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April week 2

Home entertainment and electronic games are among the most effective options during these exceptional circumstances

The financial and entertainment technology industries will develop substantially in the coming period

• New economic sectors take the lead and make quantum leaps in values ​​and returns
• It is necessary to find plans and strategies to reach the stage of parity between the economic sectors

The outbreak of the Corona virus (COVID-19) and its rapid spread worldwide has definitely increased the level of awareness among individuals, but currently we are also battling the need to find a solution to treat and limit the spread of the virus.

The healthcare sector witnessed the highest demand, followed by the preventive products sector and the financial technology sector. The telecommunications sector recorded the highest demand in history during the past month as many are confined to their homes under current circumstances, while the entertainment and electronic games sector has also gained immense popularity during this time.

The weekly report of Al Mazaya Holding Company emphasised that the rapid progress in the field of technologies has helped several companies create digital entertainment solutions, worth billions.

The report pointed out the need for development and investment that could help medical and research sectors deal with emerging epidemics, which will yield positive results in terms of financial and economic activity.

In the current scene, the telecommunications sector, in addition to the health and financial sectors, provides assistance to deal with emergency situations with high efficiency, according to the report on benefits. The telecommunications sector currently controls the largest portion of solutions for all challenges and obstacles facing the continuation of economic and social activities. The economic sector in the Gulf is more prepared than others in dealing with such conditions, in light of its continuous development and modernisation, which is what drives optimism in getting out of the current ordeal.

The report also highlighted that the telecom companies in the Gulf enjoy good financial positions and positive accumulated profits that help them qualify to lead the current stage. The current data shows that the net profits of these companies resulting from the growth of revenues related to operating operations totaled to $ 5.94 billion during the first nine months of the year 2019, where investments were concentrated in areas of digital transformation, development of digital payments, and artificial intelligence.

As for financial technology, the report projected an unprecedented increase in use, to replace credit cards instead of paper money in daily purchasing transactions, as part of measures to prevent the spread of the Corona virus. On the other hand, the report indicated that the annual growth rate in the number of emerging financial technology companies reached 39%, which reflects the great interest of investors in entering into these projects.

The growth in demand for financial services technology is due to several factors, including the demographics in the region and the rise in the income of individuals. The Internet contributes to being a direct engine for the growth of demand for this technology, where the rate of Internet penetration reaches 94%, accompanied by a rise in Electronic payment services projected at 76%, while the availability of capital is a major catalyst for the growth of this industry in the present and nearing future.

The report highlighted the development and dependence on electronic game in the times of home quarantine, with data indicating that the computer games market, has reached $152 billion, or 45% of the total market.

The report pointed out that the revenues of the electronic games market at the global level exceeded $100 billion in the year 2019, with an increase of no less than 10% compared to the level achieved during the year 2018. Entering the fifth generation technology will serve the current demand for entertainment products, and will double the market value, especially as more than 2 billion people around the world are interacting directly and indirectly using technology gaming products.

The report indicated that the real estate sector maintains its balance as it expresses the stock of investment values, despite the decline in the pace of activity due to closures and restrictions on the economic and investment movement. The advertising sectors would witness an increase recording growth, while the majority of the productive sectors would pay towards operations acquiring new market values ​​within its high production capabilities.

The report added that the vital economic sectors are still witnessing fluctuations, as the sectors are divided into areas under direct pressure and those recording sharp losses, while others are looking for opportunities to expand and pump more investments. This in an attempt to come up with plans and strategies to achieve unparalleled qualitative leaps that will be of great help in the future,