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Saudi gaming sector set to gain 150 esports centers

True Gamers has established key partnerships with industry leaders to cater to the Saudi market, ensuring their lounges feature the latest technology. (Supplied)
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Updated 28 January 2024
Nour El-Shaeri
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Saudi gaming sector set to gain 150 esports centers

  • UAE’s True Gamers aims to make video gaming more accessible
Updated 28 January 2024
Nour El-Shaeri

CAIRO: Saudi Arabia’s gaming industry is poised for a major uplift with UAE-based esports network True Gamers planning to establish 150 centers in the Kingdom.

Established in 2019, the company aims to make video gaming more accessible by combining entertainment, technology, and competitive elements to offer an immersive experience to a wide range of players.

In an interview with Arab News, Vlad Belyanin, co-founder of True Gamers, discussed the strategic expansion plans for Saudi Arabia — which is expected to double the company’s current network.

“True Gamers has been closely monitoring the burgeoning esports and gaming scene in Saudi Arabia, a key player in the MENA region. Recognizing the tremendous potential of this market, we have embarked on a strategic expansion into the Kingdom, aligning with the ambitious Vision 2030 development plan,” Belyanin said. He further stated that True Gamers has reached a major achievement by signing a master franchise deal with entrepreneur Nawaf Al-Bishri, who has a background in healthcare and investment.  

This collaboration marks a $45 million investment to develop a strong esports infrastructure in Saudi Arabia. It includes launching over 150 True Gamers lounges, significantly enhancing the gaming experience for numerous fans and boosting the country’s growing esports scene.

Game on

The inaugural True Gamers lounge, a cutting-edge facility, is set to open in Jeddah in the first half of 2024. This opening marks the beginning of the company’s ambitious expansion efforts, signaling a new phase of immersive gaming experiences for gamers in Saudi Arabia.

“We are employing a franchise strategy to accelerate our expansion across Saudi Arabia,” Belyanin said, he added, “Furthermore, the True Gamers franchise is open to other market players seeking to collaborate with our proven business model and jointly propel the Kingdom’s esports industry.”

Belyanin stated that True Gamers has established key partnerships with industry leaders like Logitech and BenQ to cater to the Saudi market, ensuring their lounges feature the latest technology for an unparalleled gaming experience.  

He also emphasized the company’s openness to future collaborations with other businesses and organizations to further enhance the Kingdom’s gaming ecosystem and elevate the esports scene.

The company has set a goal to open 10 centers in the Kingdom by the end of 2024 and is optimistic about reaching its target of establishing 150 centers by 2030.

Belyanin mentioned that True Gamers is set to launch a series of local and international esports tournaments in Saudi Arabia, following their successful events in Dubai which drew over 1,500 participants.

“These tournaments aim to inspire the younger generation to develop their gaming and social skills, particularly communication and teamwork,” he added. 

These tournaments aim to inspire the younger generation to develop their gaming and social skills, particularly communication and teamwork.

Vlad Belyanin, Co-founder of True Gamers

Belyanin highlighted that True Gamers’ approach is in sync with the expected growth of Saudi Arabia’s gaming industry, projected to hit $2.8 billion by 2026.

“With an estimated 21 million active gamers, constituting a remarkable 58 percent of the country’s population, the Kingdom presents an unparalleled opportunity for True Gamers to revolutionize the gaming landscape,” he added.

To Saudi Arabia and beyond

The company has also embarked on further expansion plans beyond the Kingdom.

In the UAE, the company is independently establishing new clubs, aiming to open more than nine gaming centers this year by establishing a presence in Abu Dhabi and Sharjah.

Talks are also underway for a project in Egypt, with prospects of extending to nearby nations such as Oman, Bahrain, Qatar, and Kuwait.

Business fundamentals

Belyanin noted that True Gamers’ clubs offer a variety of amenities, including automobile simulators, PlayStation lounges, and luxurious VIP capsules.  

Their game library features over 120 titles, including popular games like Fortnite and Valorant. Since its launch, True Gamers has grown significantly, expanding to 124 clubs across the UAE and Eastern Europe, generating over $20 million in revenue, and attracting over 450,000 gamers last year.

The company’s commitment to the esports industry is demonstrated by a $13.5 million investment for expansion in the MENA region.

“Additionally, we have invested over $11 million in creating world-class cybersport infrastructure, ensuring our gamers have access to the best equipment and facilities. This dedication led to a 140 percent growth in 2023, increasing the company’s valuation from $10 million to $24 million, cementing its position as a leader in the esports industry,” Belyanin said.

