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Video game industry helping to reshape Saudi economy, experts say

Saudi Arabia’s target to become a global video game hub by the end of this decade is an achievable goal thanks to the Kingdom’s National Gaming Strategy. (AFP)
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Updated 12 January 2025
Nirmal Narayanan
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Video game industry helping to reshape Saudi economy, experts say

  • Saudi Arabia has secured the second-highest global ranking for average daily time spent playing video games
Updated 12 January 2025
Nirmal Narayanan

RIYADH: The booming video game industry in Saudi Arabia is expected to play a crucial role in materializing the economic diversification goals of the Kingdom by the end of this decade, according to experts. 

Speaking to Arab News, Povilas Joniskis, managing director and partner at Boston Consulting Group, said that the gaming industry is steadily evolving in Saudi Arabia, with the Kingdom’s young population considering it an effective social communication tool. 

The comments from Joniskis support the Kingdom’s National Gaming and Esports Strategy, which aims to ensure the sector creates jobs and contributes $13 billion to the country’s gross domestic product.

“Vision 2030’s economic diversification aims to unlock potential beyond oil and gas with a broad array of growing industry sectors. The gaming industry is rapidly emerging as one of them. The sector shows strong long-term potential, currently positioned as one of the largest entertainment verticals globally, second only to video and TV streaming services,” said Joniskis. 

He added: “Saudi Arabia’s gaming market benefits from both demand and supply advantages. On the demand side, a young, vibrant population — predominantly under 35 — views gaming not just as entertainment but as a key social interaction platform.”

In July, a report released by US-based online gaming platform Mobile Premier League revealed that Saudi Arabia has secured the second-highest global ranking for average daily time spent playing video games. 

Joniskis added that the video gaming industry in Saudi Arabia will create a multiplier effect across the broader economy, as it will attract global developers to come and invest in the Kingdom’s gaming sector, as well as create opportunities for local talent. 

Federico Pienovi, chief business officer and CEO for Asia Pacific and Middle East and North Africa at Globant, echoed similar views and said the video game sector is creating new jobs in technology and creative fields while broadening the Kingdom’s entertainment landscape beyond traditional offerings.

“The growth of the video game industry is being integrated into major development projects like NEOM and Qiddiya, which aim to establish entertainment and cultural hubs in the region. Globant’s Games Studio is one of the companies working in this growing market, collaborating with Saudi giga-projects through their expertise in AAA game development and immersive experiences,” Pienovi told Arab News. 

In November, Globant inked a deal with Qiddiya Investment Co. — fully owned by the Public Investment Fund — to turn Qiddiya City into an immersive hub for entertainment, sports, and culture. 

Under the deal, Globant will work with QIC to develop the “PLAY LIFE Connected Experience,” a digital ecosystem designed to transform how visitors and residents interact with the destination’s wide range of offerings. 

Pienovi added his firm is investing in gaming infrastructure and talent development, fostering both international partnerships and local initiatives as part of its strategy to become a key player in the global gaming market, as outlined in Vision 2030. 

Soham Thacker, founder and CEO of esports gaming platform Gamerji, said that has been making long strides in promoting gaming and esports by conducting events like the Esports World Cup, Next World Conference and Gamers8. 

“Saudi Arabia has successfully put itself as the epicenter of the video game industry. These events along with the upcoming Esports Olympics to be held in the region will boost the tourism as well as economic development of the country,” said Thacker.

Factors driving Saudi Arabia’s video game industry

Joniskis said that Saudi Arabia’s predominantly young population, with a majority under 35 years old, has embraced gaming as a primary form of entertainment and socializing, and it is driving the growth of the industry in the Kingdom. 

The BCG official added that high disposable income among Saudi citizens also plays a crucial role, enabling access to premium gaming devices and extensive leisure time for entertainment pursuits. 

“This purchasing power translates directly into enhanced gaming experiences through top-tier hardware,” said Joniskis. 

He added: “Equally significant is the Kingdom’s robust technical infrastructure. Despite Saudi Arabia’s vast territory, the country maintains impressive network performance with CST reports showing low latency rates under 40ms across major titles including League of Legends, ML:BB, Call of Duty on both PC and mobile platforms, and PUBG Mobile.” 

