Abu Dhabi is set to launch a $150 million venture fund aimed at supporting early-stage startups in web3 gaming and artificial intelligence (AI), as part of its effort to position itself as a leading gaming hub in the region.
The Beam Ventures Fund, established within the Abu Dhabi Global Market (ADGM), will be a close-ended fund with a tenure of three to five years. The fund also includes an accelerator program designed to support startups specializing in web3 gaming and AI, fostering innovation and growth in the sector.
“This fund is designed to create a local ecosystem in Abu Dhabi while focusing on virtual asset investments in battery gaming startups,” said Mark Borsten, Chief Strategy Officer of Beam Ventures, in an interview with Zawya.
The accelerator program, launched by Beam Foundation, is a 12-week hybrid model offering in-person and remote participation. It aims to nurture startups by providing them with a collaborative environment in Abu Dhabi, fostering advancements in gaming, web3, and AI technologies.
“Over the last three years, Abu Dhabi has built a robust gaming infrastructure, and this dedicated fund is a crucial step to ensure the ecosystem continues to thrive,” stated Saeed Al Fazari, Strategic Affairs Executive Director at the Department of Culture and Tourism – Abu Dhabi.
Abu Dhabi’s gaming initiatives come amid growing regional competition, particularly from Saudi Arabia, which has heavily invested in gaming through its $925 billion Public Investment Fund (PIF). The emirate’s efforts began with the launch of the Abu Dhabi Gaming initiative in 2021, which aimed to create a self-sustaining gaming and esports ecosystem.
Additionally, plans for a $1 billion private gaming island project spearheaded by True Gamers were announced earlier this year. This island will feature unique experiences, including a PUBG-inspired parachute jump, a professional gaming training facility, and a major esports event arena, further solidifying Abu Dhabi’s status as a gaming destination.
With these strategic investments and initiatives, Abu Dhabi is setting the stage to become a central player in the global gaming and esports industry.