As the company expands, it is focused on ensuring that both its centers and franchisees consistently achieve growth and progress.

True Gamers is dedicated to supporting offline and online franchisees. The company facilitates a smooth onboarding process through in-person meetings with representatives.  

Additionally, online educational resources provide franchisees with all the essentials, including comprehensive commercial and technical documentation, necessary equipment, training materials, marketing tools, and a detailed brand book.

“Our primary objectives are to foster a thriving gamer community, empower gamers through education, and inspire gamers to pursue professional esports aspirations,” Belyanin said.

The company has not only diversified its offerings but also its business model to secure various sustainable revenue streams.

True Gamers generates consistent income from royalties and direct sales to clients, including ticket sales and memberships. A significant part of its revenue also comes from franchise sales in the MENA and Eastern Europe regions.

Additionally, Belyanin mentioned that the company earns from additional services like marketing, equipment supply, white-label solutions, and sponsorship contracts

Currently, True Gamers is focused on securing strategic investments to support its core operations and is also exploring opportunities for funding its various projects, which encompass new technologies, innovative ideas, and potential partnerships with industry leaders.

A True Gamers emergence  

Belyanin recounted his lifelong passion for video games and esports, starting from his youth spent in internet cafes mastering games like Battlefield Hardline and Counterstrike.  

His entrepreneurial journey began with organizing entertainment events and marketing for parties, where he met his future business partner, Anton Vasilenko, the CEO of True Gamers.  

They recognized a market demand for esports lounges and embarked on the journey in 2019, starting with an $80,000 investment in their first lounge.

The success of their franchise model, especially in smaller cities, contributed significantly to their growth and social mission of providing access to professional gaming facilities for young people from diverse backgrounds.  

True Gamers is now focused on innovation, including the introduction of robotic dog waiters in their Dubai clubs, developed in collaboration with engineers and specialists from the UAE and Central and Eastern Europe region, with an investment of over $100,000.  

These robots offer accessibility and opportunities for employees with disabilities, aligning with their commitment to corporate social responsibility.

Topics: Start-up of the Week egames Saudi gamers

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Red Sea tensions slash Suez Canal revenue as Egypt pushes diplomatic path

Updated 5 sec ago
MOHAMMED AL-KINANI
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Red Sea tensions slash Suez Canal revenue as Egypt pushes diplomatic path

Updated 5 sec ago
MOHAMMED AL-KINANI

JEDDAH: Amid escalating tensions in the Red Sea, Egypt’s Prime Minister Mostafa Madbouly reaffirmed the country’s commitment to diplomatic solutions as disruptions to international shipping through the Suez Canal led to a dip in revenues.

Speaking at a high-level ceremony on April 16 celebrating the Suez Canal Authority’s Day of Excellence, Madbouly warned that regional instability has already had a significant impact on global trade, with Suez Canal revenues falling to $3.99 billion in 2024 — a stark drop from the record $10.25 billion recorded in 2023.

The decline follows a wave of attacks by Yemen’s Houthis on commercial shipping in the Red Sea, part of the group’s protest against the Gaza conflict. Between November 2023 and January 2024, they targeted over 100 merchant vessels.

Despite these challenges, Madbouly emphasized Egypt’s role as a stabilizing force, asserting that Cairo has deliberately avoided any actions that might undermine regional security. “Egypt has opted for a path of political solutions, working with international partners to address the crisis while ensuring the continued functioning of the canal,” he said in a statement.

The prime minister described the canal as “the heart of global trade,” underlining its historic and strategic value not only to Egypt but to international commerce.

He credited President Abdel Fattah El-Sisi’s leadership for ongoing development efforts, including modernizing the canal’s infrastructure and services.

The Suez Canal Authority also unveiled several new initiatives during the ceremony, including a ship waste management service in partnership with V Group, which aims to position the canal as a certified green route by 2030. Additional projects launched included the region’s first floating pontoon factory and the Suez Canal Innovation and Excellence Center.

In a show of international cooperation, Madbouly witnessed the signing of a memorandum of understanding with Spain’s Tejedor Lazaro Group to advance aquaculture and fish feed production — a move aligned with Egypt’s broader food security and investment strategy.

SCA Chairman Osama Rabie thanked the government for its backing and pointed to signs of recovery. He said 264 vessels had returned to transiting the canal instead of rerouting around the Cape of Good Hope since February, attributing this shift to adaptive marketing strategies and client engagement.

March 2025 brought modest gains: vessel transits rose by 2.4 percent, net tonnage increased by 7.1 percent, and revenue grew by 8.8 percent compared to January.

