Galaxy Racer has partnered with the newly established Special Technology Zones Authority (STZA) to promote esports in Pakistan and host the country’s first esports tournament.
The two companies signed a Memorandum of Understanding (MoU) in the presence President of Pakistan, Dr. Arif Alvi, at a special ceremony held in Dubai, UAE.
Galaxy Racer is the world’s fastest-growing esports company with over 400 million followers worldwide and over 2 billion monthly views. It is the first esports company to enter into a partnership with Pakistan’s STZA.
GXR Group disclosed its plan to host the biggest esports tournaments in the history of Pakistan with titles such as Tekken, PUBGM, and FIFA with prize money of Rs 20 million. The event is scheduled to be held in December this year and will also host an Influencer Con, and a Toys and Gaming Festival. The company will share further details of the tournament later.
Pakistan recently validated esports and granted it the status of ‘regular sports’. Esports has gradually grown in popularity over the years. The global esports market is expected to reach US$1 billion in 2021, according to a report by esports data intelligence firm, Newzoo.
Following the partnership, Fakhr-e-Alam takes a $40 million stake into the company and will be responsible for all operations in Pakistan.
Fakhr-e-Alam, CEO of Galaxy Racer Pakistan, said “This is the beginning of esports and influencer marketing in Pakistan. We are all set to take Pakistani gamers and influencers to the rest of the world. With a vibrant youth and huge digital growth, we will see a massive paradigm shift in gaming and content consumption in Pakistan. Galaxy Racer’s aim is going to be simple and that is to fuel this growth at lightning speed.”
Amer Hashmi, Chairman of STZA, commented: “We are delighted to welcome Galaxy Racer to Pakistan. At STZA, we look forward to working with Galaxy Racer in establishing a better and healthier video gaming environment for Pakistani youth and create an atmosphere of further investment and growth in this segment in Pakistan.”
Fakhr-e-Alam said the esports tournament hosted by Galaxy Racer will be televised nationwide through a partnership with Ten Sports Pakistan.
STZA has been set up by the Pakistan government to put the country on the global technology radar. Prime Minister Imran Khan is the President of the STZA Board of Governors (BoG). The government has mandated STZA to provide world-class digital and physical infrastructure by establishing technology zones all over the country.
[…] second MoU was signed with the UAE-based Galaxy Racer, for cooperation on the development of gaming and esports through special tech zones in Pakistan. […]