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.  

 


Oman’s total foreign assets rise 27.4% to $17.82bn

Oman’s total foreign assets rise 27.4% to $17.82bn
Updated 6 sec ago
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Oman’s total foreign assets rise 27.4% to $17.82bn

Oman’s total foreign assets rise 27.4% to $17.82bn

RIYADH: The total foreign assets of the Central Bank of Oman increased 27.4 percent year on year to 6.86 billion Omani riyals ($17.82 billion) by the end of July, according to its statistics authority. 

The National Center for Statistics and Information also reported an annual increase of 4.9 percent in local liquidity by the end of July. 

While reporting the figures, Oman News Agency found that private sector deposits in commercial banks and Islamic windows were 18.17 billion riyals by the end of July, up 6.5 percent compared to the year-ago period. 

An Islamic window is a section of a conventional bank offering Shariah-compatible products and services. 

The state-run agency further reported that total loans and financing in commercial banks and Islamic windows grew 8.7 percent year on year to 30.27 billion riyals. 

On Sunday, S&P Global Ratings upgraded Oman’s long-term credit rating from “BB” to “BB+.” 

The report by S&P Global underscores a transformation in Oman’s non-oil sector, which promises substantial growth in the years ahead, particularly between 2023 and 2026. 

“Oman’s economy depends on the oil sector, which accounts for about 30 percent of GDP (gross domestic product), 60 percent of goods exports, and 70 percent of government fiscal receipts. This dependence weighs on our assessment of its fiscal and external resilience, and we reflect this in the rating,” said S&P Global in the report. 

The report also touched upon the banking sector, which witnessed a marked boost in credit balance, registering a growth of 5.3 percent in July compared to the same month the previous year.  

Meanwhile, in September, NCSI data revealed that Oman’s gross domestic product registered a 9.5 percent decline in the second quarter of 2023 compared to the same period last year, driven by a decrease in oil activities. 

GDP at current prices fell to 10.08 billion rials in the second quarter compared to the 11.14 billion rials recorded during the same period of the previous year. 

Moreover, the GDP at current prices for the first half of 2023 experienced a 2.4 percent decline, reaching 20.39 billion rials compared to the same period last year. 


Saudi Arabia expected to sustain trillion-dollar economy through 2026, economists predict

Saudi Arabia expected to sustain trillion-dollar economy through 2026, economists predict
Updated 17 min 23 sec ago
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Saudi Arabia expected to sustain trillion-dollar economy through 2026, economists predict

Saudi Arabia expected to sustain trillion-dollar economy through 2026, economists predict

RIYADH: Saudi Arabia’s preliminary annual budget for 2024 signifies the nation’s commitment to structural and financial reforms aimed at bolstering its resilience and fostering economic development, according to leading economists. 

The Kingdom’s economy is poised for substantial growth, with projections from the Ministry of Finance indicating that its gross domestic product is on track to exceed the SR4 trillion ($1.1 trillion) mark for five consecutive years, spanning from 2022 to 2026, as outlined in the recently released preliminary 2024 budget. 

In an analysis featured in Independent Arabia, economist and journalist Ghaleb Darwish attributed this economic upswing to the Kingdom’s robust government spending, with a pronounced focus on non-oil sectors and private industries, driving fiscal diversification efforts. 

Marking a significant economic milestone, Saudi Arabia crossed the GDP threshold for the first time in 2022, reaching SR4.156 trillion. 

Building on this momentum, economic analysts predict a GDP of SR4.136 trillion in 2023, SR4.26 trillion in 2024, and SR4.5 trillion in 2025, ultimately culminating in a figure of SR4.8 trillion by 2026. 


Japan increases August crude oil imports from Saudi Arabia

Japan increases August crude oil imports from Saudi Arabia
Updated 37 min 53 sec ago
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Japan increases August crude oil imports from Saudi Arabia

Japan increases August crude oil imports from Saudi Arabia

TOKYO: Japan’s imports of Saudi crude oil increased slightly in August to about 27.93 million barrels or 36 percent, according to the Japanese Ministry of Economy, Trade and Industry’s Agency for Natural Resources and Energy.

In July, Japan’s imports of Saudi crude oil were 27.6 million barrels or 38 percent of the total.

In August, Japan imported about 77.55 million barrels.

Some 94.6 percent of that share, or 73.33 million barrels, was supplied by six Arab countries: the UAE, Saudi Arabia, Kuwait, Qatar, Oman and Bahrain, according to the data.

Japan imported about 35.67 million barrels from the UAE, or 46 percent of total imports in August. Kuwait provided 4.69 million barrels (6 percent) of the total, and Qatar supplied about 2.95 million barrels (3.8 percent).

Japan imported about 1.5 million barrels (1.9 percent) from Oman, 0.6 percent from Bahrain, and 0.1 percent from the Neutral Zone.

While Japan’s ban on importing oil from Iran and Russia continued in August, the rest of such imports came from Central and South America (2.8 percent), the US (0.9 percent), Southeast Asia (0.8 percent), and Oceania (1 percent). This highlighted the continued increase in Japan’s dependence on Arab countries’ oil.

The figures cited represent the quantities of oil that arrived at refineries, tanks and warehouses in Japanese ports in August. 

Japan uses oil to generate about a third of its energy needs.

This article originally appeared on Arab News Japan


Saudi tourism fund, Mukatafa Co. collaborate to propel sector

Saudi tourism fund, Mukatafa Co. collaborate to propel sector
Updated 54 min 38 sec ago
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Saudi tourism fund, Mukatafa Co. collaborate to propel sector

Saudi tourism fund, Mukatafa Co. collaborate to propel sector

RIYADH: In a bid to support and further develop Saudi Arabia’s travel industry, the Tourism Development Fund has signed a cooperation agreement with Riyadh-based private consultancy firm Mukatafa Co.

The deal aims to enhance collaboration between the two parties, emphasizing information exchange and available expertise within the field, the Saudi Press Agency reported.

This understanding stems from the Kingdom’s commitment to strengthening partnerships and maximizing benefits between the public and the private sector, with a focus on the nation’s prosperity.


Jordan’s GDP grows by 2.6% in Q2, most sectors in green: DoS

Jordan’s GDP grows by 2.6% in Q2, most sectors in green: DoS
Updated 03 October 2023
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Jordan’s GDP grows by 2.6% in Q2, most sectors in green: DoS

Jordan’s GDP grows by 2.6% in Q2, most sectors in green: DoS

RIYADH: Jordan’s gross domestic product increased by 2.6 percent during the second quarter of 2023 compared to the same period last year, reported its statistical authority.  

According to the Jordan Department of Statistics, the GDP also rose 2.7 during the first half compared to the corresponding period in the previous year. 

Sector-wise estimations revealed that most economic sectors experienced growth during the second quarter compared to the same quarter last year. 

The report further stated that the agriculture, hunting, forestry and fishing sectors achieved the highest growth rate of 8.2 percent, followed by the transportation, storage and communications sector at 5.2 percent. 

Moreover, the mining and quarrying sector advanced 4.3 percent in the second quarter, while the manufacturing sector grew at 3.7 percent. 

Interestingly, the restaurant and hotel sector leaped over most other sectors to register a 5.9 percent growth between April and June.  

Last month, the DoS announced a decline of 9.3 percent in Jordan’s trade deficit during the first eight months to 5.3 billion Jordanian dinars ($7.4 billion) compared to the year-ago period. 

In May, Fitch Ratings also affirmed Jordan’s long-term foreign-currency issuer default rating at “BB-” with a stable outlook. 

This move comes against the backdrop of the country showing macroeconomic stability, progress in reforms, and resilience in the banking sector while having a buoyant public pension fund.   

The rating agency estimated that Jordan’s general government budget deficit declined to 2.7 percent of the GDP in 2022.  

This deficit was below its 3.8 percent forecast in August due to continued growth in tax collection combined with expenditure restraint and reprioritization to accommodate temporary fuel subsidies phased out at the end of 2022.   

“We forecast fiscal consolidation to gradually continue, with the deficit declining to 2.3 percent and 1.9 percent in 2023-2024,” said Erich Arispe Morales, primary rating analyst at Fitch, at that time.   

“The sustainability of the current fiscal strategy will depend on the ongoing reforms aimed at lifting growth prospects and generating employment. Fiscal space is limited, given the high level of debt and a rigid expenditure profile,” added Morales.   

However, the ratings were constrained by high government debt, weak growth, domestic and regional political risks, a sizable current account deficit, and net external debt higher than rating peers.