fbpx
Read Watch
Markets

Saudi Arabia to invest US$38 to boost gaming industry

by WAYA Staff - Apr 4, 2023
Saudi Arabia to invest US$38 to boost gaming industry

Saudi Arabia’s Public Investment Fund will make investments at US$38 billion to develop and publish top-tier games, and support gaming industry.

The step came amid the country’s policy to diversify its economy away from oil.

According to Bloomberg, the fund’s subsidiary, Savvy Gaming Group, focused initially on the eSports industry, which has been struggling.

Savvy Gaming Group is now looking forward to develop, publish and acquire top-tier games and become a player in the $184 billion global gaming market. 

If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.

Recommended stories

Egypt’s FRA approves GIG’s acquisition of AIG

by WAYA Staff - Apr 3, 2023
Egypt’s FRA approves GIG’s acquisition of AIG

Egypt’s Financial Regulatory Authority (FRA) approved GIG Egypt, a Kuwaiti Gulf Insurance Group’s (GIG) subsidiary, acquisition of AIG Egypt for $6.41 million, according to a statement released by the FRA. GIG Egypt intends to acquire 100% a total of 1.2 million shares. AIG Egypt...

Read More

Saudi Arabia auto rental firm Lumi hires two banks for planned IPO

by WAYA Staff - Apr 3, 2023
Saudi Arabia auto rental firm Lumi hires two banks for planned IPO

Saudi Arabian auto rental firm Lumi has hired Saudi Fransi Capital and EFG Hermes to arrange the sale of 30% of its shares in a planned initial public offering (IPO),according to Reuters. The owner of Lumi, Seera won approval for the sale from Saudi Arabia’s Capital Market...

Read More

Opec+ announces cuts in oil production; price surges $86 a barrel

by WAYA Staff - Apr 3, 2023
Opec+ announces cuts in oil production; price surges $86 a barrel

Saudi Arabia and other OPEC+ oil producers announced a surprised oil output cuts of around 1.16 million barrels per day, a move that surged oil price to US$86 a barrel. The kingdom is taking a precautionary measure to supporting the stability of the oil market, according to news...

Read More

Egypt joins BRICS as new member

by WAYA Staff - Apr 2, 2023
Egypt joins BRICS as new member 

Egypt approved on an agreement of establishing the New Development Bank (NDB) of the BRICS bloc and as being a new member. The decree was passed by the house of representatives in January. The BRICS bloc members are Brazil, Russia, India, China, and...

Read More

IsDB approves US$345 e-train project in Egypt

by WAYA Staff - Apr 2, 2023
IsDB approves US$345 e-train project in Egypt

Islamic Development Bank (IsDB) has approved US$345 million to finance the first phase of of the electric express train project in Egypt. The approval came during the IsDB’s board meeting held on April 1 in the city of Jeddah. The project was being implemented to provide access to safe, affordable, accessible and sustainable transport...

Read More

CBE raises interest rates by 2% amid high inflation

by WAYA Staff - Apr 2, 2023
CBE raises interest rates by 2% amid high inflation

The Central Bank of Egypt (CBE) raised its overnight interest rates by 200 basis points (bps) amid the country’s high inflation rates. The CBE set the lending rate at 19.25%, while the deposit rate at 18.25%. The last meeting for the bank was on February...

Read More

Egypt, EU sign US$40m grant deal to boost food security

by WAYA Staff - Apr 2, 2023
<strong>Egypt, EU </strong><strong>sign</strong><strong> </strong><strong>US$</strong><strong>40m</strong><strong> </strong><strong>grant deal to boost food security</strong>

Egypt and the European Union have signed a grant agreement of $40-million to support food security efforts in Egypt. Under the the Italian Agency for Development Cooperation (AICS)-implemented deal, the AICS will co-work with the ministry of agriculture  to support the production of wheat and grains with...

Read More

Careem in early negotiations with UAE’s e& for Super App funding

by WAYA Staff - Mar 30, 2023
Careem in early negotiations with UAE’s e& for Super App funding

Careem, an Uber Technolgies subsidiary, is in early talks with Emirates Telecommunications Group company, to invest in its new beyond ride-hailing services. The company is currently expanding to other services beyond ride-hailing including food delivery, bike rentals, digital payments and courier services, Reuters reported. Careem...

Read More

SRMG announced SRMG Ventures launch to invest in media industry

by WAYA Staff - Mar 30, 2023
SRMG announced SRMG Ventures launch to invest in media industry

Saudi-based media group SRMG has launched a new venture capital, SRMG Ventures, that will fund entrepeneurs and companies working in the media industry, according to news reports. SRMG Ventures will initially target investments from the Seed to the Series B stage....

Read More