Pienovi said that high smartphone penetration rates and widespread access to high-speed internet have made mobile and online gaming easily accessible across the Kingdom. 

“This infrastructure has helped establish gaming as a mainstream activity, supported by growing interest in esports tournaments, social media gaming communities, and live streaming platforms. 

The cultural shift toward digital entertainment has been complemented by Vision 2030’s focus on expanding the entertainment sector,” said Pienovi. 

Can Saudi Arabia become a global video game hub? 

According to experts who spoke with Arab News, Saudi Arabia’s target to become a global video game hub by the end of this decade is an achievable goal thanks to the Kingdom’s National Gaming Strategy. 

“Saudi Arabia’s ambition to become a global gaming hub, while bold, appears achievable through its unprecedented National Gaming Strategy. This coordinated approach ensures orchestrated delivery across various stakeholders and entities, setting a new standard for industry development,” said Joniskis. 

The BCG official added that the Kingdom has aligned key market elements: strong local demand coupled with strategic initiatives, which include targeted incentive packages for global companies and talent, strategic investments through PIF and Savvy, and major infrastructure developments like Qiddiya and NEOM. 

Thacker also underscored the pivotal role being played by PIF to turn the Kingdom into a global gaming destination by the end of this decade. 

FAST FACT

Saudi Arabia’s predominantly young population, with a majority under 35 years old, has embraced gaming as a primary form of entertainment and socializing, and it is driving the growth of the industry in the Kingdom.

“Most of the gaming companies have the PIF as either their partner or an investor. Hence, it is very clear that the country aims to be the hub of the gaming industry and with the millions of dollars spent on events and tournaments in the region, Saudi Arabia is definitely poised to be the hub of gaming in the next few years,” said the Gamerji founder. 

In January, Saudi Arabia’s sovereign wealth fund strengthened its investment in the video gaming sector by increasing its stake in Japan-based Koei Techmo from 5.56 percent to 6.6 percent. 

Koei Tecmo is known for developing several popular video games including Nobunaga’s Ambition, Dynasty Warriors, Atelier, and Ninja Gaiden. 

In 2023, PIF also raised its stake in Nintendo to 8.26 percent, making it the largest outside investor in the Japanese gaming company. 

Nintendo is one of the most prominent names in the global video games industry, with a portfolio of titles including Pokemon, The Legend of Zelda, and Mario.

The role of Savvy Games

It was in September 2022 that Saudi Arabia’s Crown Prince Mohammed bin Salman launched the Savvy Games Group’s strategy, with an investment budget of $37.7 billion. 

Savvy is currently accelerating talent in the Kingdom and catalyzing Saudi Arabia’s unique geographical location to build the dominant global hub for games and esports.

“Savvy Games, backed by the PIF, represents a significant step in developing Saudi Arabia’s gaming industry. With $38 billion allocated for investments, the initiative aims to attract international developers and publishers to establish local operations,” said Pienovi. 

He added: “This substantial funding could accelerate industry growth by enabling partnerships between international gaming companies and local institutions. The investment strategy focuses on building technical capabilities, fostering innovation, and developing gaming infrastructure that aligns with global
industry standards.” 

Echoing similar views, Joniskis told Arab News that Savvy Games has rapidly ascended to become one of the top 10 gaming companies globally by revenue, marking Saudi Arabia’s emergence in the global gaming industry. 

The BCG official added that Savvy is strategically localizing game development activities within Saudi Arabia, creating opportunities for domestic talent. 

“Through strategic acquisitions — ESL, FaceIt, and Vindex — Savvy has established itself as a global esports leader. Partnerships with industry leaders like Niantic and XSolla are strengthening the regional ecosystem through talent academies and incubators, supporting global companies’ regional expansion,” said Joniskis.

Areas of improvement

Joniskis also highlighted some of the areas that could be strengthened to accelerate the growth of Saudi Arabia as a global gaming destination. 

“The Kingdom can strengthen its position by aligning game production incentives with established hubs like Montreal, Austin, and others, enhancing cost competitiveness to attract global developers and investment,” said Joniskis.

He added: “Education represents another crucial focus area. Expanding beyond traditional degree programs to include vocational training would create more accessible pathways for existing talent to enter the gaming industry. This comprehensive approach to talent development supports both immediate and long-term industry needs.” 

