Saudi Arabia’s crown prince launches $37.7bn Savvy Games Group strategy

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Updated 19 October 2022
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Saudi Arabia’s crown prince launches $37.7bn Savvy Games Group strategy

  • It will also establish 250 games companies in the Kingdom, which will create 39,000 jobs
  • It will also raise the sector’s GDP contribution to SR50 billion by 2030

RIYADH: Saudi Arabia’s Crown Prince Mohammed bin Salman on Thursday unveiled the Savvy Games Group’s strategy, which is set to invest SR142 billion ($37.7 billion) across four programs, the Saudi Press Agency reported.
“Savvy Games Group is one part of our ambitious strategy aiming to make Saudi Arabia the ultimate global hub for the games and esports sector by 2030,” the crown prince said.
“We are harnessing the untapped potential across the esports and games sector to diversify our economy, drive innovation in the sector and further scale the entertainment and esports competition offerings across the Kingdom,” he added.
Fully owned by the Public Investment Fund, Savvy’s strategy is to drive growth by investing in the videogames industry and esports with a unique long-term investment horizon and long-dated capital, creating more opportunities for participation and strengthening partnerships in the games industry, as well as improving the user experience.
The launch of the Savvy Games Group’s strategy will enable and support the recently announced national gaming and esports strategy, as Savvy will invest in several local and international programs and infrastructure in order to provide training, education and entrepreneurship opportunities.
It is also expected to attract international companies to Saudi Arabia through investments and partnerships that will contribute to providing skills, knowledge transfer and building capabilities in the whole ecosystem.
It will also establish 250 games companies in the Kingdom, which will create 39,000 jobs, and raise the sector’s GDP contribution to SR50 billion by 2030.
Savvy’s investments will be based around four key pillars, including enhancing returns, local impact, leaving a global footprint and expanding, leading to international games investing, generating sustainable returns and enabling creators across the entire value chain.
Savvy will accelerate talent in the Kingdom and catalyze Saudi Arabia’s unique geographical location to build the dominant global hub for games and esports.
As a part of the group’s investment strategy, it is set to invest SR142 billion across four programs each with specific objectives. Some SR50 billion has been earmarked for the acquisition and development of a leading game publisher to become a strategic development partner. Another SR70 billion will see Savvy make a series of minority stake investments in key companies that support its game development agenda, SR2 billion in diversified investments in industry disruptors to grow early-stage games and esports companies, and SR20 billion invested into mature industry partners who add value and expertise to Savvy’s portfolio.
This strategy will be delivered by Savvy’s five independent subsidiaries specifically devoted to different sectors and ecosystem development.
These five companies comprise Savvy’s esports arm, EFG, which was created following Savvy’s earlier acquisition of ESL and FACEIT groups. Together, EFG already comprises a significant part of the world’s competitive gaming ecosystem, and it combines ESL’s strength in building, broadcasting, and commercializing premium content with FACEIT’s capabilities as a best-in-class online platform.
Nine66 is building an ecosystem for game developers and studios to thrive through providing a suitable infrastructure, offering talent and participation opportunities, and providing financing and consultancy support. The company is also offering publishing services in the Middle East markets, which allows international developers to enter regional markets.
VOV company, specialized in building gaming and competition venues, aims to develop skills and provide a healthy environment for players by building a series of quality venues that consider the health and care of all players, in a step that is the first of its kind globally, by providing healthy food, a supportive social environment and motivating players to adopt a healthy lifestyle.
VOV opened the first of its venues in May, one of three planned venues that will open in the short-term, as it seeks to expand regionally and globally.
The company will also provide programs designed to train and guide young gamers who aspire to break into the competitive esports industry.
The group also will establish the first global games studio to be launched in Saudi Arabia, which will offer a range of games to global audiences. Specialized teams will be formed focusing on mid-core games — which are more complex and require more time investment from the player than hyper-casual products — and will seek to take advantage of acquisition opportunities available in the Kingdom and international markets to attract games and studios under the Savvy Group’s umbrella.
The strategy also includes establishing the Savvy Games Fund, which will invest in leading publishers and developers and facilitate establishing their bases in the Kingdom.
Collectively these companies will create synergies across every part of the games and esports industry, growing the sector through targeted investments in developers and publishers, investing in technology innovation, content creator funding, and developing world-class event and venue concepts.
Savvy Games Group, whose CEO is Brian Ward, former head of worldwide studios at Activision Blizzard, is a games and esports company founded to drive the long-term growth and development of esports and the wider games industry worldwide. As a global champion of this buoyant sector, Savvy aims to become a global leader in games and esports through deploying significant capital over long-term horizons.
Its investments will create opportunities for participation and progression in the sector, across gender, geography, means and ability. Savvy’s investments are intended to drive the growth of the sector globally, making it a more supportive, exciting, and rewarding place for fans, players, developers, and technology innovators. This will facilitate broader, more equitable access to this fast-growing, dynamic sector.

