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CEO of Savvy Games Group: Saudi Arabia to Become Global Hub for Electronic Games Industry

Participants are seen at an e-sports event that was recently held in Saudi Arabia. (Asharq Al-Awsat)
Participants are seen at an e-sports event that was recently held in Saudi Arabia. (Asharq Al-Awsat)
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CEO of Savvy Games Group: Saudi Arabia to Become Global Hub for Electronic Games Industry

Participants are seen at an e-sports event that was recently held in Saudi Arabia. (Asharq Al-Awsat)
Participants are seen at an e-sports event that was recently held in Saudi Arabia. (Asharq Al-Awsat)

Saudi Arabia is moving forward in the electronic games industry as part of its efforts to be a global hub in the sector and to attract foreign investments.

The Savvy Games Group, which is wholly owned by the Public Investment Fund (PIF), seeks to develop this promising industry, stated its CEO, Brian Ward.

In an interview with Asharq Al-Awsat, Ward said Savvy aims to become the leading international gaming company in the world and the first investor in the games and e-sports sector at the global level.

The company’s goals also include transforming the Kingdom into the next global hub for games, he underlined, noting that there were currently 16 centers around the world and Riyadh aims to become be the 17th and one of the largest hubs.

Ward revealed that Savvy’s strategy consisted of three pillars. They are: investing in game development and distribution, working with other concerned parties in Saudi Arabia, including government entities, giant projects, or commercial bodies, in order to transform the Kingdom into a major global hub for gaming, and finally, developing e-sports.

He stressed that with regard to e-sports, Savvy has acquired two companies, ESL and FACEIT, and merged them into one entity, and then added a third company called Vindex, which all have been integrated into the ESL FACEIT Group.

“We then invested 30 percent in an e-sports company based in China called (VSPO),” Ward added, explaining that Savvy currently owns 40 percent of the market share in e-sports around the world.

He explained that e-sports is primarily concerned with live events and tournaments, broadcasting live, and playing virtual sports games over the Internet.

He stressed that there is a great number of young Saudis who are very enthusiastic and knowledgeable about games, but the majority of them do not have experience in working in the field, pointing to the need for programs that build the appropriate skills to fill the jobs generated by foreign investments.

Ward highlighted Savvy’s endeavors in developing games, saying that the company has acquired Scopely, a large gaming company based in California and ranked fourth among the largest mobile gaming companies in the world.

Asked about the success factors that help the company achieve its goals, he talked about the support provided by the Saudi Public Investment Fund and the company’s Board of Directors, which have allocated $38 billion to the Savvy Games Group over a long period of time.

According to Ward, Saudi Arabia is the only country in the world that has adopted a national strategy for gaming and e-sports, which he said is expected to provide 39,000 jobs and establish 250 gaming companies.

To achieve this goal by 2030, very close coordination will take place between all the industry players and the different ministries, he underlined.

Touching on the main challenges that have faced the global gaming sector over the past two years, Ward said the macroeconomic climate has become a little more complex, meaning alternative sources of financing for some companies have been difficult, as venture capital, private equity, and public companies have generally been shrinking, not expanding.

He emphasized that the Savvy Games Group has long-term patient capital, thanks to the PIF, which enables it to be an alternative long-term strategic capital partner in an environment that has been more capital constrained.

Asked about the partnership between Savvy and Al Hilal Club, Ward said that the company was pleased to partner with the football club and congratulated it on winning the Saudi Super Cup final in the UAE.

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Business

Asharq Al-Awsat Reveals Details of Executive Regulations for Non-Saudi Property Ownership

Jeddah Corniche in western Saudi Arabia and nearby neighborhoods (SPA)
Jeddah Corniche in western Saudi Arabia and nearby neighborhoods (SPA)
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Asharq Al-Awsat Reveals Details of Executive Regulations for Non-Saudi Property Ownership

Jeddah Corniche in western Saudi Arabia and nearby neighborhoods (SPA)
Jeddah Corniche in western Saudi Arabia and nearby neighborhoods (SPA)

The executive regulations governing non-Saudi ownership of real estate are beginning to take shape, placing transparency and financial integrity at the forefront in a major development aimed at strengthening real estate market governance and enhancing its investment appeal.