For his part, Pienovi said that Saudi Arabia’s gaming presence requires a multi-faceted approach focusing on sustainable growth and innovation. 

The Globant official also underscored the vitality of cultivating local talent through specialized education programs and strategic partnerships with global technology leaders. 

“Innovation zones and dedicated gaming districts could serve as catalysts for industry growth, providing spaces where technology companies, startups, and creative talent can collaborate. This infrastructure development needs to be complemented by investment in competitive gaming facilities and events that can attract international attention,” added Pienovi.

Topics: video game industry Saudi economy

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UAE unveils new dirham symbol and digital currency

Updated 27 March 2025
Arab News
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UAE unveils new dirham symbol and digital currency

Updated 27 March 2025
Arab News

RIYADH: The Central Bank of the UAE on Thursday introduced a new symbol for the nation’s currency, both in its physical and digital forms, marking a significant step in reinforcing the UAE’s status as a leading global financial center.

According to the Emirates News Agency or WAM, the newly unveiled dirham symbol draws inspiration from the English letter “D” and features two horizontal lines that represent financial stability. The design is also a nod to the UAE flag, symbolizing national pride and resilience.

This symbol will serve as a global representation of the dirham, promoting the UAE’s currency across international markets.

The launch of the symbol coincides with the UAE’s adoption of the FX Global Code, which positions the CBUAE as the first central bank in the Arab region to join this important framework.

The FX Global Code is renowned for promoting best practices and ethical standards within the foreign exchange market, and this step further enhances the UAE’s commitment to integrity and transparency in financial dealings.

Alongside the physical dirham symbol, the CBUAE is advancing the issuance and circulation of the digital dirham, a core initiative of the Financial Infrastructure Transformation Program launched in 2023.

The digital dirham will feature a circular design, incorporating the UAE flag’s colors, which reinforces the nation’s sense of pride and modernity in the evolving financial landscape.

Khaled Mohamed Balama, governor of the CBUAE, expressed his enthusiasm for these transformative steps: “We are proud to unveil today the new symbol for the UAE’s national currency and the design of the digital dirham wallet,” he stated.

“The digital dirham, built on blockchain technology, is expected to enhance financial stability, improve inclusion, increase resilience, and help combat financial crime.”

He further emphasized that the digital dirham is set to drive innovation in the financial sector by enabling the creation of new digital products and services, while lowering costs and expanding access to international markets.

The digital dirham will be made available through licensed financial institutions, including banks, exchange houses, fintech firms, and other financial services providers. It will be legally recognized as a universal payment method, alongside physical currency, creating a seamless experience for both digital and traditional transactions.

Key features of the digital dirham include:

Tokenization: This innovative process will enhance financial inclusion by allowing fractionalized access to digital assets, thereby improving liquidity.

Smart contracts: The digital dirham will facilitate the use of smart contracts, automating the execution of complex transactions, including multi-party agreements and conditional obligations, with instant settlement.

To support the digital currency, the CBUAE has developed a robust and secure platform for its issuance and circulation. This platform includes a user-friendly digital dirham wallet, designed to handle a wide range of financial transactions, including retail and wholesale payments, cross-border transfers, withdrawals, and top-ups. It also ensures ease of access and a convenient user experience, adhering to industry best practices.

As the UAE continues to lead in the digital economy, the digital dirham platform is designed to adapt to emerging financial needs, facilitating innovative solutions and reinforcing the country’s position as a global leader in digital payments.

Topics: CBUAE dirhams

Saudi Arabia’s job market strengthens as unemployment falls to 7% in Q4 2024

Updated 27 March 2025
MOHAMMED AL-KINANI
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Saudi Arabia’s job market strengthens as unemployment falls to 7% in Q4 2024

Updated 27 March 2025
MOHAMMED AL-KINANI

JEDDAH: Saudi Arabia’s unemployment rate for nationals in the fourth quarter of 2024 reached 7 percent, marking a decrease of 0.8 percentage points compared to both the previous quarter and the same period last year, official data showed.

The data, released by the General Authority for Statistics, indicate a slight increase in the employment-to-population ratio for nationals, suggesting continued progress in the creation of job opportunities for the Kingdom’s growing workforce.

Although the overall labor force participation rate experienced modest declines, these figures underscore Saudi Arabia’s ongoing efforts to achieve the ambitious goals set forth in Vision 2030, particularly in terms of enhancing job creation and driving economic growth.

