East eSports Boom Set to Continue Apace
The Middle East is well on its way to becoming a major player in the global gaming industry.
Government investment and access to high-speed internet have contributed to the rapid growth of the gaming sector, and young people are showing increased interest in digital entertainment.
With young people entering the fray, there has been a noticeable surge in the demand for gaming, making it one of the most exciting sectors for those looking for new business and investment opportunities.
Saudi Arabia is leading the charge, and they are strongly committed to making their mark in eSports.
The country has poured massive resources into the sector, which has helped them to acquire stakes in major gaming companies and form partnerships with international eSports leagues.
One of the most prominent eSports events hosted in the country is the annual Gamers8 festival.
Gamers8 is a massive online gaming tournament that is notorious for attracting top talents from around the world. It has become a cornerstone of the industry and attracts lucrative sponsorship deals from international brands.
The Middle East has started reaping the benefits of investing in eSports, but there are still several ways to extract more revenue from the industry, including media rights and merchandising.