Asharq Al-Awsat has learned that the next phase will introduce a package of stringent measures, most notably the establishment of a unified electronic portal for real estate transactions linked to the national real estate registry. The regulations will also require full disclosure of the direct and indirect beneficial owners of foreign entities and mandate the use of electronic payment methods for all property-related financial transactions, enhancing the reliability of procedures while improving oversight and regulatory efficiency.

These regulatory measures, included in the executive regulations approved by the Council of Ministers chaired by the Custodian of the Two Holy Mosques, will introduce a new digital and regulatory framework by making electronic payments mandatory for all real estate transactions. The move is intended to strengthen governance and prevent undocumented financial flows in one of the Kingdom's most dynamic economic sectors.

During its meeting last week, the Council of Ministers approved the executive regulations for the Non-Saudi Real Estate Ownership Law and endorsed the geographical areas where non-Saudis will be permitted to own property.

Conditions for foreign individuals and companies

According to a copy of the regulations reviewed by Asharq Al-Awsat, the new rules set out strict requirements based on the type of applicant seeking to acquire property.

Non-resident individuals: The regulations require non-resident natural persons to first obtain a digital identity, open a local bank account, and secure a Saudi mobile number registered in their name and linked to their digital identity.

Foreign companies: Companies must register with the Ministry of Investment in accordance with the procedural guide and fully disclose their direct and indirect owners during registration. The regulations also require the company's legal representative to hold an identity issued under Saudi regulations, while the company must open a bank account in Saudi Arabia under its own name. Once all requirements are met, the ministry will issue the company a dedicated registration number.

Registered foreign companies must notify the Ministry of Investment within 15 days if any of the following occurs: a transfer of ownership amounting to 5 percent or more of the company, whether through one transaction or several; the existence of internal arrangements or regulations issued in the country of incorporation that restrict the company's independence or enable another party, inside or outside the company, to exercise significant influence over its decisions or actions, regardless of whether ownership changes.

Oversight of non-profit entities

For the non-profit sector, the regulations require foreign non-profit entities to register with the National Center for Non-Profit Sector Development before acquiring property or obtaining real rights over real estate, while also disclosing their direct and indirect controlling parties.

The regulations require the entity's legal representative to hold a Saudi identity and mandate the opening of a local bank account in the entity's name to obtain its official registration number. The rules also give such entities 15 days to notify the center of any material changes affecting the entity, individuals with influence over its decision-making, or any arrangements that limit its independence.

Registered foreign non-profit entities must also notify the center within 15 days of any material changes affecting the entity or individuals who influence its decisions, as well as any internal arrangements or regulations issued in the country of incorporation that restrict the entity's independence or enable another party, whether inside or outside the organization, to exercise significant influence over its decisions or actions.

Digitizing procedures

As part of Saudi Arabia's digital transformation and efforts to regulate financial flows, the regulations establish two main channels for property ownership procedures:

1. Unified electronic portal: The Real Estate General Authority will establish a dedicated electronic portal for foreign buyers and Saudi companies with foreign shareholders. The platform will be directly linked to the real estate registry, allowing users to submit ownership applications, conduct property transactions, and issue title deeds.

2. Digital payments only: Non-Saudi investors will be required to complete all property-related financial transactions through approved electronic payment methods in accordance with the Saudi Central Bank's (SAMA) Payments and Payment Services Law, with the aim of strengthening oversight and regulatory efficiency.

Rules for unlisted Saudi companies

The regulations allow Saudi companies that are not listed on the stock market and have foreign shareholders to own property or acquire real rights outside the geographical boundaries of Makkah and Madinah, provided the property is used solely for one of two purposes: carrying out their investment activities or providing housing for their employees.

Paragraph 2 of Article 3 states that unlisted companies may own property or acquire other real rights necessary for conducting their business activities and providing employee housing, whether inside or outside the designated geographical boundaries, in accordance with the regulations.

Companies must obtain approval from the Ministry of Investment before acquiring property or other real rights. They may also acquire property or real rights within the designated geographical areas, including Makkah and Madinah, without obtaining approval from the Ministry of Investment.

Transaction fee

The regulations set a fee of 2 percent of the value of a non-Saudi's disposal of real property rights, collected by the Real Estate General Authority. The unified rate applies to all categories of use, including residential and commercial properties, in the major cities and governorates of Riyadh, Makkah, Madinah, and Jeddah.

The regulations also provide for a zero-rate exemption in several cases, including property transactions carried out as part of estate distribution, transactions executed under a final court judgment or an order issued by a competent judicial authority, and ownership transfers resulting from expropriation for public benefit in accordance with applicable laws and regulations.

Business

Gulf Stocks Little Changed as Markets Await Outcome of US-Iran Talks

A man looks at a stock screen at the Kuwait Stock Exchange (AFP)
A man looks at a stock screen at the Kuwait Stock Exchange (AFP)
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Gulf Stocks Little Changed as Markets Await Outcome of US-Iran Talks

A man looks at a stock screen at the Kuwait Stock Exchange (AFP)
A man looks at a stock screen at the Kuwait Stock Exchange (AFP)

 

Most Gulf stock markets saw limited trading early on Thursday, after the United States and Iran concluded a new round of indirect talks in Doha with no signs of progress towards a lasting peace agreement.

According to sources familiar with the matter who spoke to Reuters, the two-day talks focused on maritime traffic through the Strait of Hormuz and the release of frozen Iranian assets, two of the main issues covered by the preliminary agreement between the two sides.

Qatar's Ministry of Foreign Affairs stated that the next round of negotiations would be held after the funeral of Iranian Supreme Leader Ali Khamenei, scheduled for July 9.

In Saudi Arabia, the main TASI index fell by 0.1 percent in early trading, amidst mixed performance of leading stocks.

Speaking in Washington, US President Donald Trump said talks on possible restrictions on Iran's nuclear program were making progress, adding that the latest meetings had been positive and that negotiations were continuing.

In the United Arab Emirates, Dubai's main stock index was little changed in choppy trading, while Abu Dhabi's benchmark index rose 0.2%.

Qatar's benchmark index fell 0.3%, weighed down by a 0.9% decline in shares of Qatar National Bank.

 

Business

US Reportedly Resumes Dollar Transfers to Iraq

FILED - 14 January 2020, Iraq, Baghdad: FILE PHOTO - US Dollars banknotes are pictured at a currency exchange service provider. Photo: Ameer Al Mohammedaw/dpa
FILED - 14 January 2020, Iraq, Baghdad: FILE PHOTO - US Dollars banknotes are pictured at a currency exchange service provider. Photo: Ameer Al Mohammedaw/dpa
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US Reportedly Resumes Dollar Transfers to Iraq

FILED - 14 January 2020, Iraq, Baghdad: FILE PHOTO - US Dollars banknotes are pictured at a currency exchange service provider. Photo: Ameer Al Mohammedaw/dpa
FILED - 14 January 2020, Iraq, Baghdad: FILE PHOTO - US Dollars banknotes are pictured at a currency exchange service provider. Photo: Ameer Al Mohammedaw/dpa

The United States has resumed some air shipments of US dollars to Iraq, several months after suspending them, the New York Times reported on Thursday, citing two aides to Iraq's prime minister.

"The dollar shipments to Iraq have resumed," Haider al-Aboudi, a spokesman for Iraq’s prime minister, told the newspaper.

Mudhar Muhammad ⁠Salih, a financial ⁠adviser to the prime minister, also confirmed resumption of the transfer, the report said.

In April, Washington halted a shipment of about $500 million in cash bound for Iraq and suspended ⁠parts of its security cooperation with Baghdad, in a move aimed at pressuring the Iraqi government over the actions of Iran-backed militias.

The suspension in cooperation and funding for Iraq's security services remains in place, the NYT report said.

The White House, US State Department and the Treasury did not immediately respond to ⁠requests ⁠for comment outside business hours. Reuters could not immediately verify the report.

The measures were taken as the fallout from the Iran war escalated, with the US blaming Iranian-backed militias for attacks in Iraq, including repeated strikes on the US embassy in Baghdad and the US consulate in the Kurdistan region.