UAE to be global leader in the realm of gaming.

UAE announced to establish a new regulatory system for commercial gaming under new federal authority – General Commercial Gaming Regulatory Authority (GCGRA). The new arrangement us expected to boost Dubai”s real estate market.

Paul Kelly, Operation Director at Allsopp & Allsopp Real Estate opined that UAE have potential to be a commercial gaming hubs to the likes of “Las Vegas or Macau”, as such centres can be “powerful economic drivers”. He also added that the immediate benefits of the new announcement include job creation, not only in gaming industry but in hospitality and transportation sectors, and tourism flux.

“These cities ( Las Vegas and Macau ) have successfully established themselves as international gaming hubs, attracting millions of visitors and generating billions in revenue. Dubai, already a well established tourism and business centre, could itself finding climbing new economic ladders with this venture”, Kelly further added.

Jamie Ryder, partner in the Entertainment and Media Industry Group said quoting the previous report that the UAE market can generate an annual gaming revenue of approximately $6.6 billion, cites Arabian Business.

As new probabilities of employment arise and inundation of tourism emerge, the demands for both residential and commercial properties are expected to swell.

The GCGRA aspire to establish a socially responsible gaming environment, as a part of which, stringent guidelines, overseeing regulatory actions and national licensing will be included.

Ryder commented that it will be “interesting to see how the framework will sit alongside existing laws which broadly prohibits gambling and gaming”.

“The move to enter the gaming space opens up a wealth of previously unavailable economic opportunities for the UAE and further enhances the UAE as a destination for international business and travellers” Ryder further added.

(With inputs from Arabian Business)