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  • How PIF is supercharging the new golden age of gaming

    Valued at more than $200 billion globally – larger than the film and music industries combined – the gaming industry has evolved far beyond the realm of entertainment. Games are now home to virtual economies and used as educational tools, and they are influencing the business world by offering new ways to reach their customers. As gaming expands, countries have been racing to stake their claim on a sector that PWC says will see revenues top $300 billion by 2028. PIF’s Savvy Games Group already owns the largest esports company in the world, ESL FACEIT Group (EFG), a merger between two esports organizers Savvy bought. The company’s acquisition of U.S. games publisher Scopely means Savvy now ranks among the world’s top 20 game developers.

  • Saudi Arabia increases defense spending to $78B in 2025

    The Kingdom of Saudi Arabia has allocated $78 billion for defense spending in 2025, up from $75.8 billion spent in 2024, Governor of the General Authority for Military Industries (GAMI) Ahmad Al-Ohali said in a statement Saturday. “The Kingdom allocated approximately $78 billion to the military sector in the 2025 budget, which constitutes 21% of total government spending and 7.1% of Saudi Arabia’s gross product,” he said, according to the statement. The statement further noted that the Kingdom has witnessed a 4.5 percent annual defense growth since 1960, adding that it has become the fifth largest defense spender worldwide and the largest in the Arab world.

  • Saudi Arabia Defers $1.2B Oil Payment By Pakistan

    Pakistan has signed an agreement with the Saudi Fund for Development to defer a $1.2 billion payment on the country's oil imports by one year, the office of Pakistan's prime minister said on Monday. "This project will strengthen Pakistan's economic resilience by securing a stable supply of petroleum products while reducing immediate fiscal burdens," Prime Minister Shehbaz Sharif’s office said when welcoming the signing of the oil import financing facility. Pakistan has been experiencing an economic crisis since 2022, characterized by high inflation, high debt, job cuts, and a struggling fiscal position. At some point the country was facing a severe shortage of foreign exchange reserves and risked defaulting on its debt obligations.

  • Saudi Arabia champions youth as it drives talent development to fuel Vision 2030

    Figures from the General Authority for Statistics released in 2023 show that 63 percent of the Kingdom’s population is under 30 years old, and the government and private sector are working hand-in-hand to shape the coming era. “Digital literacy is essential, as technological advancements require the younger generation to not only be proficient in the latest advancements but also drive innovation in areas like AI and data analytics,” Riyadh Al-Najjar, PwC Middle East chairman and Saudi Arabia country senior partner, told Arab News.  He added: “An entrepreneurial mindset is equally important, as the success of Vision 2030 relies on growing the private sector. Young people need to be able to spot opportunities, think critically, and solve problems that add value to the economy.”

  • Saudi-PIF backed Umm Al Qura moves ahead with IPO to support $26bn Masar project in Makkah

    The IPO proceeds are to be deployed for funding the infrastructure, land settlements, and development of the MASAR Destination, a major Makkah redevelopment project valued at $26.66 billion (SAR 100 billion). The company said it plans to offer 130.8 million new shares, or 9.09 per cent of its post-increase capital, Reuters reported. Spanning 1.2 million square meters, MASAR aims to enhance Makkah’s infrastructure with hotels, residential units, retail spaces, and cultural centres, according to its website. The Saudi Exchange granted conditional approval on December 8, 2024, while the Capital Market Authority (CMA) approved the company’s IPO on December 24, 2024, allowing it to raise funds for land settlements, infrastructure, and project expansion.

  • Oil prices: The US is in a ‘delicate dance’ with Saudi Arabia

    "Ultimately, we're going to see the seasonal dance: Gas prices are going to go up this spring regardless of tariffs or not, they're going to go back down in the fall," De Haan tells Julie Hyman and Josh Lipton. "And I think seasonally looking at where we are for the year, for gas prices, we anticipate a yearly national average of about $3.22 a gallon, which would be a modest or even slight improvement of about $0.11 compared to 2024."

  • Saudi crown prince receives Germany’s president in Riyadh

    Saudi Arabia’s Crown Prince Mohammed bin Salman received Germany’s President Frank-Walter Steinmeier at Al-Yamamah Palace in Riyadh on Monday.  The two leaders held an official session of talks after the crown prince hosted a reception ceremony in honor of the president.  Prince Mohammed and Steinmeier discussed relations between their countries and ways to support and enhance them, Saudi Press Agency reported. Regional and international developments and efforts made with regard to them were also discussed.  Steinmeier arrived in the Kingdom on Sunday evening.

  • Saudi Arabia cracks down on employers over health insurance violations

    The Saudi Arabia Council of Health Insurance (CHI) has announced penalties against several employers for failing to meet mandatory health insurance obligations for their employees and their eligible family members. These actions follow previous warnings urging compliance with Saudi Arabia’s Health Insurance Law. Under Article 14 of the law, employers who fail to provide health coverage or neglect to pay insurance premiums must settle any outstanding amounts and may face additional fines. The penalties can reach up to the equivalent of an annual premium per insured individual. In certain cases, noncompliant employers may also be restricted from hiring new workers on a temporary or permanent basis.

  • Saudi Arabia’s non-oil economy records best performance since 2014 in January, says PMI

    Saudi Arabia’s non-oil economy started 2025 on a high as business conditions improved substantially. This improvement was largely due to the fastest increase in total new orders since June 2011, which encouraged rapid expansions in activity and stocks. The headline seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI) rose to 60.5 in January, from 58.4 in December. Not only did the index signal a considerable expansion in operating conditions at the start of 2025, but it was also at its highest since September 2014. “This strong performance underscores the resilience of the non-oil private sector, fueled by surging new orders and a significant rise in business output,” stated Naif Al-Ghaith PhD, chief economist at Riyad Bank.

  • GCC should target tariff-free food deals with Trump

    Since China is the US’s third-biggest export destination for food and agricultural products after Canada and Mexico, Beijing may retaliate by imposing tariffs on US imports. This would hit the US farming industry hard, as it needs export markets for soy, corn, wheat and cotton. It would also come at a time when China has already significantly decreased food imports from the US. In parallel, many observers think that the second Trump administration is likely to strengthen the US dollar. A strong dollar will make US grains more expensive, resulting in a supply shock in the Midwest, a Republican stronghold.