Saudi Arabia Leads Global Investment in Video Game Industry

A group of professionals competing for the E-sports World Cup in the Saudi capital, 2024. (X platform)
A group of professionals competing for the E-sports World Cup in the Saudi capital, 2024. (X platform)
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Saudi Arabia Leads Global Investment in Video Game Industry

A group of professionals competing for the E-sports World Cup in the Saudi capital, 2024. (X platform)
A group of professionals competing for the E-sports World Cup in the Saudi capital, 2024. (X platform)

In a country where youth make up 70% of the 36 million population, at least 21 million are video game enthusiasts.

This is Saudi Arabia, which has placed significant emphasis on its citizens’ interests by investing in the electronic games sector as a crucial component of its economy.

The sector is expected to contribute SAR 50 billion ($13 billion) to the GDP, create over 39,000 job opportunities, and place the Kingdom among the top three countries globally in terms of professional e-sports players.

The Savvy Games Group, part of the Public Investment Fund, has committed $8.3 billion to acquire five international companies specializing in electronic games and to hold stakes in additional firms. Moreover, the group manages a substantial $38 billion fund dedicated to investments in this growing sector, according to the annual Savvy report released on Monday.

Additionally, the Saudi Social Development Bank launched a program to support the gaming and e-sports sector with a budget of SAR 300 million ($80 million) in 2022. By the end of last year, the budget had increased to SAR 1.09 billion ($290 million).

Future plans

Brian Ward, CEO of Savvy, told Asharq Al-Awsat that the company has signed a memorandum of understanding with Niantic to bring the game Pokémon GO to Saudi Arabia. The game will be launched in Riyadh, Jeddah, AlUla, and Abha.

The company is also working on establishing an Olympic version of electronic sports in Saudi Arabia, set to take place in the last quarter of 2025. According to Ward, the event will be a massive undertaking in Riyadh, comparable in scale and significance to the FIFA World Cup.

During a press conference in Riyadh, Ward disclosed plans to create an Xsolla Academy specializing in video game development, which has branches in India and Malaysia. The initiative is expected to generate 3,600 jobs by 2030.

Investment in talent

He explained that the group is collaborating with the Saudi E-sports Federation and the E-sports World Cup to develop training programs.

Savvy runs an exclusive internal training program at its studios, aimed at cultivating new talent, he revealed.

He stressed that while 5% of professional e-sports players globally were women, Saudi Arabia boasts a higher percentage at 20%, with the next closest country at 12%. This positions the Kingdom as a leader in this area.

Ward emphasized that foreign investment is a key pillar of his company’s efforts to attract investment into the gaming and e-sports sector in Saudi Arabia.

“Saudi Arabia is unique in having a national strategy for gaming and e-sports, supported by dedicated efforts from the government, the Public Investment Fund, Giga projects, and other relevant entities,” he added.

Fastest-growing

According to recent estimates by the Boston Consulting Group, global revenues from the gaming sector have surpassed those from the music industry, album sales, and the top five sports leagues.

The sector saw substantial growth during the COVID-19 pandemic, with global revenues increasing by 11% annually from 2018 to 2021, rising from $142 billion to $193 billion in just four years.

Revenues are projected to continue growing at a rate of 4% annually, surpassing $220 billion by 2027, with the number of global gamers nearing 4 billion.

According to Savvy’s annual report, Saudi Arabia was the fastest-growing market globally in the video game sector, with revenues reaching $1.13 billion in 2023. This figure is expected to increase to $1.21 billion this year, $1.28 billion by 2025, and $1.36 billion by 2026, reflecting a compound annual growth rate of over 6%, according to the Savvy report.

Additionally, the Kingdom is situated at the heart of the Middle East and North Africa, where revenues totaled $6.18 billion in 2023. This figure is projected to grow at an annual rate of 8% through 2025, making the region the fastest-growing globally.



Iraq in Talks with Gulf States on Pipeline Exports beyond Hormuz

Workers carry out maintenance on a pipeline at a gas separation station in the Zubair oil field near Basra (AP). 
Workers carry out maintenance on a pipeline at a gas separation station in the Zubair oil field near Basra (AP). 
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Iraq in Talks with Gulf States on Pipeline Exports beyond Hormuz

Workers carry out maintenance on a pipeline at a gas separation station in the Zubair oil field near Basra (AP). 
Workers carry out maintenance on a pipeline at a gas separation station in the Zubair oil field near Basra (AP). 

Iraq is in talks with Gulf countries to use their pipeline networks to secure alternative oil export routes beyond the Strait of Hormuz, the state oil marketer SOMO said Thursday.

The move is part of an emergency strategy by the oil ministry to tap regional infrastructure and bypass maritime chokepoints, ensuring Iraqi crude continues to reach global markets while offsetting higher transport costs linked to the current crisis.

Ali Nizar al-Shatari, head of the State Organization for Marketing of Oil (SOMO), said the ministry is prioritizing negotiations to access Gulf pipeline systems extending beyond the Strait of Hormuz and into the Arabian Sea, allowing exports to avoid areas of military tension.

“The goal is to secure stable routes that guarantee efficient flows of Iraqi oil at lower transport costs,” Shatari said, adding that Iraq generated about $2 billion in oil revenues in March, up 28 percent from February.

He said SOMO exported around 18 million barrels of crude from Basra, Kirkuk and the Kurdistan region by using all available outlets, including southern ports that operated until early March and northern routes to Türkiye’s Mediterranean port of Ceyhan.

As part of efforts to diversify export options, Shatari revealed that the first shipments of fuel oil and Basra Medium crude successfully reached Syrian ports.

He noted that Iraq had signed a deal to export 50,000 barrels per day via this route, describing cooperation with Syria as “very significant,” with storage and security provided to ensure safe delivery to the port of Baniyas.

The route has proven effective and could become a permanent option after the crisis, he added.

Shatari further noted that the oil ministry is close to completing repairs on the Iraq-Türkiye pipeline, which suffered extensive damage in previous years.

Technical teams have inspected the most difficult terrain, with about 200 kilometers (125 miles) still to be assessed in the coming days before full pumping of Kirkuk crude resumes.

In a notable logistical move, Iraq has begun pumping Basra crude northwards for export via Ceyhan.

Flows started at 170,000 barrels per day and are expected to stabilize between 200,000 and 250,000 bpd, helping offset disrupted southern exports and supply energy-hungry markets in Europe and the Americas.

Shatari said Iraq has benefited from rising global prices by selling Kirkuk crude — a medium-grade oil — at strong premiums.

He also confirmed the reactivation of an agreement with the Kurdistan region to reuse the pipeline through the region to Ceyhan, helping lift total exports to 18 million barrels in March.

This came despite a drop in production in Kurdistan fields to about 200,000 bpd due to security threats, he added.

 

 


World Food Prices Rose in March as Iran War Lifted Energy Costs, FAO Says

 A farmer carries harvested rice at a paddy field in Samahani, Aceh province on April 2, 2026. (AFP)
A farmer carries harvested rice at a paddy field in Samahani, Aceh province on April 2, 2026. (AFP)
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World Food Prices Rose in March as Iran War Lifted Energy Costs, FAO Says

 A farmer carries harvested rice at a paddy field in Samahani, Aceh province on April 2, 2026. (AFP)
A farmer carries harvested rice at a paddy field in Samahani, Aceh province on April 2, 2026. (AFP)

The war in the Middle East has pushed food commodity prices higher due to higher energy and fertilizer costs, the UN's food agency said Friday. 

The UN's Food and Agriculture Organization (FAO) said its Food Price Index, which measures the monthly changes in international prices of a basket of food commodities, had increased 2.4 percent in March from February. 

It was the second rise in a row, which the agency said was largely due to higher energy prices linked to conflict in the Middle East. 

Within the index, the category of vegetable oil saw the sharpest rise, of 5.1 percent over February, as palm oil prices reached their highest point since the middle of 2022, due to effects from spiking crude oil prices, FAO said. 

However, a "broadly comfortable" supply of cereal has cushioned the damaged from the conflict, FAO said. 

"Price rises since the conflict began have been modest, driven mainly by higher oil prices and cushioned by ample global cereal supplies," said FAO Chief Economist Maximo Torero in a statement. 

But he warned that if the conflict goes on beyond 40 days and the high prices on fertilizer continue, "farmers will have to choose: farm the same with fewer inputs, plant less, or switch to less intensive fertilizer crops". 

"Those choices will hit future yields and shape our food supply and commodity prices for the rest of this year and all of the next." 

Disruptions to production and supply chain routes had also introduced "additional uncertainty" into the outlook for wheat and maize, FAO found. 


Turkish Inflation Near 2% Monthly in March, Below Forecasts

A full moon rises behind Galata Tower, in Istanbul, Türkiye, Thursday, April 2, 2026. (AP)
A full moon rises behind Galata Tower, in Istanbul, Türkiye, Thursday, April 2, 2026. (AP)
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Turkish Inflation Near 2% Monthly in March, Below Forecasts

A full moon rises behind Galata Tower, in Istanbul, Türkiye, Thursday, April 2, 2026. (AP)
A full moon rises behind Galata Tower, in Istanbul, Türkiye, Thursday, April 2, 2026. (AP)

Turkish consumer price inflation was 1.94% month-on-month in March, while the annual figure fell to 30.87%, data from the Turkish Statistical Institute showed ‌on Friday.

In ‌a Reuters ‌poll, ⁠monthly inflation was ⁠forecast to be 2.32%, with the annual rate seen at 31.4%, driven by ⁠a rise in ‌fuel prices ‌and weather-related pressures ‌on food inflation.

In ‌February, consumer prices rose 2.96% month-on-month and 31.53% year-on-year, broadly in ‌line with estimates and reinforcing expectations that ⁠the ⁠disinflation process may be stalling.

The data also showed the domestic producer index rose 2.30% month-on-month in March for an annual increase of 28.08%.