Despite headwinds including the COVID-19 pandemic and regional conflicts, Rabie highlighted the canal’s resilience. From 2019 to 2024, more than 121,000 ships passed through the waterway, carrying over 7.1 billion tons of cargo and generating nearly $40 billion in revenue.

The Day of Excellence event was attended by several ministers, foreign ambassadors, and maritime officials, underscoring the canal’s global relevance.

Topics: suez canal

Pakistan external account posts record monthly surplus, buoying investor confidence

Updated 20 min 6 sec ago
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Pakistan external account posts record monthly surplus, buoying investor confidence

  • Current account posts a record and one of the highest monthly surpluses in March 2025 with $1.19 billion, up 229% year-on-year
  • Pakistan stocks concluded Thursday’s session on bullish note, with KSE-100 Index advancing by 881 points to close at 116,901 level
Updated 20 min 6 sec ago
Ismail Dilawar

KARACHI: The State Bank of Pakistan said on Thursday the country’s current account, which comprises external trade and transfers, had posted a record and one of the highest monthly surpluses in March 2025 with $1.19 billion, up 229% year-on-year.
The Pakistan Stock Exchange also concluded Thursday’s session on a bullish note, with the KSE-100 Index advancing by 881 points, or 0.76%, to close at 116,901 level. 
“Investor sentiment was buoyed by record-high remittances, which contributed to a historic current account surplus in March 2025. The surplus for the first nine months of FY25 reached $1.9 billion,” Topline securities said in a statement. 
The surplus in March 2024 stood at $363 million, the latest central bank data showed. 
On Monday, Central Bank governor Jameel Ahmad had said the current account would show a “substantial” surplus this year through June mainly on the back of a record inflow of remittances which crossed the $4 billion mark in March, with Saudi Arabia once again topping the list of biggest contributors.
“With record monthly surplus in March 2025, cumulative surplus in country’s Current Account for 9MFY25 (Jul-Mar25) now stands at $1.86 billion, which was in a deficit of $1.65 billion in the same period last year,” SBP said. 
In March 2025, Pakistan’s exports recorded at $3.51 billion, growing 8.7% YoY and 6.0% MoM. Imports also rose 8.0% YoY to $5.92 billion in March but fell 1.9% MoM.
“Resultantly, while Trade Deficit (Goods+Services) went up 7% YoY, it narrowed 11.5% MoM in March 2025,” the data showed. 
For 9MFY25 (Jul-Mar25), total exports now stand at $30.9 billion, up 8.1% YoY, while total imports stand at $51.9 billion, up 10.7% YoY, with the cumulative trade deficit at $21.1 billion, up 14.7% YoY. 
“With oil prices down, and remittances continuing to make a record mark, Pakistan’s current account is expected to be in deep surplus by June FY25 and may also continue in FY26, thereby resulting in further scale-up in overall investor confidence,” the central bank said. 
Pakistan received a record-high $4.1 billion in remittances in March 2025, which bodes well for the government’s efforts to revive an economy that it expects will expand three percent this year, SBP governor Ahmad said at an event at the Pakistan Stock Exchange in Karachi on Monday.
The central bank had earlier projected economic growth to range from 2.5% to 3.5%.
“With this level of remittances, we are hoping that for the current fiscal year our current account will stay in surplus,” the governor said. “There will be a substantial surplus and this surplus is the best performance, I will say, on the external account during the last two decades.”
The country broke its own record in February when overseas Pakistanis remitted $3.1 billion.

Topics: Pakistan Stock Exchange (PSX) State Bank of Pakistan (SBP) Pakistan economy

Pakistan Stock Exchange seeks Islamic finance expertise from Malaysia

Updated 50 min 37 sec ago
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Pakistan Stock Exchange seeks Islamic finance expertise from Malaysia

  • PSX welcomes delegation of Malaysian scholars to foster collaboration between Shariah-compliant capital markets
  • Since launching first Ijarah-based sukuk in 2008, Pakistan has issued Ijarah sukuk worth over Rs6.5 trillion as of August 2024
Updated 50 min 37 sec ago
Ismail Dilawar

