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Gamer Pakistan and Click IPO offering coincides with Esports rage

Market boost can bring more attention to burgeoning industry, indirectly benefitting the talented players from Asian country

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Team Pakistan lifted the Tekken 7 Nations Cup in Riyadh, Saudi Arabia, last month.

Recent developments in the burgeoning Esports industry are seen as a welcome infusion in providing a platform to world-class gamers, especially in Pakistan and the UAE.

Coming up this month in the United States is a public listing from Gamer Pakistan Inc, a month after the rising youth Esports icon Arsalan ‘Ash’ Siddiqui talked about the problems faced his ilk from the Asian country. A three-member team from Pakistan, including Ash, defeated South Korea to win Gamers8 Tekken 7 Nations Cup in Saudi Arabia in early July.

UAE companies have invested or sponsored rising Esports talent from Pakistan and continue to do so. In June, the second edition of Dubai Esports and Gaming Festival concluded with more than 26,000 spectators visiting. But the platform of opportunities has some catching up to do, according to Ash who told Geo TV: “Even with all the talent in the world, we don’t have anyone pushing individuals to take that leap of faith to enter the global arena.” The Tekken champion’s meteoric rise started from the UAE in 2018 when he won the OUG Tournament, his first career win, and was sponsored by an Emirati Esports company Vslash before Red Bull signed him up.

On the financial markets front, the IPO listing can be seen in the same context as a unique boost. Managed by Click IPO, US brokers licensed from the Securities Exchange Commission, the listing will, for the first time in history, allow investors access to a Pakistani business on the Nasdaq exchange.

The company’s name is K-2 Private Limited and is funded and owned by the US parent Gamer Pakistan Inc. The company produces Pakistan’s largest National University & college tournaments broken down into geographical regions culminating in one national championship team.  K-2, in affiliation with Esports Exclusive, has its teams compete against India’s top team through the Rival Nations Network.

According to a Forbes report last year in America, the top 10 ranked teams in the world are worth $1/4 billion USD each.  Pakistan already has 2 players ranked in the top 25 in the world. Recently the Pakistan government recognized Esports as an identifiable sport and business area for growth.

Esports is one of the fastest growing sports regarding participation and viewership in the history of the world. Microsoft’s $69-billion deal to purchase US gaming giant Activision Blizzard is going ahead, it was confirmed in July after clearing legal hurdles.

Past precedent in the US has Esport stocks enjoy meteoric first-day pops – 507 percent in one example of Esports Technologies in 2021, and going further up to 700% – with Asian markets commanding a dominant share. A 2022 Statista report studied first-day IPO stock performances from 2008 to 2021 and observed the majority rate of positivity around them.

Up until recently, the public common investor typically did not have access, nor could purchase IPO shares.  These New Issue shares were typically reserved for very large retail investors with accounts of $10 million or more – or Institutional Investors. Today, thanks to the internet and the rise of the fin-tech industry, companies like Click IPO have emerged. Through the mobile application of Click IPO, any investor can download and purchase shares of companies going public.

 

 

 

Announcements

Sheikh Mohammed pardons 686 prisoners ahead of Eid Al Adha 2024

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Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Thursday ordered the release of 686 inmates in correctional facilities on the occasion of Eid Al Adha.

Counselor Issam Issa Al Humaidan, Attorney General of the Emirate of Dubai said that the Public Prosecution immediately began coordinating with the Dubai Police General Command to implement the release order.

President Sheikh Mohamed had earlier ordered the release of 1,138 prisoners. These inmates have been sentenced in various cases, and the President ensured the payment of the fines owed to them.

It is common practice for Rulers of each of the UAE’s emirates to pardon prisoners during significant Islamic occasions. The President’s pardon allows the released prisoners to rethink their future and positively contribute to the service of their families and communities to lead successful social and professional lives.

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22 Chief AI officers appointed in government entities

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H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, said that under the leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, Dubai remains committed to developing a pioneering model for AI-enabled government operations, as part of its broader vision to establish itself as a global leader in government innovation.
His Highness made these remarks on the occasion of appointing 22 Chief Artificial Intelligence Officers across various government entities in Dubai, who will spearhead specialised plans and programmes in the field of AI and advanced technology.

Sheikh Hamdan said: “We have approved the appointment of 22 Chief AI Officers across government entities in Dubai as part of a forward-looking vision aimed at leveraging AI to enhance government operations. This initiative will enhance Dubai’s progress and expertise in this sector and consolidate its position as a leader in creating innovative solutions built on advanced technology.”
“The accelerated adoption of AI, alongside the development of its tools and applications, represents a cornerstone of the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, aimed at positioning Dubai as a global hub for the development and deployment of AI solutions,” His Highness added.
“The appointment of the new Chief AI Officers in the Dubai government marks the initial phase toward realising our vision for the future of government work, in line with the Dubai Universal Blueprint for Artificial Intelligence. We are confident that these officers will intensify their efforts and go the extra mile in translating our vision into reality. Their commitment is crucial in turning our ambitious plans into concrete actions that will shape the future of AI-enabled government operations in Dubai,” His Highness said.
The Chief AI Officer position was established under the Dubai Universal Blueprint for Artificial Intelligence (DUB.AI), designed to enrich the quality of life and well-being of residents. Additionally, it supports Dubai’s endeavour to become the most future-ready city, consolidating its leadership as a global hub for technology and innovation.
DUB.AI aims to cement the emirate’s position as a global hub for AI governance and legislation, while facilitating AI adoption across strategic sectors. Additionally, the initiative bolsters Dubai’s standing in the Global AI Readiness Index, where it presently holds a position in the top 10.
The newly appointed Chief AI Officers represent several government entities across Dubai including: Community Development Authority in Dubai, Dubai Government Human Resources Department, Dubai Customs, Dubai Police, The Judicial Council, Dubai Civil Aviation Authority, Mohammed Bin Rashid Housing Establishment, Dubai Electricity and Water Authority, Digital Dubai Authority, General Directorate of Civil Defense in Dubai, Dubai Data and Statistics Establishment, Dubai Health Authority, Public Prosecution, Protocol Department in Dubai, Dubai’s Roads and Transport Authority, Dubai Culture & Arts Authority, Hamdan Bin Mohammed Smart University, Dubai Department of Economy and Tourism, Dubai Corporation for Ambulance Services, Department of Finance in Dubai, Endowments and Minors’ Trust Foundation (Awqaf Dubai), and Dubai Municipality.

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UAE announces new telemarketing rules to protect consumers

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Cold callers in the UAE face fines of AED 150,000 under strict new regulations announced by the Ministry of Economy, and the Telecommunications and Digital Government Regulatory Authority (TRA), aimed at protecting people from persistent telemarketers.

From August, companies will be barred from calling customers back if they reject the service in the initial conversation and they cannot phone back if the call is declined or ended. 

Telemarketing calls will also only be allowed to be made from 9:00 a.m. to 6:00 p.m. and companies will need prior approval from authorities and face the threat of termination of operating licences if rules are broken.  When the new rules come in marketing calls can only be made from numbers of licensed companies as opposed to individual or personal numbers. 

Customers can file a complaint if any of the new rules are broken. The rules apply to all companies in the UAE, including those in free zones. 

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