Search form

You are here

  • Home
  • Saudi Arabia invests millions in tech-powered entertainment era


Saudi Arabia invests millions in tech-powered entertainment era

1 / 2
HyperSpace features a mix of digital and physical entertainment, including gaming attractions, immersive theater experiences and interactive areas for content creation. (Supplied)
2 / 2
HyperSpace features a mix of digital and physical entertainment, including gaming attractions, immersive theater experiences and interactive areas for content creation. (Supplied)
Short Url

https://arab.news/22yhr

Updated 14 January 2024
Rebecca Anne Proctor
Follow

Saudi Arabia invests millions in tech-powered entertainment era

  • KSA’s recreation landscape transforms with a fresh infusion of new investments and technology in city-based celebrations
Updated 14 January 2024
Rebecca Anne Proctor

DUBAI: As Saudi Arabia enters another busy event season, including grand city-based celebrations in Riyadh and Diriyah, a host of new entertainment ventures powered by new technology are opening up in the Kingdom.

The latest move came in October when HyperSpace announced a $55 million Series A funding round, which was largely raised from the Saudi public sector. The three-year-old startup designs, owns, and operates digital immersive entertainment parks, positioned to revitalize the retail ecosystem. 

The funding came from Riyadh Season, a government-backed entertainment initiative under the Public Investment Fund, which provided most of the debt and equity raised by HyperSpace.

The other participants in the financing round included US-based Galaxy Interactive, SEGA Ventures and UK-headquartered Apis Venture Partners.

“It’s really the world’s most innovative entertainment attraction,” Alexander Heller, the CEO of HyperSpace, told Arab News, adding: “It offers a completely new approach to location-based entertainment, as an attraction that is extremely innovative, built on technologies that already exist in the digital world and are being pulled into a physical front end for the first time.”

Heller describes the attraction as like “TikTok and Fornite had a big physical baby.”

He added: “It is part content creation arena and part physical video game. A park truly built on larger themes of content consumption, internet culture, and hype culture moving into a physical front-end entertainment space.”

HyperSpace features a mix of digital and physical entertainment, including gaming attractions, immersive theater experiences and interactive areas for content creation.

The company opened its latest venue, House of Hype, in the capital city as part of the fourth edition of Riyadh Season, dubbed the world’s largest winter entertainment event.

Bight and colorful phosphorescent lights greet guests, who enter several futuristically designed rooms in the new Riyadh House of Hype.

Visitors then become virtually immersed in technology, play games and even get to shop in what has been dubbed the largest immersive entertainment park experience connecting the real world to the world of virtual reality.

“It is very much inspired by the idea of building a big physical video game and pulling the identities and tactics of the AAA gaming world into a physical space,” added Heller.

“The PARX platform brings the digital layer of the park to life, built to enhance game place through a token driven rewards system mirroring game economies of the gaming world, and ultimately there to enhance the visitors digital identity engagement.”

“It is very much like a physical rendition of a big video game,” added Heller. “Built on an AAA gaming economy powered by the world’s most cutting-edge physical gaming system that we’ve built, which is far more complex and smart.”

“AAA” refers to high-budget, high-profile video games usually produced and distributed by well-known publishers. It signifies the high standards of production values, development resources and marketing budgets used to build the game.

The 60,000 sq. foot park uses an in-house currency called HyperCoin and generates gaming challenges using artificial intelligence data. 

Saudi Arabia is positioning itself at the forefront of new innovation and technology across so many major sectors. It is mind-blowing.

Alexander Heller, CEO of HyperSpace

Heller explains how the PARX app is HyperSpace’s digital layer, offering a gaming and digital identity-driven component to the physical attraction, built to engage the visitor further within the park and after their visit.

Furthermore, Heller added that House of Hype was built to evangelize Web3 technologies to a mass market audience. It introduces customers to their first wallet, non-fungible tokens, “in-world currency” and allows them to engage in a meaningful and attainable manner, in which they are successful.

