Gaming start-ups in Turkey have raised more than $1 billion in funding from 2018 to 2022, significantly outpacing fundraising in the Mena region, a study has shown.
The $1.2 billion attracted by these companies during the five-year period reflects to a compound annual growth rate of 263 per cent, and is substantially higher than the $59 million invested in their counterparts across the Mena region, start-up data platform Magnitt said.
Funding rose sharply in 2021 to hit $505 million – $155 million of which came from mega deals, or those worth $100 million and above. This was substantially higher than the $22 million raised in 2020, the Dubai-based research firm said.
This further rose by more than a quarter to $637 million in 2022, $255 million of which came from mega deals, the study said.
International participation has also increased, with 62 per cent of investors coming from overseas, a figure which, again, outpaced the Mena region, it said.
During that five-year span, the top three investors in Turkey's gaming sector included local venture capital firm Makers Fund and US-based Balderton Capital, which together invested $105 million, followed by UK-based Index Ventures with $99 million.
By comparison, the biggest investments in the Mena region came from the UAE's MSA Novo and Venture Souq, with $5 million and $4 million, respectively, and Saudi Arabia's Vision Ventures with $3 million.
Conversely, it is interesting to note that the funding gap between Turkey and the Mena region magnifies the huge untapped opportunity, particularly in the GCC, for the gaming industry to flourish, said Philip Bahoshy, chief executive of Magnitt.
“Turkey actually has a lower gaming penetration than Saudi Arabia and the UAE. In fact, the latter countries have a much higher gaming penetration than even the global standards,” Mr Bahoshy told The National.
“Overall, while Turkey is the biggest fish in the emerging venture gaming pond, it isn't wise to count Mena out of the game just yet, as the region's gaming industry is rapidly evolving as deal flow and funding continue to grow, supported by relatively stronger macro and currency stability.”
Gaming has become big business globally, gaining traction during the Covid-19 pandemic in 2020, with new technology providing an opportunity to reach a wider audience and develop new titles to cater to consumer demand.
It is a “fundamentally scalable global business” worth about $250 billion, growing at 13.1 per cent and driven by widespread smartphone, internet adoption and improved payment options, data from Magnitt showed.
Revenue in the global gaming market is projected to hit $212.4 billion by 2026, with mobile platforms continuing to lead the growth, market data platform Newzoo said in its August monthly update.
The growth will be underpinned by an increase in the gamer population, which is projected to rise by 6.3 per cent year on year and hit 3.38 billion in 2023, it said.
The Asia-Pacific region will have the biggest share with 1.79 billion, followed by the Middle East and Africa, Europe, Latin America and North America.
“Compared to the global landscape, the room for growth of gaming is immense,” Noor Haider, a senior research associate at Magnitt and author of the report, told The National.
“The Turkey-Mena dynamic can be a bridge between the global and regional gaming landscape offering [a] unique cultural diversity and investment opportunity.”
Total gaming revenue in Turkey was projected at $2.5 billion in 2022, supported by about 42 million digital players, consistent government support and a mobile penetration rate of more than 95 per cent that has helped to offset the impact of inflation and the devaluation of the lira, Magnitt said.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
UAE currency: the story behind the money in your pockets
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
The specs
Engine: 2.0-litre 4-cyl
Power: 153hp at 6,000rpm
Torque: 200Nm at 4,000rpm
Transmission: 6-speed auto
Price: Dh99,000
On sale: now
UAE currency: the story behind the money in your pockets
Pakistan World Cup squad
Sarfraz Ahmed (c), Fakhar Zaman, Imam-ul-Haq, Abid Ali, Babar Azam, Haris Sohail, Shoaib Malik, Mohammad Hafeez(subject to fitness), Imad Wasim, Shadab Khan, Hasan Ali, Faheem Ashraf, Junaid Khan, Shaheen Shah Afridi, Mohammad Hasnain
Two additions for England ODIs: Mohammad Amir and Asif Ali
Killing of Qassem Suleimani
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
UAE currency: the story behind the money in your pockets
