Saudi Arabia's Savvy Games Group, owned by the country's sovereign wealth fund, the Public Investment Fund, has unveiled its new investment strategy, as the kingdom seeks to become one of the world's major gaming hubs.
The group plans to invest 142 billion riyals ($38bn) across four programmes, each with specific objectives, the Saudi Press Agency reported on Thursday.
Under the strategy, 250 games companies will be established in the kingdom, which will create 39,000 jobs, and raise the sector’s gross domestic product contribution to 50bn riyals by 2030.
The programmes include the acquisition and development of a leading game publisher to become a strategic development partner and making a series of minority stake investments in key companies that support Savvy’s game development agenda.
They also include diversified investments in industry disrupters to grow early-stage games and esports companies as well as investing in mature industry partners who add value and expertise to Savvy’s portfolio.
The strategy will be delivered by Savvy’s five independent subsidiaries devoted to different sectors.
“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,” said Crown Prince Mohammed bin Salman, who also serves as chairman of the group's board.
“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.”
Savvy Games Group was launched earlier this year, in line with the PIF’s 2021-2025 strategy to drive innovation in strategic sectors including entertainment, leisure and sports.
The group's strategy aims to drive growth by investing in the electronic games industry and esports with a unique, long-term investment horizon and long dated capital, creating more opportunities for participation and strengthening partnerships in the gaming industry, as well as improving the user experience, SPA reported.
The group also includes the first global game studio to be launched in Saudi Arabia, which, in turn, will offer a range of valuable games to global audiences, it said in a statement.
Specialist teams will focus on mid-core games and will seek to take advantage of acquisition opportunities available in the kingdom and international markets to attract games and studios under Savvy Group's umbrella.
The new strategy also includes establishing the Savvy Games Fund, which will invest in leading publishers and developers, enabling them to establish bases in the kingdom.
Collectively, the companies will create synergies across every part of the gaming and esports industry, growing the sector through targeted investments in developers and publishers, investing in technology innovation and content creator funding, as well as developing world-class event and venue concepts, the company said.
Savvy’s investments will be based on four key pillars: 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.
It will accelerate talent in the kingdom and catalyse Saudi Arabia’s unique geographical location to build the dominant global hub for games and esports.
The launch of the strategy will enable and support the recently announced national gaming and esports strategy, as Savvy will invest in several local and international programmes and infrastructure to provide training, education and entrepreneurship opportunities.
It will also 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.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
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- 600-seat auditorium
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- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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Cases of coronavirus in the GCC as of March 15
Saudi Arabia – 103 infected, 0 dead, 1 recovered
UAE – 86 infected, 0 dead, 23 recovered
Bahrain – 210 infected, 0 dead, 44 recovered
Kuwait – 104 infected, 0 dead, 5 recovered
Qatar – 337 infected, 0 dead, 4 recovered
Oman – 19 infected, 0 dead, 9 recovered
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Five ways to get fit like Craig David (we tried for seven but ran out of time)
Start the week as you mean to go on. So get your training on strong on a Monday.
Train hard, but don’t take it all so seriously that it gets to the point where you’re not having fun and enjoying your friends and your family and going out for nice meals and doing that stuff.
Think about what you’re training or eating a certain way for — don’t, for example, get a six-pack to impress somebody else or lose weight to conform to society’s norms. It’s all nonsense.
Get your priorities right.
And last but not least, you should always, always chill on Sundays.
Brief scoreline:
Manchester United 0
Manchester City 2
Bernardo Silva 54', Sane 66'
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
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Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
CHELSEA'S NEXT FIVE GAMES
Mar 10: Norwich(A)
Mar 13: Newcastle(H)
Mar 16: Lille(A)
Mar 19: Middlesbrough(A)
Apr 2: Brentford(H)
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Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
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1. Reynaldothewizard
2. North America
3. Raven’s Corner
4. Hawkesbury
5. New Maharajah
6. Secret Ambition
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Creator: Mike White
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Rating: 4.5/5
Global state-owned investor ranking by size
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Basquiat in Abu Dhabi
One of Basquiat’s paintings, the vibrant Cabra (1981–82), now hangs in Louvre Abu Dhabi temporarily, on loan from the Guggenheim Abu Dhabi.
The latter museum is not open physically, but has assembled a collection and puts together a series of events called Talking Art, such as this discussion, moderated by writer Chaedria LaBouvier.
It's something of a Basquiat season in Abu Dhabi at the moment. Last week, The Radiant Child, a documentary on Basquiat was shown at Manarat Al Saadiyat, and tonight (April 18) the Guggenheim Abu Dhabi is throwing the re-creation of a party tonight, of the legendary Canal Zone party thrown in 1979, which epitomised the collaborative scene of the time. It was at Canal Zone that Basquiat met prominent members of the art world and moved from unknown graffiti artist into someone in the spotlight.
“We’ve invited local resident arists, we’ll have spray cans at the ready,” says curator Maisa Al Qassemi of the Guggenheim Abu Dhabi.
Guggenheim Abu Dhabi's Canal Zone Remix is at Manarat Al Saadiyat, Thursday April 18, from 8pm. Free entry to all. Basquiat's Cabra is on view at Louvre Abu Dhabi until October
How to volunteer
The UAE volunteers campaign can be reached at www.volunteers.ae , or by calling 800-VOLAE (80086523), or emailing info@volunteers.ae.
BEETLEJUICE BEETLEJUICE
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Director: Tim Burton
Rating: 3/5
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Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
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