South Arabia’s Ministry of Investment has signed an initial agreement with South Korean video game developer Wemade to boost the growth of gaming and blockchain industries in the kingdom.
The agreement followed Wemade’s participation in the Saudi-Korea Investment Forum in Seoul in November, where it held meetings with the kingdom’s Investment Minister Khalid Al-Falih and other Saudi officials.
“We are very excited for Wemade’s progress in expanding its activities in Saudi Arabia and are looking forward to continuing supporting Wemade’s footprint through connecting it to strategic partners in the sector,” a representative from the Ministry of Investment in Saudi Arabia said on Tuesday.
“This progress would be yet another step further into realising the national objective of becoming a hub for gaming and e-sports in line with the national gaming and e-sports strategy,” the representative added.
The Saudi ministry teams up with international companies to streamline investment and expansion initiatives in Saudi Arabia. As part of the kingdom’s 2030 Vision that focuses on diversifying the country’s energy-based economy, the ministry aims to facilitate business opportunities for foreign entities.
In February, Wemade also teamed up with Public Investment Fund-backed Savvy Games’ Nine66. The entities are exploring various initiatives aimed at training, producing educational content, localisation of games and sponsoring regional events.
“As the demand for games and blockchain technologies continues to grow in Saudi Arabia, we are committed to showcasing our capabilities and delivering innovative solutions that meet their needs,” Charles Huh, global investment officer at Wemade, told The National.
“We believe that our partnership with [the Saudi ministry] will not only benefit both parties but also create new opportunities in the global game industry."
Founded in 2000, Wemade is behind the blockchain gaming platform Wemix and the Legend of Mir series video games that have attracted millions of users globally.
Blockchain — the technology behind cryptocurrencies such as Bitcoin — is a digital chain of transactions linked by cryptography, a mechanism for secure communications, on an open ledger. The database is a real-time library of records that are difficult to tamper with as each change creates a new record.
It has created a new gaming experience for both businesses and players who use non-fungible tokens and digital currencies to buy in-game assets that could be exchanged for real-life money.
The gaming industry in Saudi Arabia, the Arab world's biggest economy, is poised to grow 250 per cent by 2030, with e-sports leading the growth, a recent study from YouGov found.
The growth would mean that its contribution to Saudi Arabia's GDP will have surged about 50 times by 2030 compared with 2022, the London-based market research company said.
In February, the kingdom's gaming industry received new funding worth $488 million. The financing was provided by the Saudi Esports Federation, the National Development Fund and the Social Development Bank.
This month, Savvy Games announced to buy California-based game developer and publisher Scopely for $4.9 billion.
Gaming consumption in the kingdom is projected to hit $6.8 billion by 2030, growing at a compound annual rate of 22 per cent, the Boston Consulting Group said in a recent report.
Seoul-based Wemade established its Middle East headquarters in Abu Dhabi in January to focus on the region.
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
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3 stars
Four-day collections of TOH
Day Indian Rs (Dh)
Thursday 500.75 million (25.23m)
Friday 280.25m (14.12m)
Saturday 220.75m (11.21m)
Sunday 170.25m (8.58m)
Total 1.19bn (59.15m)
(Figures in millions, approximate)
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10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
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Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
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