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June 2023

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ECONOMY



 

First-quarter figures point to a year-on-year upward trajectory for the kingdom, with the non-oil sector doing the heavy lifting.


GAMING



 

The country pushes ahead with its diversification strategy by pouring cash into the video game industry, which holds massive potential for homegrown talent development and game localisation.

PETROCHEMICALS



 

The move is part of the country’s liquids-to-chemicals strategy as it pursues to reduce dependence on the upstream sector, according to an analysis.

TRADE



 

Robust trade in 2022 sets the stage for another stellar performance this year, allowing the country to attract more foreign direct investments.


 

 

SME


 

Recognising entrepreneurs’ crucial role in the kingdom’s economic development, authorities have ensured a steady flow of financing through various government agencies.

 

 

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 IN THIS EDITION

The merger of Saudi Arabia’s LIV Golf with DPWorld Tour and PGATour highlights the kingdom’s rising clout in the global sports and entertainment industries.

The three parties signed an agreement that combines Public Investment Fund’s (PIF) golf-related commercial businesses and rights (including LIV Golf) with the commercial businesses and rights of PGA Tour and DP World Tour into a new, collectively owned, for-profit entity to ensure that all stakeholders benefit from a model that delivers maximum excitement and competition among the game's best players.

PIF will make a capital investment in the new entity to facilitate its growth and success. The new entity (its name has yet to be decided) will implement a plan to grow these combined commercial businesses, drive greater fan engagement, and accelerate growth initiatives, which are already underway.

 The move comes as Saudi Arabia invests heavily in entertainment, gaming, sporting, and other cultural events to create fresh revenues streams and raise its profile. The kingdom is also attracting world-renowned talent with football star Cristiano Ronaldo signing up to join Riyadh-based Al Nasr Football Club.

Its capital city Riyadh has been selected to host the 2034 Asian Games in a further testament to the country’s sporting ambition. The USD 500 billion NEOM project rising on the kingdom’s west coast will also host the 10th edition of Asian Winter in 2029.

Saudi Arabia has already hosted the Supercoppa Italiana, the expanded Supercopa de Espana, golf’s Saudi International and the USD 20 million Saudi Cup — the world’s richest horse race.

These activities translate into major tourism dollars, jobs, and investments.

Ernst &Young estimates the sports industry's revenues to rise to USD 3.3 billion in 2024 with an annual growth rate of 8%.
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