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Global online gaming surpassed $20bn last year — how much room is left for growth?

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Online gaming is one of the fastest growing markets in the world. A lot of this is due to it being a relatively new market. One thing that has helped online gaming grow at such a fast rate is that it has tagged onto already established pastimes in order to facilitate its own growth. It’s similar to a parasite market in a way, especially as it’s likely that as technology continues to improve, it will offer experiences that are significantly better than playing in an offline setting. 

Over the last four years, revenue from online gaming has increased $13.7bn to $23.6bn. This is a significant increase and there are a number of factors behind this. One of the biggest reasons is due to the relaxation of online gambling laws within the US. This has allowed high-quality online casinos to operate in a number of US states, which has helped to increase revenue streams.

Online gaming options

The online gaming revolution has changed the landscape for gamers. It has impacted almost every aspect of gaming to truly make social gaming accessible to anyone. As high-speed internet has become available to most people, it’s made online gaming viable.

With video games already grabbing a big portion of the market share, people have continued spending their disposable income on gaming, with a portion of that moving towards online gaming. World of Warcraft has traditionally been one of the biggest revenue generators for online gaming revenue, but other games are starting to catch up.

Fortnite, Warzone and PUBG have all staked a claim as potential big revenue generators in the online gaming world. Additionally, FIFA and GTA 5 bring in large amounts of revenue. However, people should keep it in mind that it’s not only console and PC gaming which bring in revenue for online gaming.

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Online gambling is also another division of online gaming that generates a large amount of revenue. While sports betting generally tends to grab the headlines when it comes to gambling online, especially betting on soccer which is the most popular sport to bet on globally, online casinos are classified as online gaming.

Online casinos include a variety of different games for people to play. With everything from slots to roulette available, there is an extensive selection that can be enjoyed at online casinos, which encourages players to keep coming back. The increase in revenue in this sector has been rapid in recent times, due to the previously mentioned change in regulation of the US market.

Mobile gaming is also a huge revenue driver for the market. Mobile gamers make up a significant portion of users and account for the majority of revenue that is created for the gaming industry as a whole. However, while the majority of mobile games are in fact online, mobile games are not included in online gaming statistics at this moment in time. This means that the true figure for online gaming revenue is perhaps even higher than is currently believed.

Potential limit for online gaming revenue growth

Although online gaming has had significant growth over the last four years, with an increase of $10bn, there are signs that it will slow down slightly over the next four years. Current estimates indicate that online gaming revenue will hit $31.3bn by 2025. While this is still a significant increase from current revenue levels, it’s $3bn less than the growth over the previous four years. This means that it’s likely that the current acceleration of the market isn’t sustainable over the next 10 to 15 years. It’s expected that the market will plateau between 2031 and 2036.

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Of course, this isn’t necessarily a huge negative. Like all young markets, there will be a rapid level of growth initially before it slows down and results in very small levels of growth year on year. Players have had access to all new ways of playing video games since the introduction of online gaming, which has led to the rapid rate of revenue increase during this time.

While it looks as though online gaming revenue still has plenty of room to grow over the short term, it might not be able to sustain this growth in the long term. One thing that could affect this in the long term is the introduction of new products in the online arena. For example, if VR tech becomes widely used, this adoption could help growth to continue.

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Emirates News Agency – Economy Minister: We are working on a strategy to transform the food and agriculture sector into a global force

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Emirates News Agency – Economy Minister: We are working on a strategy to transform the food and agriculture sector into a global force

DUBAI, September 22 / WAM / The Minister of Economy, His Highness Abdullah bin Duq Al Marri, confirmed the country’s commitment to develop the food and agriculture sector to generate $10 billion in GDP and 20,000 jobs. The next five years.