In essence, customers will engage further with new technology in a controlled sandbox, where their success and engagement are measured by their willingness to play.

House of Hype reflects the push to incorporate new technologies in Saudi Arabia’s burgeoning entertainment market, exemplified largely this year through the program and range of events and experiences as part of Riyadh Season.

HyperSpace was founded in Dubai in January 2021 and comprises a team of multi-disciplinary industry experts from well-known companies such as Google, SNAP, The Mill, Amazon, Unity, and Apple.

The company is bridging the gap between the allure of AAA video games, social media, and other forms of digital entertainment and the timeless appeal of in-person fun with friends and family.

Its debut entertainment attraction, AYA, located at Wafi Mall in Dubai, is a digital immersive experience with 12 experience zones across 40,000 sq. feet. It sold over 480,000 tickets in its first nine months of operation.

Its House of Hype in Riyadh will become a permanent attraction in Boulevard City after the Riyadh Season ends.

Riyadh Season, which opened on Oct.28 and will close in April 2024, has become a massive draw for local and international visitors.

From international cuisine, courtesy of exclusive high-end restaurants, to dynamic rides and immersive experiences, the city will capture and reflect Riyadh’s Najdi heritage to its present-day, forward-thinking dynamism as it jets into the future.

In a video posted by General Entertainment Authority Chairman Turki Alalshikh on his X account in September, he announced that Riyadh Season would offer a range of 60 “new experiences” that harness high-tech elements.

The first of which he mentioned would be the world of “Barbie,” reviving the brand’s history and reflecting the release of the blockbuster movie earlier this year.

The event is also hosting the Disney castle for the first time in the Middle East as part of the company’s centennial celebration, which he said includes “amazing shows inspired by the most famous animated Disney movies.”

The other immersive experiences include the “Dancing Fountains” and “Blippi Wonders,” an educational and entertainment experience for children. Moreover, the “Zero Latency Experience” allows visitors to interact with digital content realistically.

“We are excited to witness the rapid growth of HyperSpace in Saudi Arabia as they endeavor to build this generation’s next entertainment company, which comes at the intersection of technology, AI and Web3,” Alalshikh said in a statement. In addition to emphasizing new technology for entertainment and leisure experiences, AlalShikh said the fourth edition “aims to create more than 200,000 direct and indirect jobs and enable nearly 2,000 local and international companies.”

Riyadh Season will cover an area of more than 7 million sq. meters of entertainment experiences.

“This season is different,” he said, adding: “Big time.”

The move toward a tech-powered entertainment era is part of the Kingdom’s Vision 2030 plan to reduce its dependence on oil revenues by investing in other areas, including culture, tourism, sports teams and electric vehicle production.

Saudi Arabia’s efforts to become a global gaming hub scored big after Savvy Games, owned by the Public Investment Fund, completed the acquisition of Scopely, a leading US-based video gaming firm, for $4.9 billion.

Qiddya Entertainment City, located about 45 kilometers from the center of Riyadh, is also expected to be the world’s largest entertainment city by 2030. The city will cover 334 sq. km.

The buzz around entertainment clearly reflects the Kingdom’s Vision 2030 blueprint that aims to improve the quality of life for Saudi citizens through cultural, entertainment, and sports activities.

The Kingdom’s entertainment and amusement sector is expected to be worth $1.17 billion by 2030.

“Saudi Arabia is positioning itself at the forefront of new innovation and technology across so many major sectors,” Heller told Arab News. “It is mind-blowing.”

Topics: Saudi Arabia HyperSpace entertainment

Related

Business & Economy
Dubai-based HyperSpace raises $11m in seed funding round
Offbeat
No stars in ‘Star Wars’ jump into hyperspace

ROSHN launches first residential community in Makkah

Updated 26 December 2024
MOHAMMED AL-KINANI
Follow

ROSHN launches first residential community in Makkah

Updated 26 December 2024
MOHAMMED AL-KINANI

JEDDAH: Saudi Arabia’s leading property developer, ROSHN, has officially launched its first residential community in Makkah, marking a significant milestone in the company’s efforts to improve the city’s living standards while supporting the national development goals outlined in Vision 2030.

