Saudi Arabia Inaugurates Stage of Transition to Digital World Economies

Saudi Arabia introduces its National Gaming and Esports Strategy (Asharq Al-Awsat)
Saudi Arabia introduces its National Gaming and Esports Strategy (Asharq Al-Awsat)
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Saudi Arabia Inaugurates Stage of Transition to Digital World Economies

Saudi Arabia introduces its National Gaming and Esports Strategy (Asharq Al-Awsat)
Saudi Arabia introduces its National Gaming and Esports Strategy (Asharq Al-Awsat)

After Crown Prince Mohammed bin Salman announced the National Gaming and Esports Strategy on Thursday, Saudi Arabia is set to launch a serious transformation phase towards the economies of the gaming industry.

The Strategy aims to contribute to the Kingdom’s GDP by about SAR 50 billion ($13.3 billion) directly and indirectly, experts confirmed.

Moreover, economists told Asharq Al-Awsat that the Strategy will support investors in the gaming and esports sector in drawing a road map through which Saudi Arabia becomes a global hub for the industry.

Raising the quality of life by improving players’ experience, providing new entertainment opportunities, and achieving an economic impact by contributing to the GDP by about SAR 50 billion are the Strategy’s three main objectives.

This will lead to the creation of 39,000 new jobs by 2030.

Saudi Arabia aims to produce more than 30 competitive games in the Kingdom’s studios and become one of the top three countries having the highest number of professional esports players.

Ahmed Al-Shehri, an economist, told Asharq Al-Awsat that the new Strategy would motivate investors to enter the promising sector of gaming and e-sports and achieve huge profits in light of the great demand from the current generations for these games.

According to Al-Shehri, the Strategy is bound to yield a positive effect on the Saudi economy.

The country intends to implement the Strategy through 86 initiatives covering the entire value chain, which was launched and managed by more than 20 government and private entities.

These initiatives are divided into eight focus areas, which include technology and hardware development, game production, e-sports, additional services, and other aspects such as infrastructure, regulations, education and talent acquisition.

The Strategy will meet the aspirations of the gaming community locally and globally by providing new and distinctive job and recreational opportunities, Saudi economic expert Ahmed al-Jubeir told Asharq Al-Awsat.

According to al-Jubeir, the Strategy will create healthy competition among companies to enter this promising and targeted sector in Saudi Arabia.

He noted that companies could achieve huge profits because of the Kingdom having the largest purchasing power in the region.



Oil Rises as Tight Market Supports despite Big OPEC+ Hike

A view shows disused oil pump jacks at the Airankol oil field operated by Caspiy Neft in the Atyrau Region, Kazakhstan April 2, 2025. REUTERS/Pavel Mikheyev/File Photo
A view shows disused oil pump jacks at the Airankol oil field operated by Caspiy Neft in the Atyrau Region, Kazakhstan April 2, 2025. REUTERS/Pavel Mikheyev/File Photo
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20

Oil Rises as Tight Market Supports despite Big OPEC+ Hike

A view shows disused oil pump jacks at the Airankol oil field operated by Caspiy Neft in the Atyrau Region, Kazakhstan April 2, 2025. REUTERS/Pavel Mikheyev/File Photo
A view shows disused oil pump jacks at the Airankol oil field operated by Caspiy Neft in the Atyrau Region, Kazakhstan April 2, 2025. REUTERS/Pavel Mikheyev/File Photo

Oil on Monday shrugged off the impact of OPEC+ hiking output more than expected for August as well as concern about the potential impact of US tariffs, with prices rising as a tight physical market lent support.

The Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, agreed on Saturday to raise production by 548,000 barrels per day in August, more than the 411,000 bpd hikes they made for the earlier three months.

Brent crude futures fell as low as $67.22 a barrel but by 1320 GMT were up 88 cents, or 1.3%, to $69.18. US West Texas Intermediate crude was at $67.60, up 60 cents, or 0.9%, and up from an earlier low of $65.40, Reuters reported.

"For now, the oil market remains tight, suggesting it can absorb additional barrels," said UBS analyst Giovanni Staunovo.

The OPEC+ decision will bring nearly 80% of the 2.2 million bpd voluntary cuts from eight OPEC producers back into the market, RBC Capital analysts, led by Helima Croft, said in a note.

Goldman analysts expect OPEC+ to announce a final 550,000 bpd increase for September at the next meeting on August 3.

Oil had also come under pressure as US officials flagged a delay on when tariffs would begin but failed to provide details on changes to the rates that will be imposed. Investors are worried higher tariffs could slow economic activity and oil demand.

"Concerns over Trump's tariffs continue to be the broad theme in the second half of 2025, with dollar weakness the only support for oil for now," said Priyanka Sachdeva, a senior market analyst at Phillip Nova.