Jetapult acquires a stake in Yumks Studio Saudi Arabia for $4.5 million
Jetapult, a company specializing in investment in the gaming sector, announced its acquisition of a stake in Saudi Arabia's UMX Studio for USD 4.5 million.
UMX Studio was founded by Ali Al-Harbi in 2014 and is renowned for its smartphone games, which have garnered over 70 million downloads to date; most notably "Malik Al-Tara" and "King Al-Ta'ees." The company states that the investment will enable it to expand in game development and enter new markets.
Ali Al-Harbi, founder of UMX Studio, stated: “We are excited to collaborate with a globally leading company in gaming investments. This partnership will accelerate our expansion and provide us with advanced tools and expertise. In collaboration with Jetapult, we are committed to setting new standards and establishing a strong foundation for developing and expanding Saudi talent in the gaming sector.”.
The acquisition comes amid the growing gaming sector in Saudi Arabia, which aims to become a global gaming hub by 2030. According to a PwC report, the Saudi market includes 23.5 million players and accounts for 39% of gaming revenues in the Middle East and North Africa region.
Jetapult aims to support gaming studios through investment and operational support, with an investment plan of USD 100 million over the next 5 years in markets such as the Middle East, Southeast Asia, and Europe.
