“Happiness is the precursor to success.”
The quote by American author Shawn Achor is fitting in the case of entrepreneur Omar Ghanem, who co-founded Abu Dhabi-based Web3 gaming company GAM3S.GG.
Launched in July last year, the start-up – formerly known as Polkastarter Gaming – offers curated Web3 gaming content, with more than 215 games listed across 15 chains, and over 80,000 registered gamers.
“The futuristic world of Web3 gaming always excites me … I am on a mission to democratise this industry and bridge the gap between the users and the technology, and I believe, success will follow us inevitably,” Mr Ghanem, 27, who is also chief executive of GAM3S.GG, tells The National.
Driven by his passion for blockchain-powered games and motivated by the need for a platform that simplifies the users’ Web3 gaming experience, Mr Ghanem first joined Lisbon-based decentralised fundraising platform Polkastarter in December 2021 to dive deeper into the world of Web3 and build an actual gaming community.
“That was when I realised how difficult and less rewarding the experience of getting into Web3 games was … so after lots of discussion, market research and community feedback, we decided to build a dedicated platform to help make Web3 gaming easier for my friends, and millions of gamers around the world,” he says.
“Our community essentially demanded us to build the platform as they needed a one-stop-shop for all their Web3 gaming needs rather than jumping back and forth between different social media platforms and websites.”
Before embarking on his entrepreneurial journey, Mr Ghanem worked at several Dubai-based social media agencies, serving clients including Nvidia, Ubisoft, Riot Games, Epic Games, Logitech and Activision.
He co-founded GAM3S.GG with Daniel Stockhaus, the co-founder of Polkastarter.
Mr Ghanem and Mr Stockhaus also roped in Mostafa Salem, a gaming journalist, as co-founding partner to expedite the company’s expansion. Mr Salem is also serving as head of gaming in the company.
Web3 has been described as a new kind of internet service based around decentralised applications, blockchain technologies and token-based economics. The Web3 gaming market size is predicted to hit $133.2 billion by 2033 from $23.9 billion this year, according to market research and consulting company Future Market Insights.
It aims to create content to shed light on the top blockchain-powered games, offer reviews, guides, news, quests, annual awards and much more.
The company is also a member of AD Gaming, the entity responsible for developing the gaming and e-sports industry in Abu Dhabi.
In December, the platform hosted the first GAM3 Awards. Attracting more than 140,000 unique viewers casting 250,000 votes, the streamed event was and one of the largest Web3 game award shows, he says.
“Currently, there are over 3.1 billion gamers worldwide and around 2 million crypto wallets that interact with gaming projects and apps … the gap and clear opportunity are right in front of us as more traditional gamers shift towards and continue to explore the potential of blockchain-powered games,” says Mr Ghanem, who originally hails from Egypt.
“These games let players actually own a skin [virtual items that players can accumulate to decorate characters] and receive tournament earnings instantly through decentralised exchanges … [the] idea is to give them [players] more control over their gaming journey.”
Huge studios and gaming companies such as Ubisoft, Zynga, Sega and Square Enix are also exploring the Web3 gaming space and building new experiences using the technology. Companies like PlayStation and Xbox are also registering patents for NFT (non-fungible tokens) transactions and reportedly exploring the technology behind closed doors.
“It is the single most obvious opportunity in the gaming industry today and has become a question of when rather than if,” says Mr Ghanem.
While the journey so far has been promising, fundraising proved to be challenging for GAM3S.GG in the beginning, given the macroeconomic conditions. Polkastarter supported the project in its initial months of inception.
However, GAM3S.GG managed to raise $2 million last month in a seed funding round.
The financing was led by Mechanism Capital with the participation of several venture and angel investors, including Polygon, Double Peak, LD Capital, ROK Capital, Hyperithm, Snackclub, Emurgo Ventures, Eden Ventures, SkyVision Capital, Venly Ventures, Compute Ventures, TKX Capital, 4SV, CommonWealth Capital and Mix Marvel Ventures.
GAM3S.GG's fresh capital will support operational and marketing costs, alongside critical hires and marketing activations.
“The team remains committed to building the best possible product that caters to the needs of their users, continuously striving to enhance the gaming experience,” says Mr Ghanem.
“We have not announced further investment plans yet, but if and once we do, it will be to take our platform an extra step closer to our objectives.”
The company’s current valuation stands at $20 million, he says.
Resistance to change within the gaming industry has also posed challenges as some players were sceptical about the Web3 technology's potential in enhancing the users’ gaming experience.
GAM3S.GG is focusing on educational content, as well as highlighting the best titles to address these concerns and capture the attention of traditional gamers, says Mr Ghanem.
Gaming has become big business globally, gaining traction during the Covid-19 pandemic in 2020, with new technology providing both an opportunity to reach a wider audience and develop new titles to cater to consumer demand.
Saudi Arabia and the UAE – the Arab world’s biggest economies – are at the forefront of the gaming industry in the Middle East, with their governments recognising the massive potential the growing market possesses, Boston Consulting Group said in its latest Game Changer report.
Revenue in the global gaming market is projected to hit $212.4 billion by 2026, a new study has shown.