 

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Saudi Joint Forces Commander meets with UN envoy for Yemen

Updated 13 November 2024
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Saudi Joint Forces Commander meets with UN envoy for Yemen

  • During their meeting, both parties underscored the Kingdom’s significant role in facilitating and supporting humanitarian efforts in Yemen

RIYADH: Saudi Arabia’s Commander of the Joint Forces, Lt. Gen. Fahd bin Hamad Al-Salman, met on Tuesday with the UN Secretary-General’s Special Envoy for Yemen, Hans Grundberg.

During their meeting, both parties underscored the Kingdom’s significant role in facilitating and supporting humanitarian efforts, along with its dedication to the development and reconstruction of Yemen, Saudi Press Agency reported.

They discussed Saudi Arabia’s ongoing efforts to enhance humanitarian operations and promote peace and stability in Yemen.

Al-Salman reiterated the Kingdom’s commitment to political initiatives aimed at achieving a comprehensive and just resolution to the Yemeni crisis.


Officials discuss Saudi-South Korean cooperation in nuclear power and defense

Updated 12 November 2024
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Officials discuss Saudi-South Korean cooperation in nuclear power and defense

  • First Korea-Gulf Cooperation Council cooperation seminar hosted around 80 participants to discuss trade relations, cooperation in the energy sector, and regional conflicts
  • Ambassador to Saudi Arabia Choi Byung-hyuk said that the seminar was an opportune space to discuss economic cooperation and to come to a shared understanding of regional conflicts

RIYADH: Officials and nuclear experts discussed cooperation in nuclear energy and defense between South Korea and Saudi Arabia during an event in Riyadh on Tuesday.

The first Korea-Gulf Cooperation Council cooperation seminar hosted around 80 participants to discuss trade relations, cooperation in the energy sector, and regional conflicts in the Middle East.

South Korea’s ambassador to Saudi Arabia, Choi Byung-hyuk, said the seminar was an opportune space to discuss economic cooperation and to come to a shared understanding of regional conflicts in the GCC, specifically Gaza and the Red Sea, as well as a space to diversify energy cooperation in the nuclear and renewables sectors.

Kang Han-ok, vice president for SMART development at the Korea Atomic Energy Research Institute, presented a joint research project currently underway between South Korea and Saudi Arabia on small modular reactors.

“SMRs are being highlighted as carbon-zero energy sources that complement the intermittent nature of renewable energy in the global power supply sector,” Kang said.

He noted how the SMART100 SMR, jointly designed by Saudi and South Korean entities, was approved by Seoul’s nuclear regulator in September.

The reactor was jointly developed by KAERI, the King Abdullah City for Atomic and Renewable Energy, and the Korea Hydro & Nuclear Power Corp.

Kang explained the reactor is now ready to be exported globally. “With its SDA acquaintance, SMART is now ready for global deployment in the demand of the power and thermal energy sectors,” he said.

Kang also spoke about ways to increase nuclear power plant cooperation between South Korea and GCC member states, citing the plan to establish a joint nuclear research and development center between the Saudi National Atomic Energy Project and KAERI.

The chairman of the Gulf Research Center, Abdulaziz Sager, emphasized that Saudi Arabia’s ability to rely on South Korea as a strong ally and defense supplier encouraged a relationship of trust and long-term partnership in the Kingdom’s security planning.