He laid out seven key pillars of strategic direction to achieve this.
Key strategies include localizing innovation, strengthening agriculture and food supply chains, and providing farmers with the support and resources they need to achieve global leadership in agricultural innovation and sustainability in the food sector.
Addressing the fifth edition of the Future of Food Industries Forum 2023, he lauded the initiatives of the food and beverage industry in the areas of knowledge, skill development and digital infrastructure. How food is produced, distributed and consumed regionally and globally.
He lauded the potential of the Emirates Food Platform, launched at the forum, to enable collaboration between the public and private sectors in the field of food safety and to enhance the food and beverage ecosystem through digital infrastructure to drive sector growth and attract investments and business opportunities.
According to a statement from the organizers of the forum, the two-day (September 20-21) events in Dubai highlight the growing role and future of the food industry in the economy of the UAE. This industry, and current efforts to advance economic growth and industrial development in the UAE, emphasized that this is a promising and important matter for the future, as the UAE is today considered one of the most important centers for global food logistics services. , and it is the most accessible port for shipping containers between source and destination facilitating the food supply and consumption process.
The food sector is considered an important aspect of comprehensive trade, as trade in food products in the UAE is expected to reach 130 billion dirhams in 2022 compared to 105 billion dirhams in 2021, registering a year-on-year growth of 24% and food trade at 5.7%. Trade is non-oil.
His Highness Abdullah Bin Duq Al Marri said: “With a growing population and a priority for food security, the UAE is doing well in this regard as it ranks first in the Global Food Security Index for 2022. Other peers in the Middle East and North Africa region, but this volatile The challenges facing food in the times are real and present, and fortunately, the resilience and adaptability of our food industry helps us meet this challenge, while emphasizing sustainable practices that have maintained food safety in our country for centuries.”
He added: “I stand before you today to share with you our vision to take our beloved country to new heights and ensure food security in the future. Today, we are working on a strategy to transform the food and agriculture sector into a global force, sustainable innovation, self-sufficiency and Based on fundamental pillars that reflect our commitment to food production.
In his address, he pointed out that the first pillar is to localize the next generation of agricultural enterprises, develop local talent, identify and support next-generation solutions, and develop them into global leaders in promoting innovation. Second, making the UAE a global regulatory power ensures that our products maintain high standards and gain international recognition. Third, strengthening the UAE leadership’s commitment to strengthen the entire food value chain by prioritizing local production and reducing dependence on imports. Fourth, ensuring adequate funding for workers in the food and beverage sector.
He said: “Access to finance is key to the growth and development of industries, and our strategy focuses on securing funding and support, and this leads us to our fifth pillar of driving innovation through world-class research and development. It is the cornerstone of progress. We will provide global research and development packages. “The state of promoting change.
Also, the sixth pillar helps diversify the workforce and access new markets by creating pathways for all agricultural workers. Finally; The strategy aims to create the next generation of farmers who will be the future of agriculture and agricultural technology. Al Marri expressed his commitment to equipping farmers with the knowledge, technology and resources they need through training programmes, modernization initiatives and support systems to ensure the agricultural workforce is ready to face the challenges and opportunities ahead.
For his part, Saleh Lootah, Chairman of the UAE Food and Beverage Producers and Manufacturers Group, affiliated with the Dubai Chamber of Commerce, said: “The remarkable success of the 5th Future Food Industry Forum is due to the joint participation of all stakeholders in the food ecosystem, whose active engagement has been enhanced by the gradual shift to digital platforms, It has significantly improved engagement, communication and collaboration.
The forum was organized by the UAE Food and Beverage Business Council under the auspices of the UAE Ministry of Economy and the Dubai Chamber of Commerce, with the support of the Department of Economy and Tourism and the Food Department in Dubai. Technology Valley, Dubai includes the “Free from Food” exhibition.

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Muhammad Nabil Abu Taha/George Ibrahim/Zakaria Mohideen

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Saud bin Saqr: Promoting economic growth is an essential pillar of sustainable development

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Saud bin Saqr: Promoting economic growth is an essential pillar of sustainable development

His Highness Sheikh Saud bin Saqr Al Qasimi, Member of the Supreme Council of Ras Al Khaimah and Ruler of Ras Al Khaimah, emphasized the importance of stimulating the investment environment in the Emirate of Ras Al Khaimah, one of the main pillars of economic development. The Emirate’s future strategy is to continue its sustainable growth path and cement its position as a leading regional and global destination for tourism investments and real estate, in an effort to ensure a bright future for future generations.