The figure would be up by more than 13 per cent from an estimated $187.7 billion in 2023, which represents a 2.6 per cent increase from 2022, as gaming “is now fully embedded in the mainstream”, market data platform Newzoo said in its August market update.
There is no plan to exit the business as the founders intend to establish it in the long term with a strong foundation, says Mr Ghanem.
“As a gamer at heart, I can't imagine doing something better than what I am currently working on, so there is actually no reason or motivation to exit … and we are confident that we can build the best platform and dominate this space,” he says.
“Moreover, the industry is still in infancy, and I believe we have a long way to go and an incredibly challenging task of educating and onboarding more gamers into this space over the next few years.”
GAM3S.GG, which is not yet profitable, is in no hurry to become profitable as it is focused on growth and establishing a strong foundation.
“We are not profitable and not aiming to be [profitable] in the short-term as we are in extreme growth mode. All income generated is invested into growing the business further. Thanks to our incredible investors and already significant MRR (monthly recurring revenue), we have a runway for several years,” Mr Ghanem says.
Q&A with Omar Ghanem, co-founder and chief executive of GAM3S.GG
Are you a risk-taker or a cautious entrepreneur?
I am a calculated risk-taking entrepreneur. I believe you must always have the willingness to question the status quo and have an eye for potential opportunities that could open doors for you and your business … so I cannot say I am super cautious, because it would have been a lot less risky to simply work in traditional gaming or keep building within the social media marketing space.
If you could change one thing in your entrepreneurial journey, what would it be?
Nothing. I have been blessed to grow up in the UAE and have all the opportunities I had throughout my educational journey … I have had the right approach and the flexibility to take certain decisions that led me to building GAM3S.GG today. And I am a strong believer that everything happens for a reason, so I honestly would not change anything at all – not even the setbacks or any failures along the way, as they were important lessons.
What is your vision for the company?
We want to create the single best platform that every gamer playing Web3 games has bookmarked on their browsers to get all their information, content and engage in blockchain-powered games on.
What new skills have you learnt while launching your start-up?
A lot of big-picture strategy lessons including the art and science of fundraising, negotiations, business development and actual product development.
Who is your role model?
I lost my father when I was 12 years old – he and my family have always been my inspiration in everything that I do, and my north star that guides me.
What is your mantra for success?
There is a very underrated Jeff Bezos quote that says: “We are not competitor-obsessed, we are customer-obsessed. We start with what the customer needs and we work backwards.”
This resonates with our approach and any success we have achieved so far. We are obsessed with the gamers in our community. We want to make sure we are optimising and improving the experience for them because we are building the product for them at the end of the day.
COMPANY PROFILE
Company: GAM3S.GG
Started: November 2022
Founders: Omar Ghanem and Daniel Stockhaus
Based: Abu Dhabi, UAE
Industry: Web3 gaming
Funds raised so far: $2m
Investors: Mechanism Capital, Polygon, Double Peak, LD Capital, ROK Capital, Hyperithm, Snackclub, Emurgo Ventures, Eden Ventures, SkyVision Capital, Venly Ventures, Compute Ventures, TKX Capital, 4SV, CommonWealth Capital and Mix Marvel Venture
Command%20Z
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
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SECRET%20INVASION
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The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
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.”
Wallabies
Updated team: 15-Israel Folau, 14-Dane Haylett-Petty, 13-Reece Hodge, 12-Matt Toomua, 11-Marika Koroibete, 10-Kurtley Beale, 9-Will Genia, 8-Pete Samu, 7-Michael Hooper (captain), 6-Lukhan Tui, 5-Adam Coleman, 4-Rory Arnold, 3-Allan Alaalatoa, 2-Tatafu Polota-Nau, 1-Scott Sio.
Replacements: 16-Folau Faingaa, 17-Tom Robertson, 18-Taniela Tupou, 19-Izack Rodda, 20-Ned Hanigan, 21-Joe Powell, 22-Bernard Foley, 23-Jack Maddocks.
RESULTS
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Key products and UAE prices
iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229
iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649
iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179
Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.
Gender pay parity on track in the UAE
The UAE has a good record on gender pay parity, according to Mercer's Total Remuneration Study.
"In some of the lower levels of jobs women tend to be paid more than men, primarily because men are employed in blue collar jobs and women tend to be employed in white collar jobs which pay better," said Ted Raffoul, career products leader, Mena at Mercer. "I am yet to see a company in the UAE – particularly when you are looking at a blue chip multinationals or some of the bigger local companies – that actively discriminates when it comes to gender on pay."
Mr Raffoul said most gender issues are actually due to the cultural class, as the population is dominated by Asian and Arab cultures where men are generally expected to work and earn whereas women are meant to start a family.
"For that reason, we see a different gender gap. There are less women in senior roles because women tend to focus less on this but that’s not due to any companies having a policy penalising women for any reasons – it’s a cultural thing," he said.
As a result, Mr Raffoul said many companies in the UAE are coming up with benefit package programmes to help working mothers and the career development of women in general.
Abu Dhabi Sustainability Week
SUZUME
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Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
Dunki
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