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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

Egypt Plans $1 Billion Red Sea Marina, Hotel Development

This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
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Egypt Plans $1 Billion Red Sea Marina, Hotel Development

This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)

Egypt announced plans on Monday for a new $1 billion marina, hotel and housing development on the Red Sea in a bid to boost the region's tourist industry.

Construction on the "Monte Galala Towers and Marina" project would ‌start in ‌the second ‌half ⁠of the ‌year and run for seven years, Ahmed Shalaby, managing director of the main developer, Tatweer Misr, said.

The 10-tower development - a partnership with the ⁠housing ministry and other state bodies ‌including the armed ‍forces' engineering authority - ‍would cost about 50 ‍billion Egyptian pounds ($1.07 billion), he added.

The project, also announced by the cabinet, will cover 470,000 square meters on the Gulf of Suez, about ⁠35 km south of Ain Sokhna, Shalaby said.

Egypt aims to boost total tourist arrivals to around 30 million by 2030, from around 19 million recorded by the tourism ministry in 2025.

Business

Saudi-Polish Investment Forum Explores Prospects for Economic and Investment Cooperation

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
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Saudi-Polish Investment Forum Explores Prospects for Economic and Investment Cooperation

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA

The Saudi-Polish Investment Forum was held today at the headquarters of the Federation of Saudi Chambers in Riyadh, with the participation of Minister of Investment Khalid Al-Falih, Minister of Finance of the Republic of Poland Andrzej Domański, and Vice President of the Federation of Saudi Chambers Emad Al-Fakhri.

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation, expanding investment partnerships in priority sectors, and exploring high-quality investment opportunities that support sustainable growth in Saudi Arabia and Poland.

During a dedicated session, the forum reviewed economic and investment prospects in both countries through presentations highlighting promising opportunities, investment enablers, and supportive legislative environments.

Several specialized roundtables addressed strategic themes, including the development of the digital economy, with a focus on information and communication technologies (ICT), financial technologies (fintech), and artificial intelligence-driven innovation, SPA reported.

Discussions also covered the development of agricultural value chains from production to market access through advanced technologies, food processing, and agricultural machinery. In addition, participants examined ways to enhance the construction sector by developing systems and materials, improving execution efficiency, and accelerating delivery timelines. Energy security issues and the role of industrial sectors in supporting economic transformation and sustainability were also discussed.

The forum witnessed the announcement of two major investment agreements. The first aims to establish a framework for joint cooperation in supporting investment, exchanging information and expertise, and organizing joint business events to strengthen institutional partnerships.

The second agreement focuses on supporting reciprocal investments through the development of financing and insurance tools and the stimulation of joint ventures to boost investment flows.

The forum concluded by emphasizing the importance of continued coordination and dialogue between the public and private sectors in both countries to deepen Saudi-Polish economic relations and advance shared interests.

Business

Gold Rises as Dollar Slips, Focus Turns to US Jobs Data

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
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Gold Rises as Dollar Slips, Focus Turns to US Jobs Data

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices rose on Monday, buoyed by a softer dollar as investors braced for a week packed with US economic data that could offer more clues on the US Federal Reserve's monetary policy.

Spot gold rose 1.2% to $5,018.56 per ounce by 9:30 a.m. ET (1430 GMT), extending a 4% rally from Friday.

US gold futures for April delivery also gained 1.3% to $5,042.20 per ounce.

The US dollar fell 0.8% to a more than one-week low, making greenback-priced bullion cheaper for overseas buyers.

"The big mover today (in gold prices) is the US dollar," said Bart Melek, global head of commodity strategy at TD Securities, adding that expectations are growing for weak economic data, particularly on the labor front, Reuters reported.

Investors are closely watching this week's release of US nonfarm payrolls, consumer prices and initial jobless claims for fresh signals on monetary policy, with markets already pricing in at least two rate cuts of 25 basis points in 2026.

US nonfarm payrolls are expected to have risen by 70,000 in January, according to a Reuters poll.

Lower interest rates tend to support gold by reducing the opportunity cost of holding the non-yielding asset.

Meanwhile, China's central bank extended its gold buying spree for a 15th month in January, data from the People's Bank of China showed on Saturday.

"The debasement trade continues, with ongoing geopolitical risks driving people into gold," Melek said, adding that China's purchases have had a psychological impact on the market.

Spot silver climbed 2.9% to $80.22 per ounce after a near 10% gain in the previous session. It hit an all-time high of $121.64 on January 29.

Spot platinum was down 0.2% at $2,092.95 per ounce, while palladium was steady at $1,707.25.

"A slowdown in EV sales hasn't really materialized despite all the policy softening, so I do see that platinum and palladium will possibly slow down," after a bullish run in 2025, WisdomTree commodities strategist Nitesh Shah said.