Saudi Arabia, UAE poised to lead region’s $6bn gaming sector: report

Saudi Arabia, UAE poised to lead region’s $6bn gaming sector: report
The report underlines that Saudi Arabia and the UAE are on track to enhance the regional industry, spurred by high-income levels, robust digital participation, and government and private investment initiatives. (Shutterstock)
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Updated 29 May 2023
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Saudi Arabia, UAE poised to lead region’s $6bn gaming sector: report

Saudi Arabia, UAE poised to lead region’s $6bn gaming sector: report

RIYADH: Led by a young and digital-savvy population, Saudi Arabia and the UAE are set to spearhead the Middle East and North Africa’s gaming sector, positioning it for a $6 billion valuation by 2027, according to the Dubai Multi Commodities Centre’s latest study.   

The DMCC report titled “Future of Trade 2023 Gaming in the MENA: Geared for Growth” revealed that the region’s gaming industry is reaping substantial returns.   

“Among the most closely watched segments is esports, which is expected to post revenue growth of 23.3 percent between 2019 and 2024 in MENA. Fueling this is the region’s young demographic, engagement from international broadcasters and sponsors, and government support,” Ahmed bin Sulayem, executive chairman and CEO of DMCC, said.   

The report underlines that Saudi Arabia and the UAE are on track to enhance the regional industry, spurred by high-income levels, robust digital participation, and government and private investment initiatives.    

“Gaming has come to the fore of entertainment globally, driving rapid growth, especially in the MENA region, which now constitutes 15 percent of the global player base,” Bin Sulayem added.   

Saudi Arabia has been channeling significant investment into the gaming industry. Take, for instance, Savvy Games, a wholly owned Public Investment Fund entity, which agreed last April to acquire US-based gaming company Scopely for $4.9 billion.    

Moreover, Savvy Games also announced a $265 million investment into Chinese tournament operator and esports firm VSPO in February.    

Saudi Arabia’s esports tournament organizer, Gamers8, also disclosed a prize pool of $45 million for its 2023 event, billed as the largest figure in esports history.    

“The rise of gamification in areas such as education, healthcare, and other sectors has demonstrated gaming’s role in facilitating economic activity more broadly. Ensuring the accelerated growth of the gaming sector will have a measurable impact on the future of markets around the world, as well as the future of trade,” Bin Sulayem added.   

Earlier this month, Amsterdam-based MY.GAMES, a developer of mobile, PC, and console games, formed a partnership with the UAE’s AD Gaming and will establish its regional headquarters in Abu Dhabi.  

 


Makkah Chamber bags economic excellence award  

Makkah Chamber bags economic excellence award  
Updated 26 sec ago
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Makkah Chamber bags economic excellence award  

Makkah Chamber bags economic excellence award  

RIYADH: The Makkah Chamber of Commerce has been honored with this year’s Economic Excellence Award in recognition of its commitment to providing constructive economic solutions for the business sector in the city. 

According to the Saudi Press Agency, the announcement was made on Monday by the governorate of Makkah, which organizes the award annually.  

The chamber had previously received the Urban Excellence Branch Prize, SPA reported. 

Over the recent period, the organization has undertaken numerous projects and initiatives of significant economic and social value while playing a crucial role in supporting various business sectors. 

One of the notable initiatives was the tripartite benefits agreement, which brought together the Makkah Chamber, the Madinah Chamber and the Islamic Chamber of Commerce, Industry and Agriculture to transform the two cities into centers for financial and commercial activities in the Islamic world. 


DEWA inks 30-year deal with ACWA Power for desalination plant  

DEWA inks 30-year deal with ACWA Power for desalination plant  
Updated 37 min 35 sec ago
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DEWA inks 30-year deal with ACWA Power for desalination plant  

DEWA inks 30-year deal with ACWA Power for desalination plant  

RIYADH: In a bid to further boost its desalination capacity, the Dubai Electricity and Water Authority has inked a 30-year water purchase agreement with Saudi Arabia’s ACWA Power for developing the first phase of the seawater reverse osmosis plant at Hassyan.  

The completion of this initial phase is expected to boost DEWA’s water desalination capacity to 670 million imperial gallons per day by 2027, up from the current 490 MIGD, as stated in a press release.  

In August, DEWA announced ACWA Power as the preferred bidder for the first phase of the project, with a 3.35 billion dirham ($914 million) investment. 

Considered the world’s largest project of its kind, the Hassyan IWP is DEWA’s first endeavor under the independent water producer model, spanning an area of 252,300 sq. meters. It is part of DEWA's initiative to raise its water desalination capacity to 730 MIGD by 2030. 

Mohammad Abunayyan, founder and chairman of ACWA Power, said: “The Hassyan IWP will be the largest plant of its kind in the world, and we have set a new record for the lowest levelized water tariff. The plant will be highly efficient, desalinating water through reverse osmosis powered by solar energy.”   

He added: “With this project, we are reaffirming our commitment with our partners toward achieving the Dubai Clean Energy Strategy 2050.”   

