Saudi Arabia has announced a $ 38 billion investment plan to become an esports hub by 2030, with the Savvy Games Group, a subsidiary of the Saudi sovereign fund, committing to spending $ 13.4 billion on the purchase, development, and dissemination of electronic games, as well as $ 18.7 billion to acquire stakes in gaming companies, $ 5.4 billion on supporting leading gaming companies, and half a billion dollars to fund startups specialising in games and esports.
The Public Investment Fund of Saudi Arabia has acquired stakes in Activision Blizzard Inc. and Electronic Arts Inc. and increased its stake in Nintendo Co to 8.3%, making it its largest external shareholder. Niko Partners analysts say the Middle East and North Africa gaming industry will grow by 56% to $2.79 billion by 2026.
Scalo Technologies has declared the establishment of its headquarters in Dubai as part of a strategic move to spend US$100 million on promising startups over the next three to five years.
Scalo Technologies seeks to help audiences gain access to innovative technologies at a reasonable price by providing best-in-class software and high-performance cloud computing services.
Scalo Technologies anticipates spending roughly half of its investment on technology and AI enterprises in the MENA region, including game development and deployment firms, fintech applications, and B2B businesses.
Shaker Group, a Saudi Arabian company that imports, manufactures, and distributes air conditioners and home appliances, announced the completion of its investment in a 10% stake in Cashew Arabia, a subsidiary of Cashew Holding.
Shaker Group aims to establish itself as a leader in digital retail, drive innovation in the e-commerce market, and reach 70% of cashless transactions in line with the Kingdom’s Vision 2030, which enhances the presence of the Group’s e-commerce platform as consumer demand for digital finance solutions increases, where the E-commerce continues to achieve sustainable growth in the Kingdom, with an estimated forecast of US$ 11.52 billion in 2023.
These funding updates were sourced from a press release and Asharq Business.
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Last Updated on April 17, 2023 by Safiya K