KARACHI: The Pakistan Stock Exchange (PSX) on Thursday welcomed a delegation of Malaysian Shariah scholars and professionals as the country seeks to advance its Islamic finance sector and foster cross-border collaboration between Shariah-compliant capital markets.
PSX and the Securities and Exchange Commission of Pakistan (SECP) have been striving in recent years to promote an Islamic capital market and create the enabling environment for the growth of Shariah-compliant investment.
Shariah lays down certain principles with regard to financial contracts and the conduct of business and trading in general. In particular, Shariah prohibits any transaction that involves an element of interest (riba). In order to ensure Shariah compliance of a product or service, it must be free from such prohibited elements and conform to other requirements of Shariah. Various stock exchanges, including PSX, have designed and launched products and services that cater to the specific requirements of Shariah.
PSX lists Shariah-compliant shares, sukuk (Islamic bonds), Islamic Exchange Traded Funds (Islamic ETFs), and Islamic Real Estate Investment Trusts (Islamic REITs). It is also deemed permissible as per Shariah for investors to subscribe to the Initial Public Offerings (IPOs) of Shariah-compliant securities. In addition, PSX offers Shariah-compliant indices comprised of shares of listed companies that meet certain predefined Shariah and technical screening criteria. A Shariah compliant facility to finance the purchase of shares is also available, through the National Clearing Company of Pakistan Limited (NCCPL), called Murabahah Share Finance.
Welcoming the visiting delegation from Malaysia, PSX Chairperson Dr. Shamshad Akhtar expressed hope for greater collaboration between the Islamic finance sectors of the two countries.
“Pakistan is also witnessing a growing demand for Shariah-compliant investment avenues,” PSX quoted Akhtar as telling the delegation. “With over 50% of listed companies on the exchange being Shariah-compliant, PSX offers a compelling platform for faith-based investments, including equities, sukuk, Islamic mutual funds, and ETFs.”
Since launching its first Ijarah-based Sukuk in 2008, Pakistan has issued Ijarah sukuk worth over Rs6.5 trillion as of August 2024.%
“The continued expansion of Islamic finance institutions, diversified asset classes, and investor-friendly regulatory frameworks are contributing to the sector’s momentum,” the PSX statement added.
Tariq Naseem, Head of Islamic Finance at SECP, provided an in-depth briefing to the visiting dignitaries regarding the progress and advancements in Islamic finance within Pakistan’s capital markets and non-banking financial sectors, particularly regulatory reforms and developments in the Islamic financial services industry undertaken to cater to both local and international market needs. The discussion also addressed the potential for enhanced collaboration between Malaysia and Pakistan in promoting Islamic finance on a global platform.
Farrukh H. Sabzwari, Managing Director and CEO of the Pakistan Stock Exchange, expressed his aspiration to benefit from Malaysia’s expertise in Islamic finance for the advancement of Pakistan’s capital market.
Sabzwari said only 0.14% of Pakistan’s population constituted the investor base, compared to 1% in Bangladesh, underscoring the significant potential for growth. He said approximately 80% of daily transactions at PSX were Sharia-compliant.
“Concluding the event, PSX management reaffirmed the Exchange’s dedication to building a robust Shariah-compliant capital market while highlighting the efforts of the PSX Shariah Focus Group — a multi-stakeholder platform comprising industry leaders, Shariah scholars, and financial experts — working collectively to foster an inclusive, faith-based financial system,” the PSX statement added. 
Pakistan’s government has failed to achieve a target set by the central bank to increase the share of Islamic banking deposits in the country by 50% by January this year, according to official documents seen by Arab News this week, as Islamabad attempts to rid the country’s banking system of interest.
Pakistan’s Federal Shariat Court (FSC) directed the government in April 2022 to eliminate interest by 2027. Following the order, the government and the State Bank of Pakistan have taken several measures ranging from changing laws in October 2024 to issuing sukuk bonds to replace interest-based treasury bills and investment bonds.
According to a presentation shared by the SBP with bankers in August 2024, a copy of which Arab News has seen, the central bank set an “indicative target” for the government to increase the share of Islamic banking deposits to 50% by January 2025, 65% by January 2026, 80% by January 2027 and 100% by December 2027. 
Pakistan, however, missed this target and was able to increase the market share of its Shariah-compliant banking deposits to only 24.9% by December 2024, the document stated.

Topics: Pakistan Stock Exchange (PSX) Pakistan Malaysia ties Shariah Banking

Bain & Co. chooses Riyadh for regional HQ amid Saudi business push 

Updated 17 April 2025
Nirmal Narayanan  
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Bain & Co. chooses Riyadh for regional HQ amid Saudi business push 

Updated 17 April 2025
Nirmal Narayanan  

RIYADH: US-based management consulting firm Bain & Co. has announced the opening of its new regional headquarters in Riyadh, as the Kingdom’s capital continues to attract top global firms. 

The new office, located in the King Abdullah Financial District, marks Bain’s third location in the Saudi capital and more than doubles the size of its previous space, the company said in a statement. 

