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NDF Partners with SDB to Establish $120 Mln Venture Funds for Gaming, Esports Industry in Saudi Arabia

The National Development Fund (NDF), in collaboration with the Social Development Bank (SDB), announced on Tuesday the signing of two agreements to establish two venture funds with a total size of SAR450 million ($120 million) to bolster the gaming and Esports industry in Saudi Arabia. (SPA)
The National Development Fund (NDF), in collaboration with the Social Development Bank (SDB), announced on Tuesday the signing of two agreements to establish two venture funds with a total size of SAR450 million ($120 million) to bolster the gaming and Esports industry in Saudi Arabia. (SPA)
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NDF Partners with SDB to Establish $120 Mln Venture Funds for Gaming, Esports Industry in Saudi Arabia

The National Development Fund (NDF), in collaboration with the Social Development Bank (SDB), announced on Tuesday the signing of two agreements to establish two venture funds with a total size of SAR450 million ($120 million) to bolster the gaming and Esports industry in Saudi Arabia. (SPA)
The National Development Fund (NDF), in collaboration with the Social Development Bank (SDB), announced on Tuesday the signing of two agreements to establish two venture funds with a total size of SAR450 million ($120 million) to bolster the gaming and Esports industry in Saudi Arabia. (SPA)

In an innovative move to bolster the gaming and Esports industry in Saudi Arabia, the National Development Fund (NDF), in collaboration with the Social Development Bank (SDB), announced on Tuesday the signing of two agreements to establish two venture funds with a total size of SAR450 million ($120 million).

The announcement was made during the LEAP 2024 technology conference in Riyadh, marking a significant step towards nurturing the thriving gaming and Esports industry.

The initiative is part of the Gaming and Esports Financing Program, cooperating with the Saudi Esports Federation.

Merak Capital and IMPACT 46, the entities managing the two funds, will provide development financing for gaming and Esports companies through equity investments to accelerate growth, boost local content development, and amplify the industry's economic and social impact to achieve the objectives of the National Gaming and Esports Strategy and the Digital Content Program (Ignite).

Merak Capital is set to manage the first investment fund, which will be SAR300 million ($80 million). The fund will focus on establishing a gaming accelerator backed by venture investment to spur growth and cultivate local talent in the gaming industry. The goal is to position Saudi companies as leaders in this vibrant sector.

The second fund, managed by IMPACT46 and with a total value of SAR150 million ($40 million), seeks to stimulate private sector investment in the local gaming and Esports industry. Additionally, it seeks to attract international firms and studios to establish a more substantial presence in the Kingdom, further enriching the sector's ecosystem.

Governor of NDF, Dr. Stephen Grove, stated: "The gaming and Esports industry has seen exponential growth globally, generating substantial revenue and job opportunities. With Saudi Arabia's young demographic and other attractive investment components, NDF and our partners are prioritizing innovative financing solutions for this industry. We aim to ensure its financial sustainability and contribute to the Kingdom's economic diversification and job creation efforts."

CEO of SDB, Eng. Sultan Al-Humaidi emphasized SDB's commitment to supporting the gaming and e-sports industry, recognizing its potential for growth within the Kingdom.

"Our objective is to cultivate the industry to self-sufficiency, positioning the Kingdom as a global hub. We provide the necessary support to ensure this venture succeeds, advancing the Saudi digital economy forward as a key component of the Kingdom's digital transformation goals aligned with Saudi Vision 2030," he added.

This comes as part of NDF's efforts to develop the promising Saudi sectors and bolster their contribution to the national economy. This goal can be accomplished through empowerment and financial development support to establish an environment that attracts local talent, delivers promising experiences, and targets top-tier game production and development projects.

Established on October 2, 2017, under the leadership of Prince Mohammed bin Salman Al-Saud, Crown Prince and Prime Minister, NDF aims to drive the Kingdom's economic transformation and sustainable development. Overseeing 12 development funds and banks, NDF strives to boost performance, foster coordination, and amplify economic and social impacts, focusing on promising investment sectors that support the objectives of Saudi Vision 2030.

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Business

Maersk Raises Emergency Fuel Surcharge Due to Middle East Conflict

FILE PHOTO: A truck transports a Maersk container at APM Terminals at the Port of Los Angeles, California, US, March 4, 2026. REUTERS/Mike Blake/File Photo
FILE PHOTO: A truck transports a Maersk container at APM Terminals at the Port of Los Angeles, California, US, March 4, 2026. REUTERS/Mike Blake/File Photo
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Maersk Raises Emergency Fuel Surcharge Due to Middle East Conflict

FILE PHOTO: A truck transports a Maersk container at APM Terminals at the Port of Los Angeles, California, US, March 4, 2026. REUTERS/Mike Blake/File Photo
FILE PHOTO: A truck transports a Maersk container at APM Terminals at the Port of Los Angeles, California, US, March 4, 2026. REUTERS/Mike Blake/File Photo

Danish shipping group Maersk said on Thursday it was increasing its emergency fuel surcharge (EFS) on all export collections and import deliveries due to ⁠the ongoing conflict ⁠in the Middle East.

