Abdumalik Mirakhmedov, the Director and co-founder of UAE tech venture company, Scalo Technologies, believes that Middle East startups in the gaming industry have the potential to drive positive real-world impact. According to Mirakhmedov, gaming startups can be profitable and meaningful by considering their social impact. He emphasizes the importance of founders factoring in societal impact to create value beyond entertainment.
The global gaming market is currently valued at $282 billion and is expected to reach $363 billion by 2027, with 3.32 billion gamers worldwide this year. The MENA region alone has 80 million gamers. While games provide entertainment, accomplishment, connection, and escape, they are evolving to become platforms for positive change. Mirakhmedov highlights how games are using their immersive capabilities to address real-world challenges.
Scalo Technologies, established in Singapore in 2020, moved its operations to Dubai last year due to the vibrant ecosystem in the UAE. One of its investments includes Hexacore, a mobile game developer and publisher specializing in hybrid mobile web3 games. Mirakhmedov points out that mission-driven companies attract top talent and investments from socially-conscious backers. Research shows that 70% of Gen Z gamers would switch brands supporting social good causes.
Mirakhmedov also emphasizes the importance of sustainability initiatives in the gaming industry. He believes that by embracing impact, startups can connect with a conscious audience, unlock new markets, and future-proof their business. Games have the potential to teach, promote understanding, and motivate action on issues like climate change, mental health, and cultural diversity. The ability to ‘gamify’ social good is exciting for impact-focused investors like Scalo Technologies.
In conclusion, Abdumalik Mirakhmedov believes that the gaming industry is rapidly changing, with a focus on sustainability and social impact. Startups in the gaming industry have the opportunity to create meaningful change by incorporating social impact into their business models. By embracing impact, startups can attract top talent, investments, and conscious audiences, ultimately driving positive real-world impact and ensuring long-term success in the industry.
