������Ƶ

JEDDAH: ������Ƶ captured 20 percent of the Middle East and North Africa’s gaming revenues in 2024, generating $1.2 billion, as the Kingdom leverages its Vision 2030 strategy to transform the industry into a major economic sector.

With over 2.85 billion players across the world and an audience exceeding 640 million as of last year, the games and esports industry has emerged as the fastest-growing sector in entertainment, according to Savvy Games’ 2024 report, which added that the sector is projected to see growth from 2023 to 2028 that will surpass that of film, live sports, and music and radio.

Three years ago, ������Ƶ launched a national strategy for gaming and esports, making the sector one of 13 strategic priority industries under Vision 2030. The initiative aims to create 39,000 new jobs and contribute $13.3 billion to gross domestic product by the end of the decade.

Under the chairmanship of Crown Prince Mohammed bin Salman, Savvy Games forms a key pillar of ������Ƶ’s strategy to position itself as the leading global hub for gaming and esports by 2030.

“In 2024, the sector was projected to generate over $187 billion, representing over 2.1 percent year-on-year growth, illustrating its scale and adaptability. The sector’s universal appeal and rapid evolution have positioned it as the leading driver of innovation and audience engagement across the entertainment landscape,” the report added.

According to Mordor Intelligence, the global gaming market is projected to reach $269.06 billion in 2025 and $435.44 billion by 2030, reflecting a compound annual growth rate of 10.37 percent.

Mordor noted that rapid mobile adoption, the spread of 5G, and cloud streaming are drawing new participants into every part of the value chain, accelerating revenue diversification and platform convergence.

Data in the Savvy report showed that ������Ƶ’s gaming market generated approximately $1.19 billion in revenue in 2024, with projections to reach $1.64 billion by 2028, representing a CAGR of 8.2 percent.

“This growth is being driven by strong performance across all game segments, with 2023-28 CAGRs estimated to be 8.27 percent for console, 7.29 percent for mobile, and 4.01 percent for PC,” the report added.

The broader MENA region is also set to show significant growth, with video games revenue expected to see a CAGR of 7.3 percent from 2024 to 2027, reaching $5.62 billion in 2024 and $6.94 billion by 2027.

The report noted that ������Ƶ is spearheading this growth, leading the MENA region with the highest gaming revenue — $1.19 billion in 2024 — and a gamer base exceeding 25.81 million.

“Central to this growth is the National Gaming and Esports Strategy, aligned with Saudi Vision 2030. The NGES aims to harness the creativity and energy of the Saudi population to propel the sector forward,” the report said.

Savvy Games, established by ������Ƶ’s Public Investment Fund, has been instrumental in this growth.

Its subsidiary, Scopely, ranked second globally among gaming companies, with its hit Monopoly Go! generating $3 billion in revenue and earning the “Game of the Year” title at Pocket Gamer Mobile Games Awards 2024. 

Scopely’s total revenues have reached $10 billion since its founding in 2011, supported by expanding titles like Stumble Guys onto platforms such as Xbox One and Xbox Series X/S.

Other Saudi-owned subsidiaries include ESL FACEIT Group, Steer Studio, Embracer Group, with 8.1 percent stake, Hero Esports, 30 percent stake, and G1riffin, highlighting the Kingdom’s growing footprint in global gaming and esports.

Brian Ward, CEO of Savvy Games, described 2024 as “another hugely successful year,” adding: “When it comes to progress against our strategy, there has been one core theme that has run throughout all our operations: impact.” 

He said that this has been evident across all our strategic pillars — game development and publishing, esports, and the KSA ecosystem — with teams in ������Ƶ and worldwide consistently delivering outstanding products, experiences, and opportunities for the global gaming community.

Riyadh hosted the inaugural Esports World Cup from July 3 to Aug. 25, 2024 featuring 1,500 athletes competing in 23 tournaments across 22 games. With a prize pool of over $60 million, the event highlighted ������Ƶ’s push to become a top global esports destination.

RIYADH: Egypt recorded its highest level of dollar resources in its history in July, amounting to approximately $8.5 billion, reflecting the improved performance of the country’s economic indicators.

Speaking at a press conference, Prime Minister Mostafa Madbouly explained that these resources, excluding hot money, were generated across various state sectors, with remittances from Egyptians abroad seeing a historic surge, highlighting the strong confidence and trust citizens have in the national economy, according to a statement. 

He also confirmed that the government is finalizing a comprehensive roadmap outlining Egypt’s development and economic strategy through 2030, marking the country’s transition into the post-International Monetary Fund phase.

The developments come after US-based credit rating agency Fitch affirmed Egypt’s long-term foreign-currency issuer default rating at “B” with a stable outlook in April.

The rating was supported by the country’s relatively large economy, fairly high potential gross domestic product growth, and strong support from bilateral as well as multilateral partners. 

Speaking to journalists, Madbouly said: “Let me remind you that when we were experiencing problems and instability in the exchange rate, remittances from Egyptians abroad were at their lowest levels. Today, when remittances from Egyptians abroad reach more than $3.6 billion per month, this figure reflects the confidence of Egyptians abroad in the stability and strength of the Egyptian economy.”

He added: “Consequently, our total resources, whether from exports, tourism, industry, and all services, in addition to remittances from Egyptians abroad, have reached $8.5 billion. This is the highest rate of dollar resources we have recorded in Egypt’s history in a single month.” 

 The prime minister went on to note that Egypt’s foreign exchange reserves have risen to $49 billion, while the annual inflation rate declined to 13.1 percent from 14.4 percent the previous month, signaling a notable enhancement in the country’s economic performance.

“The trade deficit in goods has also decreased by 25 percent, recording only $11 billion in the five-month period from January to May. This is a very significant figure, achieved not through reduced imports, but through increased Egyptian exports. This is all an improvement in the economy’s performance.”

 He added: “As experts always say, rely on sustainable resources, which include increased exports, manufacturing rates, and increased remittances from Egyptians abroad.”

The prime minister also highlighted that while Suez Canal revenues have been impacted by exceptional geopolitical conditions, all other sectors generating sustainable resources are witnessing strong, unprecedented growth.

“Most importantly, we have a vision for the next five years, beginning in September. This vision will be presented for community dialogue and discussions with all experts and specialists, so that it can be completed before the end of 2025,” Madbouly said.

Post-IMF plan

The prime minister stated that the government’s full post-IMF plan will be presented to the Cabinet next week, with its key themes and goals to be unveiled at a press conference in early September as a draft of the national vision.

The draft will then be opened for a two-month public dialogue to gather feedback and engage stakeholders in discussions, with the document to be fully completed before the end of this year.

He emphasized that this vision is firmly rooted in Egypt Vision 2030, the outcomes of the National Dialogue, and a wide range of expert insights and sectoral proposals. 

It also draws on existing operational strategies for key drivers of the Egyptian economy, including industry, tourism, agriculture, Information and Communications Technology, and various service sectors.

Madbouly also underlined that the vision is grounded in economic goals for the upcoming period and importantly includes multiple quantitative targets and specific figures aimed for achievement within the next five years.

Egypt’s economy is showing resilience despite global headwinds, with foreign investment and policy reforms helping offset volatile markets, Standard Chartered said in its latest outlook, published earlier in August.