GEM Capital MD and Jetapult CEO talk MENA investments and unlocking the region's potential

The Dubai Game Expo Summit powered by Pocket Gamer Connects returns on May 7th to 8th 2025, offering a chance to gain insights into the world’s fastest-growing games market, MENA.

Check out more stories from PocketGamer.biz's MENA Month special, where we interview the top companies and delve into the investment landscape, right here.

The MENA games industry is experiencing accelerated growth, where big investments are changing how games are made.

In advance of the Dubai GameExpo Summit powered by Pocket Gamer Connects on May 7th and 8th, we had the opportunity to chat with some of the top games investors in the region. 

We spoke with GEM Capital managing director Roman Gurskiy and Jetapult CEO and co-founder Sharan Tulsiani about choosing startups to invest in, the common mistakes founders make when pitching to investors, and how game studios can attract more investment.

Choosing the right startup

Speaking to us on what they look for when investing in a startup, Gurskiy says GEM Capital prioritises strong founding teams with deep industry experience, a proven track record, and a compelling product vision. 

“The startup must demonstrate a scalable product with significant market potential and a robust business model capable of achieving 10x growth in five years,” he explains.

Gurskiy further states that GEM Capital, particularly its UAE-based GEM II fund, has invested in MENA games companies such as Atomic Heart creator Mundfish and mobile developer Hypemasters. 

While Jetapult also has a requirement of experienced founders, Tulsiani shares that the firm is focused on mobile-first teams in the 'casual+' space, ranging from hybridcasual to midcore, with strong scaling capabilities. 

“We’re particularly excited about studios that deeply understand player behaviour and genre dynamics and are open to adopting lean, AI-augmented workflows to accelerate their ambitions,” he says. 

So far, Jetapult’s sole MENA investment is UMX Studio, but it's actively scouting the region, especially Saudi Arabia, for studios capable of reaching high-ARPU markets. 

Finding funding

To attract more investment, Gurskiy says MENA studios should build games with both regional and global appeal, demonstrate financial discipline with clear monetisation and user acquisition strategies, and engage actively with local accelerators and events.

“Governments and private investors should continue fostering talent development programs and early-stage funding opportunities to sustain long-term growth,” he adds.

Jetapult, on the other hand, urges MENA studios to blend authentic cultural storytelling with universal appeal and demonstrate commercial clarity through solid monetisation and retention strategies. 

“Authentic, scalable content is becoming a major draw for international investors,” says Tulsiani. “At the same time, studios that show commercial clarity stand out.”

Common mistakes

Gurskiy says one common mistake founders make is overemphasising creative ideas without showing a viable business path, as he urged founders to balance innovation with execution.

“Founders often present ambitious gameplay ideas but lack a clear path to profitability or scalability,” states Gurskiy. “Creativity is key to success, but studios must also be business-oriented."

Similarly, Jetapult CEO believes that another common mistake founders make is focusing too much on vision without detailing a grounded, executable plan. Conversely, Tulsiani urges more global investors to understand that MENA isn’t a one-size-fits-all market.

“We wish more investors recognised that MENA is not a copy-paste market," he states. "There are multiple high ARPU regions with deep cultural richness and an emerging generation of creators building for both local and global audiences."

International competition

So, what needs to change for MENA to be on par with regions like China or the US.? 

In addition to its continued government support, Gurskiy says unlike saturated Western markets, MENA offers untapped potential in hypercasual, midcore, and culturally tailored games.

“While the groundwork is in place, results will take time - talented developers from around the world need to establish roots in the region to grow and mentor local talent,” he explains. 

Gurskiy adds that investors should recognise that with the right backing, MENA studios can compete on a global scale with the potential to rival leading gaming hubs. 

On the other hand, Jetapult CEO believes that in order to compete globally, the region must strengthen its talent pipelines and ecosystem infrastructure. 

“What’s needed now is targeted progress on two fronts: talent development and ecosystem maturity,” says Tulsiani. "We need to invest more in nurturing creative and technical talent through mentorship, education, and exposure to global best practices.” 

He adds that encouraging signs are already visible through initiatives like NEOM’s accelerator and Unity-led training, but more consistent support in production, publishing, and monetisation is crucial.

During the Dubai GameExpo Summit powered by PGC 2025 we'll be hosting The Investment Summit, welcoming a host of expert speakers to discuss the funding landscape in MENA, as well as connecting developers, publishers and investors together for potential deal-making.