Latest news with #NGES
Zawya
13-02-2025
- Business
- Zawya
SDB strengthens support for the e-gaming and esports sector by expanding financing portfolios
Riyadh: In line with its commitment to advancing the digital economy and supporting the goals of the National Gaming and Esports Strategy (NGES) initiated by His Royal Highness the Crown Prince, the Social Development Bank (SDB), in collaboration with the Saudi Esports Federation (SEF) and under the supervision of the National Development Fund (NDF), has announced a significant increase in its financing portfolio from SAR 300 million to SAR 458 million, reflecting a 53% growth. This expanded portfolio has already benefitted over 30 clients involved in diverse activities, including Esports clubs, game development, game publishing, and Esports gaming centers. In this context, SDB has signed financing agreements worth a total of SAR 70 million, reaffirming its commitment to supporting promising sectors, particularly the gaming and Esports industry. The agreements include financing for Lobah Digital for Information Technology Company with SAR 45 million to support the development of innovative digital games and funding of SAR 25 million for Virtual Reality Solutions Company to enhance the production of PCs gaming. Additionally, SDB has reinforced its support for the technology sector by increasing the budget of its financing portfolio, which is managed in collaboration with the National Technology Development Program (NTDP), to SAR 898 million. This move reflects SDB's commitment to fostering the growth of the technology sector and increasing investments in modern technological solutions. SDB has also signed financing contracts exceeding SAR 10 million, including SAR 7.6 million for Hawsabah Company and SAR 2.5 million for Sahab Global Technology Company, aiming to enable tech firms to drive further innovation and expansion. On the digital transformation front, SDB has announced a strategic partnership with Microsoft to leverage cloud computing and artificial intelligence capabilities. This collaboration will involve the use of the Azure platform to develop advanced analytics and data management solutions, enhancing the bank's operational efficiency and supporting its efforts to offer innovative financial solutions for entrepreneurs. The partnership will also strengthen SDB's digital infrastructure and improve its technological services to support the financial and entrepreneurship sectors. As part of its continuous efforts in improving services, SDB has also signed an agreement with Informatica to exchange expertise in utilizing advanced technology tools for data management and governance. This collaboration aims to enhance operational efficiency and improve institutional performance. Furthermore, under SDB's initiative with the United Nations Conference on Trade and Development (UNCTAD) through the Empretec program—a global initiative focused on entrepreneurial capacity-building for startups and small businesses—SDB participated in a panel discussion at LEAP 2025 titled 'The Tech Future of Entrepreneurship – Empretec: Exploring Promising Sectors.' The session highlighted digital transformations in the entrepreneurship sector and the opportunities available for startups to leverage modern technologies for business development. In addition, SDB facilitated the participation of productive families at LEAP 2025 through 20 sales outlets, allowing them to showcase and sell their products to attendees. This initiative aims to empower productive families by enhancing their market access, bridging them toward entrepreneurship, and highlighting Saudi heritage. SDB is considered as one of the leading entities supporting promising sectors in the Kingdom through sustainable strategies that reinforce the national economy and position Saudi Arabia as a regional hub for the E-gaming and modern technology industries. About the Social Development Bank: The Social Development Bank is one of the key pillars of development in the Kingdom of Saudi Arabia. Since its establishment in 1971, the bank has undergone significant transformations, positioning it today as one of the most influential development institutions playing an active role in driving social and economic progress. The bank offers a range of financial and non-financial services, along with awareness programmes on saving for citizens. It also provides capacity-building programmes and workshops for entrepreneurs and owners of small and emerging enterprises. Through these initiatives, the bank empowers its target groups in their developmental and social activities, enhances production efficiency, and maximises economic participation. With a vision of achieving comprehensive and sustainable development empowerment, the bank continues to expand its efforts toward fostering a dynamic and productive society. For more information, visit:
TECHx
12-02-2025
- Business
- TECHx