Oil prices rose on Thursday on worries about supply from ⁠the Middle East region amid an increase in attacks on shipping in the Gulf and the Strait of Hormuz, while the US cut output as a hurricane menaced offshore production.

Maersk ⁠said ⁠in a statement it was increasing its EFS to 20% as of October 12, and that it would continue to review the surcharge regularly.

Business

IMF Reaches Staff Deal with Pakistan, Potentially Unlocking $1.2 Bn

FILE - The logo of the International Monetary Fund is visible on its building, April 5, 2021, in Washington. (AP Photo/Andrew Harnik, File)
FILE - The logo of the International Monetary Fund is visible on its building, April 5, 2021, in Washington. (AP Photo/Andrew Harnik, File)
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IMF Reaches Staff Deal with Pakistan, Potentially Unlocking $1.2 Bn

FILE - The logo of the International Monetary Fund is visible on its building, April 5, 2021, in Washington. (AP Photo/Andrew Harnik, File)
FILE - The logo of the International Monetary Fund is visible on its building, April 5, 2021, in Washington. (AP Photo/Andrew Harnik, File)

The International Monetary Fund has reached a staff-level agreement with Pakistan on reviews of some of its lending programs, potentially unlocking about $1.21 billion in financing pending board approval, the fund said on Wednesday.

If the board approves the deal, Pakistan could access about $1 billion under the ⁠Extended Fund Facility ⁠and $210 million under the climate-focused Resilience and Sustainability Facility, bringing total disbursements under the two programs to around $5.7 billion.

Pakistan remains reliant on external financing to bolster foreign ⁠exchange reserves and meet debt repayments.

"Supported by the EFF, the authorities have successfully navigated the impact of the Middle East conflict, and strong policies have helped preserve macroeconomic stability," Reuters quoted the fund as saying.

Risks remain elevated, however, due to geopolitical tensions, volatile energy prices, tighter global financial conditions ⁠and ⁠trade disruptions, the IMF said.

Pakistan is the most vulnerable major Asia-Pacific economy to a prolonged Middle East conflict, given its dependence on Gulf energy imports, remittances and financing support from the region, Ahmad Mobeen, principal economist at S&P Global Market Intelligence, said earlier this year.

Business

Gold Pauses Decline after Two-month Low as Traders Weigh US Fed Move

A 1000-gram gold bar at a gold and silver refinery in Vienna (AFP)
A 1000-gram gold bar at a gold and silver refinery in Vienna (AFP)
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Gold Pauses Decline after Two-month Low as Traders Weigh US Fed Move

A 1000-gram gold bar at a gold and silver refinery in Vienna (AFP)
A 1000-gram gold bar at a gold and silver refinery in Vienna (AFP)

Gold prices steadied on Thursday after sliding to a two-month low in the previous session, as investors assessed the likelihood of another US Federal Reserve interest rate hike before year-end.

Spot gold was little changed at $4,116.67 per ounce by 0625 GMT. On Wednesday, bullion prices touched their lowest level since August 5 as a ‌firmer dollar and ‌higher US Treasury yields weighed on the ‌market.

US ⁠gold futures were ⁠flat at $4,140.70.

"The short-term investment case for gold remains challenged... We would need to see a break above $4,275 to become more constructive on the near-term upside," said Chris Weston, head of research, Pepperstone.

"If markets begin treating rising long-end yields as a reflection of sovereign credit and fiscal risk rather than stronger economic fundamentals, gold ⁠could start to diverge positively from bond yields ‌and the debasement trade could return ‌with greater force."

Fed policymakers were divided last month over the rationale for ‌raising interest rates, with "some participants" seeing a hike as needed ‌to keep the impact of energy and other price shocks at bay, but a more hawkish core viewing it as necessary to guard against emerging demand-driven inflation, minutes showed.

Traders see only a 19% chance ‌of a rate hike later this month, but are pricing in an 86% likelihood of ⁠an increase ⁠in December, according to CME's FedWatch tool.

Higher rates diminish the appeal of non-yielding gold.

The global economy is under threat from persistently high energy prices, record public debt and risks from the AI investment boom, International Monetary Fund Managing Director Kristalina Georgieva warned, urging governments to implement protective fiscal and monetary policy measures.

Among other metals, spot silver fell 1.9% at $59.01, platinum added 1.6% to $1,657.18 and palladium climbed 1.1% to $1,136.80.

"We see silver on a downward trajectory given the deteriorating chart patterns and expect a test of the 2026 lows in the mid to high $50s," Marex analyst Edward Meir said in a note.