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Gamers8 Riyadh Set Alight with $2Mln in Prizes at Fortnite Tournament

Crowds at the Gamer8 event in Riyadh. (Saleh al-Ghannam)
Crowds at the Gamer8 event in Riyadh. (Saleh al-Ghannam)
    Riyadh - Haitham al-Zahim
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Gamers8 Riyadh Set Alight with $2Mln in Prizes at Fortnite Tournament

Crowds at the Gamer8 event in Riyadh. (Saleh al-Ghannam)
Crowds at the Gamer8 event in Riyadh. (Saleh al-Ghannam)

An elite Fortnite tournament, one of many organized within the framework of the Gamers8 Esports and Music Festival organized by the Saudi Esports Federation, will launch at Boulevard of Riyadh on Thursday.

The tournament will see some of the most prominent names in esports take part and compete for two million dollars in prizes. The event concludes on Sunday.

This Gamers8 Esports and Music Festival tournament will be followed by a Tom Clancy’s Rainbow Six tournament, which will see some of the world’s best teams compete for 1.2 million dollars in prizes between August 4 and 7.

After that, a PUBG Mobile tournament will be held between August 11 and 13 and August 18 and 20.

The Gamers8 Esports and Music Festival kicked off on July 14 with a Rocket League tournament that went on until July 17 before the Riyadh Masters, which ran from July 20 to 24.

Gamers8 offers gamers a unique experience, as it will feature a range of events and concerts held every weekend for two months.

Established in 2017, the Saudi Esports Federation aims to support and strengthen the local gaming community.

It has organized an array of national and international tournaments over the past four years, drawing massive local and foreign investments

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Pinterest Shares Surge as Strong Ad Spend Defies Tariff Uncertainty

A keyboard is placed in front of a displayed Pinterest logo in this illustration taken February 21, 2023. (Reuters)
A keyboard is placed in front of a displayed Pinterest logo in this illustration taken February 21, 2023. (Reuters)
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Pinterest Shares Surge as Strong Ad Spend Defies Tariff Uncertainty

A keyboard is placed in front of a displayed Pinterest logo in this illustration taken February 21, 2023. (Reuters)
A keyboard is placed in front of a displayed Pinterest logo in this illustration taken February 21, 2023. (Reuters)

Pinterest shares jumped more than 11% on Friday, after a strong quarterly revenue forecast allayed investor jitters about the uncertainty of advertising spending on its platform amid global economic volatility.

Its robust first-quarter revenue positions it alongside peers Reddit and Facebook-parent Meta, which also saw strong top-line results at a time when deepening global trade tensions have clouded the outlook for many firms dependent on marketing spend.

A shifting US trade policy coupled with escalating geopolitical tensions have sparked fears of a spike in inflation levels and a possible recession, prompting a broader pullback in consumer and enterprise spending.

However, Pinterest's focus on strengthening the effectiveness of its artificial intelligence tools for creating ad campaigns and a growing Gen Z userbase makes it an attractive destination for marketers.

"AI is helping to serve up the right type of ads for different audience segments, which ultimately means there could be a greater propensity to click on the ad if it is relevant," said Dan Coatsworth, investment analyst at AJ Bell.

Pinterest's global monthly active users rose 10% from a year earlier to 570 million in the first quarter, exceeding analysts' expectations according to data compiled by LSEG.

"We believe Pinterest's strategic focus on AI improvements and international expansion is yielding results," said Angelo Zino, senior equity analyst at CFRA Research.

Pinterest flagged a reduction in spending from Asian e-commerce retailers due to the roll-back of the "de minimis" exemption earlier this year, which led notable Chinese advertisers including online marketplace Temu and fast-fashion retailer Shein to slash ad budgets.

Barclays analysts said they expect "trends to worsen in e-commerce advertising" later this year if and when tariffs impact consumer spending.

If gains hold, Pinterest is set to add around $2 billion to its market cap.

The company trades at 14.51 times the estimates of its earnings for the next 12 months, compared with Reddit's 67.65 and Snap's 22.19.