The launch event for the Al-Manar Community project, which is ROSHN’s inaugural residential development in Makkah, took place under the patronage of Makkah Gov. Prince Khaled Al-Faisal. The groundbreaking ceremony was attended by a host of prominent figures, including Makkah Mayor Musaed bin Abdulaziz Al-Dawood, Royal Commission for Makkah and Holy Sites CEO Saleh bin Ibrahim Al-Rasheed, Real Estate General Authority CEO Abdullah Al-Hammad, and ROSHN’s acting CEO Khaled Jawhar. The event also saw participation from officials across both the public and private sectors.

Strategically positioned, the Al-Manar community is just a 20-minute drive from the Grand Mosque, less than an hour from King Abdulaziz International Airport in Jeddah, and only two minutes from Makkah’s western gateway. The development’s design thoughtfully integrates the region’s rich cultural and architectural heritage, blending modernity with tradition.

The Saudi government, under Vision 2030, has set ambitious targets to boost homeownership among citizens, aiming for 70 percent by the end of the decade.

ROSHN is playing a pivotal role in achieving this goal by developing large-scale residential projects that offer high-quality and affordable housing options for Saudi citizens. These initiatives are in line with the government’s strategy to expand the housing sector, elevate living standards, and provide homes for the country’s growing population.

At the ceremony, attendees were given a tour of model villas and previewed the diverse residential designs available within the community. The Al-Manar development will feature a variety of villas alongside essential amenities such as schools, mosques, shopping centers, healthcare facilities, open spaces, and recreational areas.

Khaled Jawhar, acting CEO of ROSHN, explained that the project spans over 21 million sq. meters and will provide more than 33,000 housing units. Additionally, it will offer more than 150 facilities designed to meet the needs of residents and support community well-being.

Saleh bin Ibrahim Al-Rasheed, CEO of the Royal Commission for Makkah and Holy Sites, emphasized the significance of the Al-Manar community as the first fully integrated ROSHN development in Makkah.

“Located at the city’s western gateway, within the Haram boundaries, this project reflects our commitment to facilitating impactful developments that drive long-term growth and sustainability,” Al-Rasheed said.

Topics: gigaproject ROSHN

Saudi Venture Capital Invests $24bn in Jadwa GCC Private Equity Fund 1

Updated 26 December 2024
Arab News
Follow

Saudi Venture Capital Invests $24bn in Jadwa GCC Private Equity Fund 1

Updated 26 December 2024
Arab News

RIYADH: Saudi Venture Capital has invested over SR90 billion ($24 billion) in the Jadwa GCC Private Equity Fund 1.

The fund aims to raise SR1.5 billion, with a hard cap of SR2 billion, and marks Jadwa’s first regional blind-pool private equity fund, a press release issued on Thursday said.

It said the fund will focus on investing in a diversified portfolio of high-potential private equity opportunities across Saudi Arabia and the wider Gulf Cooperation Council region.

Commenting on the development, Nabeel Koshak, CEO and board member of SVC, said:

“Our investment in the private equity fund by Jadwa is aligned with SVC’s strategy of supporting the evolving private equity ecosystem in Saudi Arabia. This investment will stimulate and sustain funding for high-potential companies in Saudi Arabia, contributing to the economic diversification objectives of Saudi Vision 2030.”

Founded in 2018, SVC is a subsidiary of the SME Bank, part of the National Development Fund. Its mission is to stimulate and sustain financing for startups and small and medium enterprises at various stages—from pre-seed to pre-IPO—through investments in funds as well as direct investments into emerging companies.

