Homegrown VC firm Merak Capital launched a SAR 306 mn gaming fund and accelerator program, dubbed Exel, targeting early-stage gaming startups looking to scale to international markets, according to a press release. The fund will zero-in on game development studios, technologies, publishing platforms, and other services within the gaming sector. It’s interested in both Saudi-based companies and international startups that have relocated to the Kingdom.

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What’s on the table? Merak will make equity investments, offer mentorship, assistance with relocation, and other support to help Saudi gaming startups grow at home and abroad, the statement said. The accelerator component includes a virtual bootcamp, a 14-16 week core accelerator, followed by a demo day and post-program assistance.

Exel plans to run 15-20 early-stage startups through the first round of the program. “The first batch of the accelerator will aim to create more than 120 jobs in the Saudi gaming industry, and the graduates are envisioned to contribute more than SAR 100 mn to domestic GDP,” Exel VP and Leader Faisal Sedrani said.

Saudi is big on gaming: The local gaming sector is expected to rake in some USD 998.2 mn(SAR 3.7 bn) in revenues this year, at an estimated 11% y-o-y growth, on the back of a largely youthful population and rising incomes. Meanwhile, PIF-backed Savvy Games appears to be taking off as the Kingdom doubles down on efforts to diversify its economy and boost non-oil income.

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