Supporting national enterprises, improving their competitiveness and sustainability and raising their contribution to the emirate’s domestic product is a key priority in Ras Al Khaimah’s plans to build a sustainable economy. , and is an important tributary for diversifying the local economy.

This happened yesterday evening when His Highness attended the launch of the new strategy and brand of Ras Al Khaimah Properties, Ras Al Khaimah’s leading real estate developer listed on the Abu Dhabi Securities Market. Khaimah Mina Al Arab Hotel.

The launch of the new strategy and brand marks the beginning of a new phase for the company to continue its successful investment journey and improve its competitive position in the real estate market in the UAE, reflected by its pioneering community real estate projects. Including the hospitality sector, the Emirate of Ras Al Khaimah’s ambitious vision is to be one of the best. Tourism, investment and modern lifestyle destinations in the region.

Vision His Highness explained that Ras Al Khaimah operates in accordance with an ambitious strategic vision and thoughtful future plans to provide an enabling, incubating and encouraging environment for the growth and sustainability of national and international companies based in the Emirate, with an integrated economic and legislative framework. Establishing a structure and infrastructure to support the success and development of large real estate investment projects. A state-of-the-art project to encourage investment in various promising economic sectors in Ras Al Khaimah, and to support the development plans of the UAE.
On the other hand, yesterday, he was received by the Ambassador of the Republic of Greece, Antonis Alexandrides, at his Highness Palace in Sakr bin Mohammed Nagar.

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The Ruler of Ras Al Khaimah received the Ambassador and discussed with him several topics of common interest and ways to strengthen relations with the Republic of Greece in various fields.

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Saud Bin Saqr saw the launch of a new brand called “Ras Al Khaimah Properties”.

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Saud Bin Saqr saw the launch of a new brand called “Ras Al Khaimah Properties”.

Sheikh Saud bin Saqr Al Qasimi, Member of the Supreme Council and Ruler of Ras Al Khaimah, stressed the importance of stimulating the investment climate in the emirate to support economic development initiatives, one of the key pillars of the emirate’s future strategy. , to continue its steady growth path and cement its position as a leading regional and global destination for investments in tourism and real estate, in an effort to ensure a bright future for future generations.

Supporting national enterprises, improving their competitiveness and sustainability and raising their contribution to the Emirate’s GDP is an important priority in Ras Al Khaimah’s plans to build a sustainable economy, as it is an essential partner in the process of economic development. , and is an important tributary for diversifying the local economy.

This happened while attending the launch of the new strategy and brand of Ras Al Khaimah Properties, the Emirate’s leading real estate developer, listed on the Abu Dhabi Stock Exchange, at an event held at the InterContinental Ras Al Khaimah last Thursday evening. Khaimah Mina Al Arab Hotel.

The launch of the new strategy and brand marks the beginning of a new phase for the company to continue its successful investment journey and improve its competitive position in the UAE real estate market. The sector is in line with Ras Al Khaimah’s ambitious vision to be one of the best tourism and investment destinations and lifestyles, modern living in the region.

Ras Al Khaimah operates according to an ambitious strategic vision and thoughtful future plans to provide an incubating and encouraging environment for the growth and sustainability of national and international companies based in the emirate, said the Ruler of Ras Al Khaimah. An integrated economic and legislative body that supports the success and development of major real estate investment projects. Establishing an advanced infrastructure that will encourage investment in various promising economic sectors in Ras Al Khaimah to support the development plans of the UAE.

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He praised the role of Ras Al Khaimah Real Estate Company and its effective contribution in promoting the development of the real estate and investment sector in the emirate. Development in Ras Al Khaimah and the Emirates.

He pointed out that by supporting national enterprises, Ras Al Khaimah aims to improve their flexibility and ability to face various economic challenges, improve the quality of life of all the people of the emirate and its residents, and create a better one. A future for future generations. (wham)

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