Middle East Games Con going digital for 2020 with regional 'first-of-its-kind gaming experience'

Middle East Games Con is going fully digital this year.

With Covid-19 causing organisers to scrap the physical event at the Abu Dhabi National Exhibition Centre, the event will now migrate online with free admittance for all.

Running from Thursday, October 29 to Saturday, October 31, the three-day broadcast will feature product launches, special guests, awards and E-sports tournament. The content will be accessed thought the website, me-gamescon.com.

The guest list of gaming celebrities will be announced soon on the event’s social media accounts.

Event manager Finlay Parr promises fans a pioneering virtual experience.

“Gamers can get ready for a first-of-its-kind gaming experience in the Middle East. Our Focus for this year and new for 2020 is the first-ever official Middle East Games Con esports tournament and the gaming awards,” he said.

“In addition to these new and exciting activities for 2020, we are of-course bringing fans their favourite features of the Con to their homes.”

Launched in the capital in 2017, Middle East Games Con has grown to become an influential event for the gaming industry. Last year saw YouTube star Mat Pat make an appearance to discuss his The Game Theorist YouTube channel, where his 12 million subscribers learn key hacks for particular games.

The event is also expected to host regional and international gaming brands.

“We’re looking forward to sharing more details with our fans over the coming weeks, but if you want to be the first to know what’s going on, keep an eye on our social channels for updates,” Parr said. “Until then, continue gaming and make sure you stay home, stay safe and get ready to game with us at Middle East Games Con Digital.”

For more details go to www.me-gamescon.com

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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