Bain’s move comes amid a broader wave of multinational companies establishing regional bases in the Kingdom, with nearly 600 international firms having set up regional headquarters in Saudi Arabia since 2021, including Northern Trust, Bechtel, PepsiCo, IHG Hotels & Resorts, PwC, and Deloitte, the Saudi Press Agency reported in March. 

Ahmed Boshnak, partner and head of Bain & Co.’s Riyadh office, said: “This investment is a natural next step on our journey in Saudi Arabia. It’s a reflection of the trust our clients have placed in us, the incredible talent we’ve been able to build, and our continued optimism about the market’s future.”  

Riyadh’s regional headquarters program offers incentives such as a 30-year corporate income tax exemption and withholding tax relief, alongside regulatory support for multinationals operating in the Kingdom. 

He added: “Being in KAFD puts us closer to many of our clients, and the new space gives our team the right environment to collaborate, grow, and continue delivering meaningful results.” 

Bain has served clients in the Middle East since 1990 and established its first regional office in the region in 2007. The firm’s new headquarters reflects a long-term investment in both local talent and Saudi Arabia’s economic transformation efforts. 

“This milestone is about investing where it matters most: enabling us to be closer to and better serve our clients from the latest infrastructure in the heart of Riyadh,” said Tom De Waele, Middle East managing partner at Bain & Co.  

“We’re grateful for the partnerships we've built in the market and are excited about what lies ahead,” he added. 

Founded in 1973, Bain & Co. has offices in 65 cities across 40 countries. It advises clients across various industries and has committed over $1 billion to pro bono work over the past decade. 

The expansion underscores Saudi Arabia’s growing appeal as a strategic base for global firms looking to tap into regional opportunities, as the Kingdom advances its Vision 2030 economic diversification strategy. 

Topics: Saudi RHQ Saudi investment

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Saudi Arabia’s date exports rise 15.9% in 2024, reaching $451m

Updated 17 April 2025
Reem Walid
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Saudi Arabia’s date exports rise 15.9% in 2024, reaching $451m

Updated 17 April 2025
Reem Walid

RIYADH: Saudi Arabia’s date exports saw a 15.9 percent year-on-year increase in 2024, reaching SR1.695 billion ($451.7 million), according to newly released data from the National Center for Palms and Dates.

In the same year, the Kingdom produced more than 1.9 million tonnes of dates, underscoring its significant role in the global date industry, the Saudi Press Agency reported.

Home to over 33 million palm trees—representing approximately 27 percent of the world’s total—Saudi Arabia maintains around 123,000 palm agricultural holdings across the country, further solidifying its position as a global leader in date production.

Looking ahead, the global date market is expected to grow from $120 million in 2023 to $220 million by 2032, with a projected compound annual growth rate of 5.22 percent, according to Market Research Future.

The SPA statement said: “Saudi dates have achieved notable expansion across global markets, reaching consumers in 133 countries. The export value represents a 15.9 percent increase compared to 2023.”

It added: “The growth is attributed to sustained efforts aimed at enhancing the quality of Saudi dates and broadening their global marketing presence, highlighting the increasing importance of the palm and date sector in bolstering the national economy and diversifying revenue streams.”

The Kingdom’s date industry has undergone a remarkable transformation since the launch of Vision 2030 in 2016 — a strategic initiative aimed at diversifying Saudi Arabia’s non-oil economy.

According to recent data, the value of Saudi date exports has surged by 192.5 percent over the past eight years, reflecting an impressive compound annual growth rate of 12.7 percent.

This upward trajectory underscores Saudi Arabia’s continued progress in establishing itself as a key player in the global date market, while also highlighting the sector’s growing role in contributing to global food security.

The sector’s success can be attributed to the unwavering support of the Kingdom’s leadership, recognizing the palm and date industry as a cornerstone of Saudi heritage and cultural identity.

This support is complemented by the collaborative efforts of producers, exporters, and government agencies working to streamline export processes and expand international market reach through strategic partnerships with the private sector.

The cultural and economic importance of dates is symbolized by the inclusion of a date palm flanked by crossed swords in the Saudi national emblem. As a symbol of Arab hospitality and a staple in the daily lives of Saudis, the fruit holds deep-rooted significance in the Kingdom.

In recent years, a range of local and international initiatives have helped elevate the market value of Saudi dates. Notably, the establishment of the National Center for Palms and Dates and the International Dates Council—which brings together 11 date-producing countries—reflects the Kingdom’s leadership in shaping the future of the global date industry.

Topics: exports trade

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