Why is Saudi Arabia investing in gaming?

The investment comes as part of efforts by the kingdom's Public Investment Fund

Public Investment Fund

The Public Investment Fund (PIF; Arabic: صندوق الإستثمارات العامة) is the sovereign wealth fund of Saudi Arabia. It is among the largest sovereign wealth funds in the world with total estimated assets of $620 billion (£514 billion).

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Public Investment Fund - Wikipedia

to diversify Saudi Arabia's economy away from oil, including billions already spent on video game firms. The fund has been a major component in the plans of Saudi Crown Prince Mohammed bin Salman, himself said to be an avid gamer.

Why is Saudi Arabia investing in games?

The Saudi government claims its investment in gaming is part of its Vision 2030 plan, a comprehensive effort to boost and diversify the economy.

What are Saudis investing in?

Tonomus, a subsidiary of the $500 billion signature NEOM project of the crown prince, said last year it invested $1 billion in 2022 in AI, including a metaverse platform. Increased demand for cloud computing has pushed technology companies such as Oracle, Microsoft, Amazon (AMZN. O) and Alphabet's Google (GOOGL.

Why did Saudi Arabia buy 5% of Nintendo?

Saudi Arabia's Public Investment Fund took a 5.01% stake in Nintendo Co., its third investment in a Japanese games company as the industry consolidates. The PIF, as the $500 billion fund is known, said the Nintendo purchase was made for investment purposes, according to a filing to Japan's Finance Ministry.

What is gaming strategy Saudi Arabia?

The strategy aims to place Saudi Arabia as the global hub for the gaming and esports sector. By 2030, it's projected that the program will bring 39 thousand jobs to the country. Additionally, the gaming sector is expected to contribute $13.3 billion to the kingdom's GDP in eight years.

Saudi Arabia Investing $37 BILLION In Gaming

Which country is No 1 in gaming?

China and the United States have been battling it out for the top spot of the biggest global gaming market for years. Shenzhen-headquartered Tencent, one of the biggest online companies worldwide, is also driving the gaming market in China.

Is gaming popular in Saudi Arabia?

Overall, 89% of the Saudi Arabian population are gamers, according to Mohammed Saud Al-Tamimi, governor of Saudi Arabia's Communications and Information Technology Commission. The trends in gaming in Saudi Arabia have not escaped the attention of startup companies and investors.

Why is Pokemon go not in Saudi?

The old fatwa (No. 21,758), issued 16 years ago in 2001, considered the game a form of gambling, which is forbidden in Islam. Sheikh Saleh Al-Fozan, a member of the Council of Senior Scholars, said that the current version of the game is the same as the old one.

What gaming companies does Saudi Arabia own?

The Saudi fund owns a gaming company, Savvy Games Group, that plans to invest $37.8 billion with hopes of making the kingdom a global gaming hub, according to a September 2022 announcement from the Saudi state news agency SPA.

How much of Nintendo does Saudi Arabia own?

DUBAI, United Arab Emirates (AP) — A Saudi sovereign wealth fund now holds 8.26% of the stock in the video game maker Nintendo, making it the largest outside investor in the Japanese gaming outfit, a company filing said Friday.

What US companies do Saudi Arabia own?

Saudi Arabia's Public Investment Fund (PIF), which is chaired by Crown Prince Mohammed bin Salman, has bought $7bn of shares in US companies including Starbucks, Zoom and Microsoft.

What industry is booming in Saudi?

Environmental and digital security are fastest growing jobs in Saudi Arabia, according to LinkedIn.

What is Saudi Arabia's biggest industry?

Petroleum is an integral part of the Saudi economy; Saudi Arabia is the world's largest producer and exporter of oil. In recent decades the Kingdom has increasingly diversified its economy, and today produces and exports a variety of industrial goods all over the globe.

How does Saudi Arabia get so much money?

The kingdom has the second-largest proven petroleum reserves, and the fourth-largest measured natural gas reserves. Saudi Arabia is currently the largest exporter of petroleum in the world, which sees it occasionally referred to as a Petro State in Western media.

Are video games legal in Saudi Arabia?

Saudi Arabia. Most banned games can be found in many stores due to a lack of government enforcement of bans (often at a substantial price).

Which country has the largest gaming market?

Is Saudi Arabia buying Nintendo?

The financial scheme, founded by the country's highly-controversial ruling Prince Mohammed bin Salman, now owns 7.08 percent of Nintendo, up from 6.07 percent in January, Trading View revealed today (thanks, VGC). The PIF was previously known to have acquired a 5.01 percent stake in the company as of May 2021.

Why is Pokémon GO Haram?

It warns the game includes triangular symbols related to Freemasonry and other symbols that promote the Islamic sin of Shirk, or worshipping any God other than Allah.

Why is there no Pokémon in Russia?

Niantic's decision is a part of the game industry's retreat from the Russian market. Joining others in the industry in condemning Russia's attack on Ukraine, Niantic Labs has shut down Pokemon Go in Russia and Belarus. Niantic is the latest to join others in the gaming industry to retreat from the Russian market.

What country banned Pokémon cards?

In 2001, the Grand Mufti of Saudi Arabia, who is the highest religious authority in the kingdom, issued a fatwā banning the Pokémon franchise.

How big is gaming in Saudi Arabia?

Saudi Arabia's Gaming Market, by the numbers

There's a reason why Saudi Arabia is known to be the 19th biggest gaming market in the entire world, which is no easy feat for a country with only 34.81 million people that tauts over 21.1 million gamers. In Saudi Arabia, 89% of the Saudi population is gamers.

Why is gaming so big in Asia?

In the video gaming market, Asia accounts for 30% of the value worldwide. Demand is solid because the region has a strong gaming culture. Interest in playing games is from all age ranges not just millennials. As disposable income rise, we expect to see consumers allocate a higher amount of income on entertainment.

How many gamers are there in Saudi?

“In Saudi Arabia, 89 per cent of the Saudi population is gamers. It is the highest per capita globally,” said Al-Tamimi.