The improvement in the labor market is a critical component of Vision 2030, which aims to generate employment opportunities for Saudis while stimulating broader economic development. Strengthening the labor market remains a key pillar of the Kingdom’s long-term socio-economic strategy.

National labor market overview

The Labor Force Survey revealed that the overall unemployment rate for both Saudi nationals and non-Saudis reached 3.5 percent in Q4 2024, showing a decrease of 0.2 percentage points compared to the previous quarter. However, the figure marked a slight increase of 0.1 percentage points from Q4 2023.

The overall labor force participation rate for both Saudis and non-Saudis stood at 66.4 percent, a decrease of 0.2 percentage points from Q3 2024 and a 0.6 percentage point decline year on year.

Meanwhile, the employment-to-population ratio for Saudi nationals rose by 0.1 percentage points to 47.5 percent, reflecting a 1.0 percentage point increase from Q4 2023.

However, the labor force participation rate for Saudis decreased by 0.4 percentage points to 51.1 percent, although this still represented a 0.7 percentage point increase compared to the previous year.

Participation by gender

For Saudi females, the labor force participation rate decreased by 0.2 percentage points to 36 percent. Nevertheless, their employment-to-population ratio improved by 0.5 percentage points to 31.8 percent, and their unemployment rate dropped by 1.7 percentage points to 11.9 percent compared to the previous quarter.

Conversely, Saudi males experienced a 0.7 percentage point decrease in their labor force participation rate, which fell to 66.2 percent. Their employment-to-population ratio also declined, reaching 63.4 percent. However, the unemployment rate for Saudi males decreased to 4.3 percent compared to Q3 2024.

Youth employment trends

In terms of youth employment, GASTAT reported that the employment-to-population ratio for Saudi female youth (aged 15-24) increased by 0.3 percentage points to 13.9 percent in Q4 2024. In contrast, the employment-to-population ratio for Saudi male youth remained steady at 29.7 percent, although their labor force participation rate decreased by 0.8 percentage points to 33.8 percent.

The unemployment rate for Saudi youth also showed improvement, declining by 1.8 percentage points to 12.2 percent compared to the previous quarter.

Employment trends in core working-age group

For Saudis aged 25 to 54 years, key labor market indicators showed a slight increase in the employment-to-population ratio, which rose by 0.1 percentage points to 64.9 percent. However, the labor force participation rate for this group decreased by 0.2 percentage points to 69.2 percent. The unemployment rate in this age group also improved, falling to 6.2 percent compared to the previous quarter.

For Saudis aged 55 and above, labor market indicators for Q4 2024 indicated a decline in both the unemployment rate and labor force participation rate compared to the previous quarter.

Active job search

The GASTAT report highlighted that Saudi job seekers employ various methods in their active job search, with an average of 5.0 methods used per individual. The most common approach was inquiring with friends or relatives about job opportunities, utilized by 86.9 percent of jobseekers. This was followed by directly applying to employers (73.9 percent), and using the national unified employment platform, Jadarat (65.4 percent).

Willingness to work

Further insights into the unemployed Saudi population revealed that 94.1 percent are open to accepting job offers in the private sector. Among the unemployed, 61.9 percent of Saudi females and 45.2 percent of Saudi males are willing to commute for at least one hour. Additionally, 77.5 percent of unemployed Saudi females and 90.7 percent of unemployed Saudi males expressed a willingness to work for eight or more hours per day.

Topics: SaudiVision2030 jobs

Saudi Arabia’s non-oil exports surge 10.7% in Jan.: GASTAT

Updated 27 March 2025
REEM WALID 
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Saudi Arabia’s non-oil exports surge 10.7% in Jan.: GASTAT

Updated 27 March 2025
REEM WALID 

RIYADH: Saudi Arabia’s international non-oil exports, including re-exports, saw a 10.7 percent year-on-year increase in January, according to new data.

Released by the General Authority for Statistics, the figures also show that national non-oil exports, excluding re-exports, rose by 13.1 percent during the same period.
Additionally, the value of re-exported goods grew by 5.7 percent year on year.