Merak Capital and Huawei Cloud Partner to Power Saudi Gaming Startups News Desk - 12/02/2025 ShareMerak Capital, a technology-focused investment firm licensed by the Capital Market Authority (CMA), has partnered with Huawei Cloud, a global cloud computing company, to drive the growth of Saudi Arabia's gaming industry. This collaboration aims to provide gaming startups with advanced cloud infrastructure, technical expertise, and business support, fostering innovation in line with Saudi Vision 2030.The partnership builds on the Merak Gaming Fund (MGF), an $80 million investment fund under the Gaming and Esports Sector Financing Program, overseen by the National Development Fund (NDF) in collaboration with the Social Development Bank and the Saudi Esports Federation. The fund plays a crucial role in advancing the National Gaming and Esports Strategy (NGES) and the Ignite Digital Content Program, aligning with Saudi Arabia's vision to position the Kingdom as a regional leader in digital entertainment and technology-driven economic diversification.As part of this initiative, gaming startups in the Exel Gaming Accelerator program will gain access to Huawei Cloud's infrastructure credits, advanced technical workshops, cloud-native gaming development training, personalized cloud optimization consultation, and ongoing knowledge-sharing sessions. These resources will empower startups to develop scalable gaming solutions while enhancing cost efficiency.Abdullah Altamami, Founder and CEO of Merak Capital, emphasized the significance of the initiative, stating that the $80 million gaming fund and Exel Gaming Accelerator reinforce the commitment to building a thriving gaming ecosystem. He highlighted the importance of Huawei Cloud's cutting-edge technology in enabling startups to expand into global markets. Lawrence Liu, CEO of Huawei Cloud Saudi Arabia, underscored the role of cloud technology in Saudi Arabia's digital transformation, noting that the collaboration with Merak Capital will help local gaming startups innovate and compete internationally while supporting Vision 2030's digital economic diversification goals.Applications for the Exel Gaming Accelerator cohort are open until February 16, 2025, inviting gaming startups with innovative solutions and strong growth potential to benefit from this comprehensive support system. The partnership between Merak Capital and Huawei Cloud marks a significant step in strengthening Saudi Arabia's gaming industry, fostering local talent, and driving digital innovation.
Merak Capital and Huawei Cloud Partner to Power Saudi Gaming Startups News Desk - Share Merak Capital, a technology-focused investment firm licensed by the Capital Market Authority (CMA), has partnered with Huawei Cloud, a global cloud computing company, to drive the growth of Saudi Arabia's gaming industry. This collaboration aims to provide gaming startups with advanced cloud infrastructure, technical expertise, and business support, fostering innovation in line with Saudi Vision 2030. The partnership builds on the Merak Gaming Fund (MGF), an $80 million investment fund under the Gaming and Esports Sector Financing Program, overseen by the National Development Fund (NDF) in collaboration with the Social Development Bank and the Saudi Esports Federation. The fund plays a crucial role in advancing the National Gaming and Esports Strategy (NGES) and the Ignite Digital Content Program, aligning with Saudi Arabia's vision to position the Kingdom as a regional leader in digital entertainment and technology-driven economic diversification. As part of this initiative, gaming startups in the Exel Gaming Accelerator program will gain access to Huawei Cloud's infrastructure credits, advanced technical workshops, cloud-native gaming development training, personalized cloud optimization consultation, and ongoing knowledge-sharing sessions. These resources will empower startups to develop scalable gaming solutions while enhancing cost efficiency. Abdullah Altamami, Founder and CEO of Merak Capital, emphasized the significance of the initiative, stating that the $80 million gaming fund and Exel Gaming Accelerator reinforce the commitment to building a thriving gaming ecosystem. He highlighted the importance of Huawei Cloud's cutting-edge technology in enabling startups to expand into global markets. Lawrence Liu, CEO of Huawei Cloud Saudi Arabia, underscored the role of cloud technology in Saudi Arabia's digital transformation, noting that the collaboration with Merak Capital will help local gaming startups innovate and compete internationally while supporting Vision 2030's digital economic diversification goals. Applications for the Exel Gaming Accelerator cohort are open until February 16, 2025, inviting gaming startups with innovative solutions and strong growth potential to benefit from this comprehensive support system. The partnership between Merak Capital and Huawei Cloud marks a significant step in strengthening Saudi Arabia's gaming industry, fostering local talent, and driving digital innovation.
