Saudi Arabia Aims to Attract Huge Investments in Virtual World 

Saudi Arabia tops regional countries in adopting advanced technologies, including virtual reality. (Asharq Al-Awsat) 
Saudi Arabia tops regional countries in adopting advanced technologies, including virtual reality. (Asharq Al-Awsat) 
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Saudi Arabia Aims to Attract Huge Investments in Virtual World 

Saudi Arabia tops regional countries in adopting advanced technologies, including virtual reality. (Asharq Al-Awsat) 
Saudi Arabia tops regional countries in adopting advanced technologies, including virtual reality. (Asharq Al-Awsat) 

Saudi Arabia is seeking to attract substantial global investments in advanced technologies, especially in NEOM.  

A recent study indicated that the metaverse was the next generation of the internet, potentially heralding a new virtual, interconnected reality seamlessly woven into the world. 

The paper, "Creating a New Reality: The Metaverse in MENAT," prepared by the Boston Consulting Group, studied how to unlock the promises of the metaverse in the region, focusing on Saudi Arabia, the United Arab Emirates, Türkiye and Egypt.  

It said Saudi Arabia showed high readiness for metaverse adoption across key enablers, although some gaps remain in SME readiness, ICT talent, and cryptocurrency.  

Saudi Arabia boasts key infrastructure for the metaverse, with 98 percent of individuals using the internet.  

The Kingdom ranked first out of 130 countries for school internet access, fourth for home internet access, and fifth worldwide for median mobile internet connection speed.  

The study noted that Saudi Arabia enjoys high readiness across key technological metrics, including 74 percent smartphone subscription – high for the region and higher than the United States - and an average of 0.77 smartphones installed per person, which is in line with the regional average. 

The country is a leader in AR/VR headset sales and growth, with sales expected to double by 2025. It ranked 2nd (of 130 countries) in cybersecurity.  

Indications point to high consumer readiness for the metaverse: 60 percent of adults are familiar with the concept, and 78 percent of the population has basic ICT skills, which is high for the region.  

According to the study, Saudi Arabia has 82 percent social media penetration, 90 percent of the population uses YouTube, and residents spend 8.1 hours/ day on the internet.  

It also reported that Saudi Arabia currently ranks 70th in mobile apps developed per capita, low for the region.  

Fourteen percent of the population has advanced ICT skills, among the highest in the region, indicating a large base of potential content developers, but 60 percent of ICT companies say recruiting talent remains a challenge.  

Meanwhile, Geidea, a leading fintech company in the region, has partnered with Magnati, a leader in the payments solutions industry, to enable merchants to provide seamless customer experiences in Magnati MetaV.  

Magnati MetaV is the first metaverse marketplace in the MENA region.  

Magnati MetaV is a virtual platform where people can get a visual and sensory experience as they shop, learn, play games, attend events, and more online, all from the comfort of their homes.  

Furthermore, the head of Saudi Excellence, Abdullah al-Meleihi, said that by 2030, the total number of users of metaverse would reach about five billion people, according to the studies' predictions.  

Meleihi added that companies and venture capital funds invested $120 billion in the Metaverse between January and May 2022, which is more than double what was invested in 2021.  

He indicated that the real estate sector is the preferred investment, real or virtual. Real estate based on the metaverse is a plot of land on a platform that can hold anything digitally, such as an art exhibition or concert hall.  

The platforms that develop these lands generate revenue by selling or renting them to luxury brands and fashion houses trying to reach consumers in the metaverse.  

Meleihi pointed out that NEOM's technology and digital company changed its brand to "Tonomous" and is working to increase investment in the metaverse and AI.  

Tonomous invested about $1 billion in 2022 to promote AI and metaverse technologies, said Meleihi, adding that it aims to devote efforts to ensure NEOM is the first community compatible with the virtual world and cognitive sciences worldwide. 



Saudi Social Development Bank Surpasses $43.2 Billion in Total Financing

Prince Faisal bin Bandar bin Abdulaziz during the launch of “Jada 30” at the Social Development Bank’s 53rd anniversary celebration (Asharq Al-Awsat)
Prince Faisal bin Bandar bin Abdulaziz during the launch of “Jada 30” at the Social Development Bank’s 53rd anniversary celebration (Asharq Al-Awsat)
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Saudi Social Development Bank Surpasses $43.2 Billion in Total Financing

Prince Faisal bin Bandar bin Abdulaziz during the launch of “Jada 30” at the Social Development Bank’s 53rd anniversary celebration (Asharq Al-Awsat)
Prince Faisal bin Bandar bin Abdulaziz during the launch of “Jada 30” at the Social Development Bank’s 53rd anniversary celebration (Asharq Al-Awsat)

The Saudi Social Development Bank has announced that its total financing since inception has exceeded SAR162 billion (USD43.2 billion), benefiting more than 10 million citizens and playing a vital role in the Kingdom’s social and economic transformation.

The announcement was made by Minister of Human Resources and Social Development and Chairman of the Bank’s Board, Eng. Ahmed Al-Rajhi, during the bank’s 53rd anniversary celebration held on Monday in Riyadh.

The event was held under the patronage and in the presence of Prince Faisal bin Bandar bin Abdulaziz, Governor of Riyadh Region, and marked the launch of the “Jada 30” initiative.

Prince Faisal commended the bank’s achievements over the past five decades, highlighting its impact in empowering citizens and advancing national development goals in line with Saudi Vision 2030.

In turn, Al-Rajhi emphasized the bank’s ongoing commitment to supporting development pathways and empowering individuals and communities. He reaffirmed the bank’s role as a key driver of financial and social inclusion across the Kingdom.

As part of the celebration, the bank unveiled “Jada 30,” a new initiative designed to foster entrepreneurship and support small and emerging businesses. Bank CEO Eng. Sultan bin Abdulaziz Al-Humaidi described it as a strategic leap forward in enhancing the entrepreneurial environment.

“Jada 30” transforms traditional bank branches into dynamic development hubs and business incubators, aimed at nurturing a vibrant entrepreneurial ecosystem. The initiative provides a comprehensive range of services - including financing, training, and mentorship - to help entrepreneurs launch and scale their businesses.

Since its launch, “Jada 30” has hosted in Riyadh more than 300 startups and supported over 5,800 participants, underscoring its tangible impact on youth empowerment and the promotion of a self-employment culture.

The event also witnessed the signing of several key development agreements, including a partnership with the General Authority for Awqaf and the Charitable Associations Support Fund to establish a SAR50 million financing portfolio to boost the nonprofit sector.

Further, the bank signed two agreements with Arab National Bank and Banque Saudi Fransi to create a combined SAR100 million in financing portfolios aimed at supporting entrepreneurs and emerging enterprises.

Additional agreements were inked with Alinma Bank and Arab National Bank to launch a new Freelance Work Card, offering freelancers greater access to banking services and financing options.