This aligns with Saudi Arabia’s Vision 2030 goal of building a robust non-oil sector to transform the Kingdom’s economy and reduce its reliance on oil revenues. In November, Minister of Economy and Planning Faisal Al-Ibrahim revealed that non-oil activities now account for 52 percent of the country’s gross domestic product.

The GASTAT report said: “Meanwhile, merchandise exports increased by 2.4 percent in January 2025 compared to January 2024, while oil exports decreased by 0.4 percent. Consequently, the percentage of oil exports out of total exports decreased from 74.8 percent in January 2024 to 72.7 percent in January 2025.”

It added: “On the other hand, imports increased by 8.3 percent in January 2025, whereas the surplus of the merchandise trade balance decreased by 11.9 percent compared to January 2024.”

The data further indicated that the ratio of non-oil exports, including re-exports, to imports, increased to 36.5 percent in January 2025 from 35.7 percent in the corresponding month in 2024.

This is primarily linked to the rise in non-oil exports at a higher rate than the increase in imports, with non-oil exports increasing by 10.7 percent compared to an 8.3 percent surge in imports during the same period.

“Among the most important non-oil exports are ‘chemical products,’ which constituted 23.7 percent of the total non-oil exports, recording a 14.4 percent increase compared to January 2024. Followed by ‘plastics, rubber, and their products,’ which represented 23 percent of total non-oil exports, with a 10.5 percent increase compared to January 2024,” the report highlighted.

“However, the most important imported goods were “‘machinery, electrical equipment, and parts,’ which constituted 25.9 percent of total imports, rising by 27.4 percent compared to January 2024. Followed by ‘transportation equipment and parts,’ which represented 13.8 percent of total imports, with a 10.3 percent increase compared to January 2024,” it added.

The GASTAT data also disclosed that in January, China was the main destination for the Kingdom’s exports, amounting to 15.2 percent of the total.

India came next with 10.9 percent of total exports, and Japan followed with 10.2 percent of total exports.

South Korea, the UAE, and Egypt, as well as Bahrain, the US, Malaysia, and Singapore were among the top 10 export destinations. Together, exports to these countries account for 67.5 percent of the Kingdom’s total exports.

When it comes to the top customs for imports, the report explained that the King Abdulaziz Sea Port in Dammam is one of the most significant terminals through which goods crossed into Saudi Arabia, accounting for 28.8 percent of total imports in January.

Among the other major ports of entry for imports were Jeddah Islamic Sea Port with 23.1 percent, followed by King Khalid Int Airport in Riyadh with 12.4 percent, and King Abdulaziz Int. Airport with 8.6 percent, as well as King Fahad Int Airport in Dammam with 5.5 percent.

The report highlighted that these five ports together accounted for 78.4 percent of the Kingdom’s total merchandise imports.

Topics: Saudi exports General Authority for Statistics (GASTAT)

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Closing Bell: Saudi main index closes in green at 12,025

Updated 27 March 2025
Miguel Hadchity
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Closing Bell: Saudi main index closes in green at 12,025

Updated 27 March 2025
Miguel Hadchity

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 54.86 points, or 0.46 percent, to close at 12,025.05.  

The total trading turnover of the benchmark index was SR6.02 billion ($1.60 billion), as 188 stocks advanced, while 52 retreated.   

The MSCI Tadawul Index increased by 6.18 points, or 0.41 percent, to close at 1,524.34.

The Kingdom’s parallel market, Nomu, rose, gaining 98.09 points, or 0.32 percent, to close at 31,086.53. This comes as 59 stocks advanced while 26 retreated.

The best-performing stock was Zamil Industrial Investment Co., with its share price surging by 9.92 percent to SR32.70. 

The worst performer of the day was SAL Saudi Logistics Services Co., whose share price fell by 3.88 percent to SR198.

On the announcements front, MBC Group Co. announced its financial results for 2024, with net profits reaching SR426.1 million, up from SR17.5 million the previous year.

The group attributed the rise to the full-year comparison versus a partial-year base in 2023 when the results only reflected the period from July to December following the subsidiaries’ acquisition. The improved performance was supported by higher revenues from SHAHID, MBC’s video-on-demand platform, as well as other commercial activity segments, particularly from broadcasting and technical services contracts.  

The firm’s shares traded 0.86 percent lower on the main market to close at SR45.90. 