Saeed Mohammed Al-Tayer, managing director and CEO of DEWA, said that this agreement with ACWA Power will help carry out desalination in Dubai in a sustainable manner, thus contributing to Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050.   

“We are building water production plants based on seawater reverse osmosis technology, which require less energy than multi-stage flash distillation plants, making it a more sustainable choice for water desalination. By 2030, DEWA aims to produce 100 percent of desalinated water by a mix of clean energy and waste heat,” added Al-Tayer.   

In August, DEWA selected state-owned renewable energy firm Masdar to construct and manage the 1,800-megawatt sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park, as part of its clean energy promotion efforts.  

With an estimated cost of up to 5.51 billion dirhams, the solar park will be developed under the independent power producer model. 

A report released in August by UK-based Global Water Intelligence revealed that ACWA Power is the world’s largest water developer outside of China.  

ACWA Power leads the list of top global water developers with 6.8 million cubic meters per day of gross capacity and 3.2 million cubic meters per day of net capacity.


UAE non-oil business see new orders touch 4-year high  

UAE non-oil business see new orders touch 4-year high  
Updated 48 min 55 sec ago
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UAE non-oil business see new orders touch 4-year high  

UAE non-oil business see new orders touch 4-year high  

RIYADH: The non-oil private sector in the UAE witnessed strong demand in September, as new orders grew at their fastest rate in four years, an economy tracker showed.  

The latest S&P Purchasing Managers’ Index report revealed the country’s PMI hit 56.7 in September, rising from 55 in August, boosted by a robust economy and competitive pricing. 

According to the report, lower prices and stronger economic conditions drove the new orders sub-index to its highest level since June 2019. 

While overall selling prices fell in September, rising input charges have limited the pricing pressures for some firms as they were forced to raise their charges due to increasing costs, according to the report.   

“Demand growth meanwhile spurred greater purchasing at non-oil firms in September, which acted to quicken the pace of purchase price inflation,” said David Owen, a senior economist at S&P Global Market Intelligence.   

According to the report, confidence in the UAE market peaked at its highest levels since March 2020.   

Some factors attributing to this are the country’s business-friendly regulations, stable political environment and infrastructure development. 

Other positive factors included tax benefits, economic diversification and quality of life for expatriates and skilled labor.  

The report added that demand from domestic and external markets grew, with market needs from foreign clients rising at the sharpest pace in over four years. 

Other PMI sub-components, such as input and employment inventories, rose slightly in September.   

Moreover, firms leveraged on previous hires and inventory growth, indicating that firms have sufficient capacity to deal with the new orders flow.    

Delivery times also shortened this month, the sharpest in over four years, as non-oil businesses witnessed further improvements in supply chains. 

The report stated that the UAE economy is projected to expand by 4 percent in 2024 and by 3 percent this year, driven by definite growth in its non-oil sector. 

The credit rating agency highlighted growth in the UAE’s non-oil sectors, such as tourism, government agencies and technological advancements and its policy implementation designed to set the stage for the country’s long-term economic expansion.     

Last month, Fitch Ratings echoed similar economic trends, stating that the country has benefited from strong economic conditions reflected by improved banking sector profitability.  

A healthy banking sector attracts foreign investments and could be instrumental in its higher economic activity and PMI.


flynas receives 5 new A30new aircraft, expands fleet to 56

flynas receives 5 new A30new aircraft, expands fleet to 56
Updated 04 October 2023
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flynas receives 5 new A30new aircraft, expands fleet to 56

flynas receives 5 new A30new aircraft, expands fleet to 56

RIYADH: Saudi Arabia’s flag carrier flynas received five new Airbus A320neo aircraft on Wednesday, raising its fleet to 56 airliners, according to Al-Ekhbariya.

The report said that the budget airline marked a 100 percent growth over the last two years with this acquisition.

The fleet expansion also aligns with Saudi Arabia’s National Civil Aviation Strategy to reach 330 million passengers and to increase the number of international destinations linked to 250 by 2030.


Saudi GACA, Portuguese Ministry of Infrastructure sign agreement to propel air transport

Saudi GACA, Portuguese Ministry of Infrastructure sign agreement to propel air transport
Updated 04 October 2023
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Saudi GACA, Portuguese Ministry of Infrastructure sign agreement to propel air transport

Saudi GACA, Portuguese Ministry of Infrastructure sign agreement to propel air transport

RIYADH: Air transport services between Saudi Arabia and Portugal are on course to flourish thanks to a new agreement between the Kingdom’s General Authority of Civil Aviation and the European country’s Ministry of Infrastructure.

Signed on the sidelines of the Saudi-Portuguese Joint Committee, the deal aims to establish air services that ensure the highest levels of safety and security, enhance trade exchange, and support economic growth between the two countries, the Saudi Press Agency reported.

The agreement is one of a range of contracts inked during the visit of the Saudi Minister of Economy and Planning Faisal Al-Ibrahim to Lisbon. These deals aim to strengthen economic relations and promote increased collaboration between Portugal and the Kingdom.