Saudi Arabia to host region’s largest global gaming tournament

Updated 18 October 2019

Saudi Arabia to host region’s largest global gaming tournament

  • The PMSC World Cup will be staged at Riyadh Front from Dec. 12 to 14
  • 16 teams from the Middle East and North Africa region compete with 16 teams from the rest of the world

RIYADH: Thousands of gamers and fans from around the globe are expected to descend on Saudi Arabia when the Kingdom hosts the prestigious PUBG MOBILE Star Challenge (PMSC) World Cup for the first time later this year.

Taking place in the capital during the Riyadh Season festival of activities, the region’s most popular mobile game will test the skills of a top international field of players.

The PMSC World Cup, set to be staged at Riyadh Front from Dec. 12 to 14, will see 16 teams from the Middle East and North Africa region compete with 16 teams from the rest of the world.

Event organizers are due to officially announce the total prize money up for grabs, but the pot is expected to top more than SR1 million ($267,000).

PUBG MOBILE has taken the world by storm since its release in 2018 with in excess of 400 million downloads. Its involvement in Riyadh Season is being hailed by gaming influencers as further indication of PUBG MOBILE’s commitment to bringing innovative technologies to the region.

PUBG MOBILE is based on “PlayerUnknown’s Battlegrounds,” the phenomenon that took the world of interactive entertainment by storm in 2017. Up to 100 players parachute onto a remote island to fight in a winner-takes-all showdown.

Players must locate and scavenge their own weapons, vehicles and supplies, and defeat every player in a visually and tactically rich battleground that forces contestants into a shrinking play zone.

Decoder

What is PUBG?

PUBG stands for PlayerUnknown's Battlegrounds. It is an online multiplayer battle royale game developed and published by PUBG Corporation, a subsidiary of South Korean video game company Bluehole.


Concerns rise over fake gold in Saudi Arabia

Local gold markets have seen stagnation in recent times, because of the increasing price of gold on international stock markets. (Photo/Shutterstock)
Updated 22 February 2020

Concerns rise over fake gold in Saudi Arabia

  • Accusations fly as pilgrims targeted by sellers of counterfeit precious metal

JEDDAH: A video posted on Twitter by a member of the Precious Metals Committee explaining the ways some gold manufacturers manipulate weight of gold and diamonds has attracted significant attention in Saudi Arabia, raising the question of the authenticity of gold in the Kingdom.

In the video, Mohammed Azooz said cover-ups have made many Saudi gold sellers lose power over the market, and that industry was being controlled by non-Saudis.
In the video, he explained how some people circumvented customs and sneak gold into the country, especially during the Hajj season to target pilgrims.
The Arabic translation of #cheating_in_jewelry has been trending in Twitter for a few days, and several people posted about the issue, blaming those who were selling fake gold to pilgrims as pure gold.
This is not the first time the fake gold issue has been raised. The World Gold Council previously suspended its activities in the Kingdom following claims that some jewelry manufacturers mixed glass with gold. Former Minister of Commerce and Industry Abdullah Zainal rejected the accusations at the time, described them as “grave and dangerous.”
Local gold markets have seen stagnation in recent times, because of the increasing price of gold on international stock markets.

FASTFACTS

• Types of gold depend on the percentage of gold per kilogram. For example, 24k gold, which is considered the best in quality, is 99 percent gold mixed with 1 percent of precious metal such as silver or copper. This type of gold is considered pure, and not used for adornment.

• For a kilogram of 22k gold, 125 grams of precious metals are added to 875 grams of pure gold; 150 grams of precious metals are added to 850 grams to make a kilogram of 21k gold, and 18k gold has 250 grams of precious metals per kilogram.

The price of one kilogram of 24 karat (k) gold in the Kingdom can reach SR185,000 ($46,700).
Gold and economic experts say that the movement in gold prices depends on numerous factors such as political and economic events around the world, the price of the US dollar in banks, black markets, as well as the supply and demand trends in global stock markets.

Types of gold depend on the percentage of gold per kilogram. For example, 24k gold, which is considered the best in quality, is 99 percent gold mixed with 1 percent of precious metal such as silver or copper. This type of gold is considered pure, and not used for adornment.
For a kilogram of 22k gold, 125 grams of precious metals are added to 875 grams of pure gold; 150 grams of precious metals are added to 850 grams to make a kilogram of 21k gold, and 18k gold has 250 grams of precious metals per kilogram.

Opinion

This section contains relevant reference points, placed in (Opinion field)

The Kingdom has launched an initiative, the first of its kind, authorizing authorities to launch a Shariah-based gold investment fund to enrich investment products through the Saudi Stock Exchange (Tadawul).
Moath Alkhasawneh, CEO and board member of FALCOM Financial Services, said the FALCOM Gold Fund was officially licensed by the Capital Market Authority. The fund aims to add value to Tadawul through a Shariah-based investment fund, as gold trading transactions are considered a good investment and a high-quality commodity with low risks in investment portfolios.
“Gold retains its value compared to banknotes — their value decreases because of inflation. The high demand on gold in light of the shortage of supply can drive the prices of gold higher in the long run,” said Alkhasawneh.
“The gold investment fund focuses on investment in pure and precious gold, and the investment transactions will take place at the Switzerland Gold Market under the supervision of the higher authorities in Switzerland. This will make it safer and more flexible.”