Abu Dhabi-based media and entertainment hub twofour54 Abu Dhabi has revealed that the Sweden-based game development company Stillfront Group has agreed to purchase leading mobile gaming studio Jawaker for $205 million (AED753 million).
According to the statement, this move is a crucial milestone in the Group’s regional expansion plan and, it is regarded as the largest acquisition in the Arab world’s booming gaming sector.
Under the agreement, Stillfront will buy 100 percent of the shares in Jawaker from its owners, which include twofour54, and pay 74 percent in cash and 26 percent in 8,540,092 newly-issued shares in Stillfront.
Jawaker, the first Middle Eastern card games website and twofour54 inked a financial investment deal in 2011. The site, which was launched in 2009, allows users to interact with their friends and form new connections without having to download an app.
Michael Garin CEO – twofour54
“twofour54 has been at the forefront of creating an attractive and stimulating environment for game developers in the Middle East, as well as its strategic investments and providing support in all its forms to entrepreneurs and startups. These investments not only create financial value but also contribute significantly to building Abu Dhabi’s gaming infrastructure and developing homegrown talent capable of driving the growth and development of the sector and creating content that expresses the aspirations of Arab youth.”
Mr. James Hartt, Director, Strategy & Business Development for AD Gaming said, “With investments in leading online gaming companies such as Jawaker, twofour54 is truly demonstrating that it is a pioneer of the regional gaming industry.”
“This deal clearly demonstrates that the emirate’s gaming sector is moving from strength to strength, and through the AD Gaming initiative, we remain committed to driving its growth in the years to come to reinforce Abu Dhabi’s position as the Arab world’s capital for game developers,” Mr. Hartt added.