Tariq Al-Sudairy, managing director and CEO of Jadwa Investment, added: “We are excited to have SVC on board as an investor in Jadwa GCC Private Equity Fund 1. This partnership reflects our shared commitment to identifying and nurturing high-potential companies across the GCC, with the goal of creating long-term value for our clients.”

Jadwa Investment is a leading investment management and advisory firm in the MENA region.

Topics: Jadwa SVC Investment

Closing Bell: Saudi main index slips to close at 11,859

Updated 26 December 2024
Reem Walid
Follow

Closing Bell: Saudi main index slips to close at 11,859

  • Parallel market Nomu declined by 120.35 points, or 0.39%, to close at 30,886.71
  • MSCI Tadawul Index also dropped 3.44 points, or 0.23%, to end at 1,490.30
Updated 26 December 2024
Reem Walid

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Thursday, losing 32.85 points, or 0.28 percent, to close at 11,859.47.

The total trading turnover of the benchmark index reached SR2.80 billion ($747 million), as 78 stocks advanced and 143 retreated.

The Kingdom’s parallel market Nomu declined by 120.35 points, or 0.39 percent, to close at 30,886.71, with 37 stocks advancing and 38 retreating.

The MSCI Tadawul Index also dropped 3.44 points, or 0.23 percent, to end at 1,490.30.

The best-performing stock of the day was Rasan Information Technology Co., whose share price surged 7.58 percent to SR79.50. Other top performers included The Mediterranean and Gulf Insurance and Reinsurance Co., which rose by 7.17 percent to SR24.80, and The National Co. for Glass Industries, up 4.15 percent to SR55.20.

On the downside, Saudi Research and Media Group recorded the steepest drop, falling 3.86 percent to SR269.00. Al-Baha Investment and Development Co. saw its share price decline by 3.85 percent to SR0.50, while Red Sea International Co. dropped 3.63 percent to SR58.40.

On the announcement front, Mutakamela Insurance Co. launched its new identity and brand name, Mutakamela, following regulatory approvals and shareholder consent at its extraordinary general assembly meeting. 

Mutakamela ended the session unchanged at SR14.78.

Al-Yamamah Steel Industries Co. reported a net profit of SR70.8 million for the year ending Sept. 30, a significant turnaround from the SR130.14 million loss recorded in the previous year. The profit increase was attributed to reduced costs in the construction sector by 20.82 percent, electricity by 7.56 percent, and solar energy by 10.35 percent.

Additionally, the company’s board recommended distributing SR25.4 million in cash dividends to shareholders for the fiscal year ending Sept. 30. Eligible shareholders will receive a dividend of SR0.50 per share, representing 5 percent of the share’s par value, with 50.8 million shares eligible for the payout. 

Al-Yamamah Steel closed the session at SR35.00, down 1.75 percent.

Arabian Contracting Services Co. secured a project worth SR563 million with the Royal Commission for Riyadh City to invest in and lease internal advertising spaces within the King Abdulaziz Public Transport Project in Riyadh. 

The 10-year agreement aligns with the company’s strategy to expand its advertising activities. 

Its stock rose 0.68 percent to close at SR149.00.

Bank Al-Jazira announced the start of issuing its Additional Tier 1 Sukuk under a SR5 billion program through private placement. The issuance amount and terms will be determined based on market conditions, with a minimum subscription of SR1 million. 

The sukuk offer price, par value, and return will also be market-dependent. The bank has appointed Al-Jazira Capital, Al-Rajhi Capital, and HSBC Saudi Arabia as joint lead managers and dealers.

Bank Al-Jazira’s stock rose 0.96 percent to close at SR18.68.

