twofour54 Abu Dhabi announces agreement with Stillfront Group to sell Jawaker for Dhs750mn

twofour54 Abu Dhabi announces agreement with Stillfront Group to sell Jawaker for Dhs750mn

The media and entertainment hub twofour54 Abu Dhabi announced that Stillfront Group has agreed to buy the mobile gaming studio Jawaker for Dhs753mn, marking a significant milestone in the group’s regional development plan and the largest acquisition of the Arab world’s burgeoning gaming sector. Jawaker, the first Middle Eastern card games website, inked a financial investment deal with twofour54 in 2011. The service, launched in 2009, allows players to interact with old friends and make new ones without needing to download an app. Under the deal confirmed today, Stillfront will acquire 100 per cent of the shares in Jawaker FZ LLC (“Jawaker”) from its owners, which include twofour54, and will pay 74 per cent in cash 26 per cent in 8,540,092 newly-issued shares in Stillfront. Michael Garin, CEO of twofour54, said: “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 start-ups. “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