Emaar, The Economic City, announced its annual financial results for 2024. The company’s net loss in 2024 reached SR1.1 billion, up from SR253 million in the previous year, marking a 348.6 percent change.

It attributed the net loss of SR882 million to a shift from a gross profit of SR432 million last year to a gross loss of SR119 million. This was driven by lower sales of residential properties and industrial lands, and the absence of a one-off revenue boost of SR263 million recorded in 2023. 

It added in a statement on Tadawul that operating expenses rose by SR41 million on higher employee costs and marketing spending, while financial charges increased by SR136 million due to additional borrowing and higher Saudi Arabian Interbank Offered rates. 

Other operating income also declined by SR102 million, weighed down by lower property disposals and the absence of non-recurring gains.

However, the higher loss was partially offset by an SR70 million reversal of expected credit loss provisions following improved collections.

The firm’s shares traded 1.51 percent lower on the main market to close at SR14.36.

Fawaz Abdulaziz Alhokair Co. also announced its annual financial results for last year. The company’s net loss decreased to SR197.5 million from SR1.1 billion in the previous year.

In a statement, the company said that the increase was driven by an accounting adjustment of SR141 million year-end adjustment as per international financial reporting standards; goodwill and other assets were assessed independently and impaired. 

On another note, the Capital Market Authority has approved Specialized Medical Co.’s application to register and offer 75 million shares, representing 30 percent of its share capital, for public subscription.  

The company’s prospectus, which will be released ahead of the subscription period, will provide investors with key information on its financials, activities, management, and associated risks.  

The CMA emphasized in a statement that its approval does not constitute a recommendation to invest but confirms that the legal requirements have been met. The approval is valid for six months from the resolution date.

On the weekend’s trading session, Specialized Medical Co.’s shares traded 1.23 percent higher on the parallel market to close at SR16.46.

Topics: TASI NOMU MSCI

Qatar’s Lesha Bank expands global footprint with $57.65m stake in Edinburgh Airport

Updated 27 March 2025
MOHAMMED AL-KINANI
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Qatar’s Lesha Bank expands global footprint with $57.65m stake in Edinburgh Airport

Updated 27 March 2025
MOHAMMED AL-KINANI

JEDDAH: Qatar’s Lesha Bank has acquired a 210 million Qatari riyals ($57.65 million) stake in Edinburgh Airport, marking its debut in the global infrastructure investment market.

The bank, the first independent Shariah-compliant institution authorized by the Qatar Financial Centre Regulatory Authority, announced that the investment is being managed by a respected infrastructure fund manager.

This move aligns with the bank’s strategic focus on resilient asset classes and marks a significant step in its global infrastructure investment journey, according to a statement from Lesha Bank.

Lesha Bank CEO Mohammed Ismail Al-Emadi described the investment in Edinburgh Airport as a key milestone for the institution.

“As part of our infrastructure investment portfolio, we seek attractive investment opportunities that may drive long-term value. Our recent focus on aviation investments has been met with strong demand from our clients, given the sector’s robust growth potential,” he said.

The CEO, who has recently been featured in Forbes’ list of the top 40 asset managers in the Middle East for 2025, added that the collaboration with their business partners reinforces the bank’s commitment to delivering value for all stakeholders involved.

The institution also explained that the acquisition marks an important advancement in its aviation strategy following its recent purchase of multiple aircraft leased to a major airline.

The acquisition reinforces its commitment to expanding its aviation and infrastructure portfolio, with the investment structured through a Shariah-compliant financing arrangement, the bank, listed on the Qatar Stock Exchange, said in a filing on March 26.

Lesha Bank serves as an investment partner, offering premium financial opportunities and innovative solutions with a broad local, regional, and international reach. The institution continues to strengthen its position as a trusted advisor and gateway to opportunities in Qatar, the wider region, and global markets, with a particular focus on the US, Europe, and the MENA region.

The organization also offers high-net-worth individuals and corporates a range of innovative, tailor-made Islamic financial products and solutions covering alternative investments focused on real estate and private equity, along with private wealth, asset management, and investment banking advisory.

In January, the bank disclosed the interim financial statement for the 12-month period ending Dec. 31, 2024. The financial statements revealed a net profit of 128,165 million in comparison to 94,388 million for the same period of the previous year.

Topics: Qatar Investment expansion

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