Topics: TASI Tadawul Stock Market shares

Related

Business & Economy
Closing Bell: Saudi Arabia’s TASI ends in the red, trading volume hits $2.95bn
Business & Economy
Closing Bell: Saudi main index closes in red at 11,914

Turkiye lowers interest rate to 47.5%

Updated 26 December 2024
AFP
Follow

Turkiye lowers interest rate to 47.5%

  • Central bank now expects inflation to reach 44% at the end of 2024
  • Decision signals the start of an easing cycle after eight months of steady policy
Updated 26 December 2024
AFP

ISTANBUL: Turkiye’s central bank lowered its key interest rate on Thursday, the first cut in nearly two years as it battles with double-digit inflation.
The bank’s monetary policy committee decided to reduce the policy rate from 50 percent to 47.5 percent, with a statement citing improvement in “inflation expectations and pricing behavior.”
The last cut was in February 2023.
The central bank began to raise interest rates last year to battle soaring prices, after President Recep Tayyip Erdogan dropped his opposition to orthodox monetary policy.
It has kept the main rate stable at 50 percent since March.
Thursday’s decision signals the start of an easing cycle after eight months of steady policy.
The bank said the decisiveness over its tight monetary stance “is bringing down the underlying trend of monthly inflation and strengthening the disinflation process.”
In November, Turkiye’s annual inflation rate slowed for the sixth month in a row, at 47.1 percent.
The central bank now expects inflation to reach 44 percent at the end of 2024, up from a previous estimate in August of 38 percent.
The bank said the level of the policy rate would be determined in a way to ensure the tightness required by the projected disinflation path, taking into account both realized and expected inflation.
This week, the central bank announced that it would hold fewer policy meetings next year.
“The Committee will make its decisions prudently on a meeting-by-meeting basis with a focus on the inflation outlook,” the bank said, adding it would “decisively use all the tools at its disposal in line with its main objective of price stability.”
The bank “will make its decisions in a predictable, data-driven and transparent framework,” it added.
Hakan Kara, former chief economist at the central bank, welcomed the cut as “very reasonable and balanced start” that came with a “cautious/optimistic communication.”
“In my opinion, the central bank is doing its best. From now on, the ball is in other policies,” Kara commented on social media platform X, including in the pace of spending and regulations on critical institutions.
The rate slash comes amid a moderate increase in Turkiye’s minimum wage after several rounds of negotiations.
The net monthly minimum wage has been raised by 30 percent to 22,104 lira ($600), beginning from Jan. 1 — far below the demands of the workers union.
The union had demanded a 70 percent increase.
Erdogan welcomed the rise this week and said: “We once again remained true to our promise not to let our workers be crushed by inflation.”

Topics: Turkiye Turkish Central Bank Inflation

Related

Middle-East
Turkiye’s soaring costs are creating a ‘lost generation’ of kids forced to help their families get by
Media
Journalists arrested in Turkiye over Syria drone deaths demo

Saudi Arabia’s JEDCO, Tarshid partner to boost energy efficiency at King Abdulaziz Int’l Airport

Updated 26 December 2024
MOHAMMED AL-KINANI
Follow

Saudi Arabia’s JEDCO, Tarshid partner to boost energy efficiency at King Abdulaziz Int’l Airport

  • Tarshid will conduct on-site surveys and technical studies of KAIA’s targeted buildings and facilities
  • Project aims to encourage the aviation industry to adopt sustainable practices
Updated 26 December 2024
MOHAMMED AL-KINANI

JEDDAH: Saudi Arabia’s King Abdulaziz International Airport is set to enhance energy efficiency and reduce emissions through a strategic partnership with the country’s National Energy Services Co., or Tarshid.

The pact between Jeddah Airports Co., or JEDCO, the airport’s operating company, and Tarshid, a Public Investment Fund company, aims to deliver sustainable energy efficiency solutions for the airport’s facilities. The partnership is facilitated through a Tarshid subsidiary and aligns with the Kingdom’s Vision 2030 and the Saudi Green Initiative.

The agreement was signed in the presence of Prince Abdulaziz bin Salman, minister of energy and chairman of Tarshid’s board of directors, according to the Saudi Press Agency.