The seminar comes almost one year after the signing of a free trade agreement between South Korea and the GCC, signed on Dec. 28, 2023.

At the time, South Korea committed to eliminate 89.9 percent of tariffs on all products while the GCC committed to eliminate 76.4 percent, facilitating increased trade between the two parties.

The Korea-GCC FTA was 20 years in the making. Discussions for the agreement began in 2008, but it is yet to be verified or ratified. Lee Kwon-hyung, senior research fellow from the Korea Institute for International Economic Policy, put forward recommendations on how to pave the way for the agreement and how to best utilize it once finalized, including establishing an artificial intelligence data center to transition towards a green energy economy relying on solar, wind, and nuclear power for electricity generation.

“The AI data center needs a lot of electricity, so an energy transition and a digital transition are very imperative, and with the AI Data Center we can make industrial restructuring in both countries,” Lee said.

Prof. In Nam-sik, director general for strategic region studies at the Korea National Diplomatic Academy, evaluated the impact of geopolitical dynamics in the Middle East and East Asia on Korean-GCC relations, as well as the transformation of the US-led liberal international order.

On the war on Gaza, In said: “The situation threatens to shift the two-state solution toward an apartheid scenario, further destabilizing the region.”

On Iran, In continued: “Iran’s expanding influence through its regional proxy contributes to ongoing instability, with concerns that the current dynamics may accelerate Iran’s nuclear ambitions.

“The transition in Iran’s leadership raises uncertainties, with hopes for a gradual regime change that might reduce Iran’s revolutionary stance.”

Commenting on US influence, In said: “As the US pivots its strategic focus to Asia, Gulf nations are adopting flexible diplomacy, leveraging both US and Chinese influence.”

In stated that the Middle Eastern and European fronts are already linked, and North Korean military support to Russia signals an increasing risk of interconnected conflicts across regions.

To combat these regional and international threats, In urged South Korea and the GCC to work together on security cooperation across information sharing and technology, joint maritime security exercises, and shared support for multilateral forums, in addition to continued political dialogue in the above mentioned areas.


Saudi cabinet reviews Arab-Muslim summit, reaffirms support for Palestine and Lebanon

Updated 12 November 2024
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Saudi cabinet reviews Arab-Muslim summit, reaffirms support for Palestine and Lebanon

  • Central to the session was a review of the extraordinary Arab and Islamic summit held in Riyadh on Monday

RIYADH: The Saudi cabinet, led by Crown Prince Mohammed bin Salman, convened in Riyadh on Tuesday to discuss outcomes from recent high-level summits and meetings.

Central to the session was a review of the extraordinary Arab and Islamic summit held in Riyadh on Monday and the crown prince’s engagements with leaders from various countries.

The cabinet praised the summit’s outcomes and welcomed its signing of the Tripartite Mechanism Document to Support Palestine, a joint initiative by the Organization of Islamic Cooperation, the League of Arab States, and the African Union Commission.

The cabinet reiterated the Kingdom’s support for the Palestinian and Lebanese people as they face the severe humanitarian effects of the ongoing Israeli military action. It called on countries around the world to join an international coalition advocating for the two-state solution — a plan initiated this year by the Arab-Islamic Ministerial Committee, led by Saudi Arabia, in partnership with the European Union and Norway.

During the session, the crown prince briefed the cabinet on his recent discussions with President Masoud Pezeshkian of Iran, Japanese Prime Minister Shigeru Ishiba, and a phone conversation with US President-elect Donald Trump.

The minister of media announced that the cabinet expressed its appreciation for the Kingdom’s Arab Week at UNESCO initiative, hosted at UN headquarters in Paris, for enhancing cultural dialogue and promoting understanding among diverse communities.

On domestic matters, council members commended the reception of the Saudi medical team that accomplished the world’s first complete robotic heart transplant. 

It also celebrated the success of the Beban 24 Forum’s 10th edition in Riyadh, which produced agreements and initiatives exceeding SR35.4 billion ($9.42 billion) aimed at bolstering entrepreneurship and enhancing the contribution of small and medium enterprises to the national gross domestic product.


Indian film icons Bobby Deol, Suriya hail Riyadh visit

Updated 12 November 2024
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Indian film icons Bobby Deol, Suriya hail Riyadh visit

  • The duo are in the Kingdom’s capital to promote epic saga ‘Kanguva,’ in theaters on Nov. 14

RIYADH: Bollywood icon Bobby Deol and Tamil cinema veteran Suriya spent time with fans and members of the press to promote their new film “Kanguva” in Riyadh.

They are among the latest international stars to visit the Kingdom’s capital and interact with local fans of their work.

“Kanguva” is an epic fantasy action film directed by Siva, starring Suriya, Deol, and Disha Patani, which hits the Kingdom’s theaters on Nov. 14.

Over the past few weeks, Suriya and Deol have been promoting “Kanguva” across India and abroad. (Supplied)

Speaking to fans at an event in Riyadh this week, Deol expressed his appreciation for fans in Saudi Arabia. “Today I am here with all of you, and so many of you. I am happy to be here among you all. I love you, Suriya loves you, we all love you for so much of your love and compassion,” he said.

Speaking about his first visit to Riyadh, Deol added: “I feel so happy that our people live here and are liked by the host country. I am glad to see you all. It’s your energy, it’s your love that gives us strength, and whatever we are today, it’s because of your love.

“So, thank you so much for having us here today.”

HIGHLIGHT

Bobby Deol and Suriya are among the latest international stars to visit the Kingdom’s capital to promote their film.

Suriya is in Riyadh for the first time for the film’s promotion.

The style icon told Arab News: “I am happy to be among our people living here and to see a lot of transformation going on in the Kingdom, including in the cinema sector, thanks to Vision 2030 — the ambitious plan to transform Saudi Arabia, diversify its economy and open to the world.

Deol said he is geared up for the release of “Kanguva,” his first multilingual work in both Tamil and Hindi. (AN photo by Rashid Hassan)

“It aims to create an ambitious nation, a thriving economy, and a vibrant society that allows citizens and residents to achieve their dreams, hopes and aspirations, I am happy to see the transformation,” the actor added.

Suriya and Deol also spoke about sharing the screen in “Kanguva,” admiring each other’s roles and working together.

Deol said he is geared up for the release of “Kanguva,” his first multilingual work in both Tamil and Hindi. He shared his admiration for Suriya, highlighting the powerful presence the actor brings on the screen.

Over the past few weeks, Suriya and Deol have been promoting “Kanguva” across India and abroad.

With Suriya in a double role and Deol as a dangerous villain, the film was made with a budget of over $35million and is one of the most anticipated Indian films of the year.

The film also features Patani as a character connected to both a historical and contemporary timeline. Primarily known for her glamorous roles, action-packed sequences and songs, this role portrays her in a fresh look.

 


Speaker of Shoura Council leads Saudi delegation at GCC Shoura meeting in Abu Dhabi

Updated 12 November 2024
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Speaker of Shoura Council leads Saudi delegation at GCC Shoura meeting in Abu Dhabi

  • Secretary-General of the Gulf Cooperation Council Jasem Al-Budaiwi emphasized the prominent regional and international standing of the GCC across political, economic, commercial, and information technology levels, the council said in a report

RIYADH: Saudi Shoura Council Speaker Sheikh Abdullah bin Mohammed bin Ibrahim Al-Sheikh headed the Kingdom’s delegation at the 18th periodic meeting of the Speakers of the Shoura Councils, Houses of Representatives, and National Assemblies of the Gulf Cooperation Council states in Abu Dhabi on Tuesday.

Secretary-General of the Gulf Cooperation Council Jasem Al-Budaiwi emphasized the prominent regional and international standing of the GCC across political, economic, commercial, and information technology levels, the council said in a report.

The Kingdom’s delegation included Secretary-General of the Shoura Council Mohammed Dakhil Al-Mutiri and members of the Shoura Council Fadel bin Saad Al-Buainain and Dr. Arwa bint Obaid Al-Rashid, among others.