Business of Sport Saudi clubs’ $1bn outlay beats 4 of the ‘big 5’ leagues in Europe Saudi Pro League clubs splashed out almost $1 billion in the transfer window in a bid to boost the domestic competition by attracting some of the world’s leading players, according to analysis from Deloitte published on Friday. The outlay of $957 million in the Saudi window, which closed on September 7, exceeded the spending of […] September 10, 2023
Video length: 5:59 VIDEO Media & Advertising UAE streamer Starzplay is ‘not chasing Netflix’ Video-on-demand service Starzplay is capitalising on its sports and Arabic content offering to attract subscribers and increase revenues. The UAE-based platform was acquired by e& subsidiary E-vision and Abu Dhabi holding company ADQ last year. It has 2.9 million subscribers across 19 countries in the Mena region and Pakistan. Competitors such as Netflix and Dubai-based […] August 23, 2023
Analysis Retail Bahrain shopping malls must adapt or risk losing tenants Shopping mall owners in Bahrain have been warned to adapt or risk their tenants leaving, as average rental rates in the kingdom dropped by 11 percent over the last year and the popularity of online shopping continues to grow. Retail rents have declined by 7 percent to BHD10 ($26.5) per square metre, as the sector […] August 7, 2023
Analysis Trade China dominates Saudi trade in Q1 as ties strengthen China’s trade with Saudi Arabia topped SAR91 billion ($24.3 billion) in the first quarter of 2023, making up 19 percent of the kingdom’s total commerce. Data from Riyadh’s General Authority for Statistics (Gastat) said China was the top trading partner for both imports and exports. Exports to China, which are dominated by crude oil, amounted […] June 6, 2023
Business of Sport Newcastle Utd’s shirt kicks off sponsorship rules debate Saudi Arabia’s sovereign wealth fund is believed to be in talks to award Newcastle United Football Club’s latest shirt sponsorship deal to a little known sports entity it owns. While the move means the country has decided to leave its major powerhouse brands on the bench, experts believe the deal may still fall foul of […] May 25, 2023
Tech Amsterdam game maker to open regional HQ in UAE Dutch mobile, PC and console games developer MY.GAMES will establish its regional headquarters in Abu Dhabi in partnership with UAE-based AD Gaming. The Amsterdam-headquartered company will hire and develop local game developers, Abu Dhabi Media Office said in a statement. The company’s Abu Dhabi-based team will work on more than 70 games across AD Gaming’s […] May 22, 2023
Analysis Banking & Finance Saudi fund buys into US gaming and e-payments firms Saudi Arabia’s sovereign wealth fund has bought shares in gaming, electronic payment and alternative energy companies, increasing the value of its US holdings by 14 percent in the first three months of this year. The total value of holdings held by the Public Investment Fund (PIF) in US listed companies was $35.52 billion as of […] May 18, 2023
Tech Amazon in deal for ‘Lord of the Rings’ video game Amazon.com and Swedish game developer Embracer Group have agreed to develop and publish a massively multiplayer online (MMO) game based on fantasy series The Lord of The Rings, the companies said. The game, which is in the early stages of development, will be set in Middle-earth, featuring stories of The Hobbit and The Lord of […] May 16, 2023
Retail Electronics retailer eXtra pulls plug on Egypt plans United Electronics, the Saudi company behind tech retailer eXtra, has abandoned its plan to expand into Egypt as analysts predict that soaring inflation in the North African country will dampen consumer spending. The company said in a filing to the Saudi Stock Exchange on Monday that the decision followed a feasibility review, but did not […] May 1, 2023
Banking & Finance Netflix to invest $2.5bn in Korea to make TV shows Netflix Inc said on Tuesday it plans to invest $2.5 billion in South Korea over the next four years to produce Korean TV series, movies and unscripted shows, doubling the amount the company has invested in the market since 2016. The US streaming service made the announcement after a meeting between South Korean President Yoon […] April 25, 2023