The deal, which aims to launch innovative energy-saving initiatives and promote environmental responsibility, supports Saudi Arabia’s Civil Aviation Environmental Sustainability Program and contributes to achieving the goals of the Saudi Green Initiative and Vision 2030, which seek to improve energy efficiency and implement sustainable solutions across public and private sector facilities in the Kingdom.

The Kingdom has been developing the Civil Aviation Environmental Sustainability Plan, which seeks to mitigate the environmental impact associated with the expected growth of the country’s civil aviation sector.

The plan is crafted to align with global commitments outlined in the Paris Climate Agreement and the emission reduction targets set by the International Civil Aviation Organization.

The country has made several national-level achievements over the past years in the pursuit of its net-zero emissions goal, set for 2060. It is also pursuing new technologies to improve fuel efficiency and decarbonize the aviation sector.

Ranked among the top 100 airports globally, KAIA holds the distinction of being the third-best airport in the Middle East, according to rankings by UK-based consulting firm Skytrax.

Under the agreement, Tarshid will conduct on-site surveys and technical studies of KAIA’s targeted buildings and facilities, recommending optimal solutions to enhance energy efficiency and reduce consumption within the project’s scope.

Waled Abdullah Al-Ghreri, CEO of Tarshid and board member, said that they are dedicated to realizing Vision 2030’s objectives of enhancing energy efficiency and sustainability in Saudi Arabia.

“Tarshid continues to strengthen its partnerships with both public and private sectors, and our collaboration with Jeddah Airports Co. is a pivotal step toward establishing new energy efficiency benchmarks in the aviation sector, reflecting a future that merges operational excellence with environmental responsibility.”

Mazen bin Mohammed Johar, CEO of JEDCO, expressed his enthusiasm for the collaboration, saying that the agreement is a significant step in advancing the company’s efforts to enhance the operational efficiency of airport facilities.

Johar added that the agreement aligns with the National Aviation Strategy’s goal of operating a world-class, sustainable airport with high energy efficiency standards, consistent with Vision 2030.

He highlighted KAIA’s achievements in environmental preservation, including sustainability projects such as a recycling initiative that reduces carbon emissions and achieves net-zero targets, electricity and water conservation projects utilizing solar panels and smart technologies, and air quality monitoring in collaboration with the National Center for Environmental Compliance.

He said that the airport has increased green spaces to mitigate carbon emissions.

Established in 2017, Tarshid specializes in retrofitting buildings and facilities to improve energy efficiency and sustainability across government and private sectors. The KAIA project is among its key initiatives with the private sector, aiming to encourage the aviation industry to adopt sustainable practices.

By the end of the third quarter of this year, the company had achieved annual energy savings of 7.3 terawatt-hours across various projects, equivalent to conserving over 11.7 million barrels of oil equivalent and avoiding approximately 4.2 million metric tonnes of harmful emissions. These efforts equate to the environmental impact of planting more than 69.4 million seedlings annually, SPA reported.

Tarshid has recently signed a similar agreement with SAL Logistics Services, underscoring its role in advancing energy efficiency and sustainability across both governmental and private sectors. 

Topics: Jeddah Airports Co. King Abdulaziz International Airport (KAIA) Tarshid

Related

Business & Economy
Saudi non-profit sector revenues surge 33% to $14.4bn in 2023
Business & Economy
Saudi Arabia’s logistics centers surge 267% amid Vision 2030 push

Latest updates

Manmohan Singh, India’s reluctant prime minister, dies aged 92
WHO chief says he is safe after Sanaa airport bombardment
Pakistan reports two new polio cases as 2024 tally surges to 67
UN calls for investigation into Pakistan’s alleged air strikes on Afghanistan border
Army major, 13 militants killed during separate operations in northwestern Pakistan — military

Search form

Print Edition
Read pdf version Subscribe now
© 2024 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement.