Savvy Commits Major Investments to Boost Gaming Industry in Saudi Arabia  

Prince Faisal bin Bandar bin Sultan, President of the Saudi Esports Federation. (SPA) 
Prince Faisal bin Bandar bin Sultan, President of the Saudi Esports Federation. (SPA) 
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Savvy Commits Major Investments to Boost Gaming Industry in Saudi Arabia  

Prince Faisal bin Bandar bin Sultan, President of the Saudi Esports Federation. (SPA) 
Prince Faisal bin Bandar bin Sultan, President of the Saudi Esports Federation. (SPA) 

Saudi Arabia is placing the gaming and esports sector at the heart of its economic transformation, allocating billions of dollars to build the Kingdom into a global hub for creativity and investment in digital entertainment. Backed by a national strategy, the Kingdom aims to position itself as a leader in game development, publishing, and competitive esports.

A clear demonstration of this ambition came with the Esports World Cup, hosted in Riyadh, which drew more than 2,000 players from 200 clubs from over 100 countries. The seven-week tournament concluded on Sunday night with Prince Mohammed bin Salman, Crown Prince and Prime Minister, awarding Saudi Arabia’s Team Falcons as champions of the 2025 edition.

Spanning 25 competitions across 24 different games, the event featured record-breaking prize pools of more than $70 million, redefining the scale of global esports contests and underscoring the Kingdom’s ability to combine innovation and creativity in a rapidly expanding industry.

Speaking at the New Global Sport Conference, Prince Faisal bin Bandar bin Sultan, President of the Saudi Esports Federation, emphasized that “games will always remain at the core of this industry - whether in development, esports, or content creation.”

He noted that gaming revenues in the Middle East and North Africa reached $6 billion in 2024, with Saudi Arabia accounting for more than a third of that figure. The region, he added, encompasses 22 countries and over 250 million gamers.

Prince Mohammed bin Salman, Crown Prince and Prime Minister, awards Saudi Arabia’s Team Falcons as champions of the 2025 edition of the Esports World Cup. (SPA)

The role of Savvy

At a press conference in Riyadh, Brian Ward, CEO of Savvy Games Group, outlined the company’s pivotal role in attracting international partners.

Global outreach tours led by Prince Faisal, he explained, are part of the national gaming and esports strategy that has no parallel elsewhere in the world.

Savvy has already invested around SAR 50 billion ($13 billion) in game development and publishing, securing high-profile deals with Scopely and Niantic, while also establishing local studios in Riyadh.

Walter Driver, CEO of Scopely, which was acquired by Saudi Arabia’s Public Investment Fund in July 2023 for $4.9 billion, shared details of the company’s recent performance. In 2024 alone, Scopely recorded over 5 billion hours of gameplay, with half of its active players logging in daily.

He revealed that its titles have been downloaded more than one billion times worldwide, generating cumulative revenues of over $10 billion in 2024.

Since 2019, the company has maintained a compound annual growth rate of 53 percent, far outpacing the global industry average. Flagship titles such as Monopoly Go, Pokémon Go, and Star Trek Fleet Command have each surpassed $5 billion in revenues individually.

Saudi Arabia’s rise in the global gaming and esports arena is part of its broader Vision 2030 to diversify the economy and foster creative industries. By 2030, the sector is expected to contribute more than 50 billion riyals to GDP and create nearly 39,000 new jobs.

The Kingdom also plans to establish 250 new local gaming companies, cementing its role as a key player in an industry now valued at more than $200 billion globally.



Most Gulf Markets Gain on Iran Deal

 Traders wait at the Bahrain Bourse in Manama_ Bahrain_ November 8_ 2020. REUTERS
Traders wait at the Bahrain Bourse in Manama_ Bahrain_ November 8_ 2020. REUTERS
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Most Gulf Markets Gain on Iran Deal

 Traders wait at the Bahrain Bourse in Manama_ Bahrain_ November 8_ 2020. REUTERS
Traders wait at the Bahrain Bourse in Manama_ Bahrain_ November 8_ 2020. REUTERS

Most ‌Gulf equities rose in early trade on Monday after the US and Iran announced a preliminary deal to end the war and restore traffic through the Strait of Hormuz.

Pakistan's prime minister said the two countries ‌are expected to ‌sign a memorandum ‌of ⁠understanding in Switzerland ⁠on Friday, following mediation by Islamabad.

Trump said on Sunday the waterway would reopen "toll free" and that the US blockade of Iranian ⁠ports would be lifted, while ‌Iran's ‌Mehr news agency reported the ‌draft deal envisages reopening it ‌within 30 days under Iranian arrangements.

Saudi Arabia's benchmark index gained 0.5%, with the country's biggest ‌lender by assets, Saudi National Bank.

However, oil giant ⁠Saudi ⁠Aramco slipped 1.1%.

Brent crude futures fell $3.65, or 4.2%, to $83.68 a barrel by 0630 GMT.

Qatar's benchmark index advanced 1%, with Qatar National Bank, the region's largest lender, jumped 1.9%.

UAE bourses were closed for a public holiday.


Musk Says SpaceX Could Bring $1 Trillion in Revenue by 2030

Founder, CEO, Chairman, and Chief Engineer of SpaceX, Elon Musk, speaks via videolink on the day of SpaceX's initial public offering (IPO) at the Nasdaq MarketSite in New York City, US, June 12, 2026. REUTERS/Brendan McDermid
Founder, CEO, Chairman, and Chief Engineer of SpaceX, Elon Musk, speaks via videolink on the day of SpaceX's initial public offering (IPO) at the Nasdaq MarketSite in New York City, US, June 12, 2026. REUTERS/Brendan McDermid
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Musk Says SpaceX Could Bring $1 Trillion in Revenue by 2030

Founder, CEO, Chairman, and Chief Engineer of SpaceX, Elon Musk, speaks via videolink on the day of SpaceX's initial public offering (IPO) at the Nasdaq MarketSite in New York City, US, June 12, 2026. REUTERS/Brendan McDermid
Founder, CEO, Chairman, and Chief Engineer of SpaceX, Elon Musk, speaks via videolink on the day of SpaceX's initial public offering (IPO) at the Nasdaq MarketSite in New York City, US, June 12, 2026. REUTERS/Brendan McDermid

Elon ‌Musk said on Sunday that his rocket company, SpaceX, could bring in $1 trillion in revenue by 2030, making the statement two days after the company went public, valuing it at over $2 trillion.

"And I would be surprised if revenue ‌is not greater ‌than $1T in 2031," he ‌wrote ⁠on his social ⁠media platform X, replying to journalist and financial commentator Jon Erlichman.

SpaceX on Friday became the sixth-largest US firm, cementing Musk's status as the ⁠world's first trillionaire.

However, the ‌company ‌still makes far less money than similarly ‌valued tech giants like ‌Broadcom and Amazon.com.

In 2025, SpaceX's revenue jumped to $18.67 billion from $14.02 billion a year earlier, but the ‌company swung to a net loss of $4.94 billion from ⁠a ⁠profit of $791 million.

Some Wall Street analysts are cautious about the company's growth.

Goldman had estimated that SpaceX's revenue would exceed $470 billion in 2030, while Morgan Stanley projected it would reach nearly $330 billion, according to a Wall Street Journal report from earlier this month.


Fitch Affirms China's Credit Rating at 'A'

 A woman walks past murals at a shopping center in Beijing on June 13, 2026. (AFP)
A woman walks past murals at a shopping center in Beijing on June 13, 2026. (AFP)
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Fitch Affirms China's Credit Rating at 'A'

 A woman walks past murals at a shopping center in Beijing on June 13, 2026. (AFP)
A woman walks past murals at a shopping center in Beijing on June 13, 2026. (AFP)

Global ratings agency Fitch on Monday affirmed China's long-term sovereign rating at "A" with a stable outlook, citing its large and diversified ‌economy, which supports ‌prospects for solid ‌GDP ⁠growth and the ⁠country's important role in global trade.

China, which faced high US tariff uncertainty last year, should see some relaxation after US President ⁠Donald Trump's visit, Fitch said, ‌even ‌as it warned of weak ‌household confidence weighing on goods ‌consumption.

Data from last month showed China's official manufacturing purchasing managers' index dropping to 50 from ‌50.3 in April, its lowest reading in three months ⁠as ⁠demand weakened. A level below 50 typically signals contraction.

"The energy price shock may pose a challenge, but large crude oil inventories, substantial refining capacity and diversified energy sources should cushion risks," the ratings agency said.