Banking & Finance Angry Birds maker in talks with Sega over tender offer Rovio Entertainment, the company behind the mobile game Angry Birds, confirmed on Saturday that it is in talks with Japan’s Sega Sammy Holdings Inc over a possible tender offer. Rovio announced the start of a strategic review and preliminary non-binding discussions regarding a potential tender offer for its shares in February, a statement from the […] April 16, 2023
Business of Sport Michael Jordan’s ‘Last Dance’ sneakers sell for record $2.2m A pair of signed, game-worn Michael Jordan sneakers from the 1998 NBA Finals have fetched a record $2.2 million, making them the most valuable sneakers ever sold, auction house Sotheby’s said. The Air Jordan 13 “Breds” – short for “black and red” – were worn by Jordan in the second game of the finals during […] April 13, 2023
Opinion Employment Smash the glass ceiling for women in gaming and esports We need more women in this burgeoning multi-million dollar industry March 24, 2023
Retail GMG opens Egypt HQ with plans for 1,000 new jobs GMG, which manages more than 120 retail brands across the Middle East, North Africa and Asia, has announced plans to increase its Egyptian workforce 10-fold over the next four years. The retailer, headquartered in Dubai, said it has opened a dedicated office in Cairo to support plans to create more than 1,000 new jobs in […] March 13, 2023
Banking & Finance Saudi PIF raises stake in Japanese film company Toei to 6% Saudi Arabia’s Public Investment Fund (PIF) has increased its stake in Toei Company Limited to six percent, a filing showed on Friday, reflecting the sovereign wealth fund’s growing exposure to the Japanese media industry. PIF’s stake in the Tokyo-based film and animation firm has risen from five percent to 6.03 percent, Reuters reported, citing the […] March 3, 2023
Banking & Finance Saudi sovereign fund raises Nintendo stake to 8.26% Saudi Arabia’s Public Investment Fund (PIF) raised its stake in Nintendo Co to 8.26 percent from 7.08 percent, a regulatory filing showed, the second stake increase disclosure in a week following one on Wednesday. The sovereign fund first acquired a five percent stake in the company in May 2022 and increased it to 6.07 percent […] February 19, 2023
Banking & Finance PIF-owned unit buys $265m stake in Chinese gaming company Chinese esports outfit VSPO, backed by Tencent Holdings Ltd, said Saudi Arabia’s sovereign wealth fund has bought a stake worth $265 million in the company, as the kingdom continues its push in the gaming market. Saudi’s Public Investment Fund (PIF) will take a stake in VSPO through gaming unit Savvy Games Group and become the […] February 17, 2023
Opinion Esports should be in your investment portfolio The global mobile gaming market is expected to grow to $209.12bn in 2026 February 16, 2023
Retail Where the mall meets the metaverse “We’re working on a number of initiatives that start to blur the boundaries between Web3, the metaverse, and how that is implemented in a physical space.” This is not how retail bosses used to talk a few years ago – but the digital habits that shoppers developed during the pandemic are here to stay, so […] January 31, 2023
Analysis Mena tech firms can plug skills gap by scooping up global talent Technology companies in the Middle East are in prime position to attract top talent from around the world as some of Silicon Valley’s biggest names make massive job cuts, according to recruitment consultants. Google’s parent company Alphabet, Microsoft and Amazon have all unveiled large-scale redundancy programmes since the start of January. About 40,000 jobs will […] January 24, 2023
Banking & Finance Israel’s Playtika offers $738m for Angry Birds maker Playtika Holding Corp on Thursday sweetened its offer for Finnish game maker Rovio, best known for its “Angry Birds” franchise, to €683 million ($737.50 million), as a consolidation in the industry gathers pace. The offer values each share of Rovio at €9.05, about 60 percent higher than the company’s closing price on January 19. It […] January 20, 2023
Banking & Finance Abu Dhabi-backed $1bn venture to invest in blockchain firms Blockchain firm Venom Foundation and Abu Dhabi-based investment manager Iceberg Capital Ltd have launched a $1 billion crypto venture fund and said it was leading a $20 million funding round in virtual world platform Nümi Metaverse. The fund, called Venom Ventures Fund (VVF), aims to invest in early-stage startups focused on payments, asset management, banking […] January 12, 2023
