HELSINKI: “Angry Birds” maker Rovio proposed cutting the pay of its chairman and vice chairman following a drop in the Finnish mobile game studio’s market value and a media stir over boardroom compensation.
Rovio proposed cutting chairman Mika Ihamuotila’s pay to €9,500 ($11,845) per month from €12,000 and the remuneration for vice chairman and Rovio’s main owner, Kaj Hed, to €7,500 a month from €10,000.
The pay of other board members would stay at €5,000 per month.
Having listed its shares in September, Rovio saw the stock nosedive 50 percent last month as the company said its sales could fall this year after 55 percent growth in 2017.
Rovio cited tough competition in the game industry that also translated into high marketing costs. A week later, the company said its head of games Wilhelm Taht would leave Rovio immediately for personal reasons.
Kauppalehti business daily this month raised eyebrows by noting that Rovio’s original proposal for the chairman’s pay exceeded that of many larger Finnish companies including engineering company Wartsila, which has a market value of €10.4 billion compared to €380 million of Rovio.
Rovio will hold its first annual general meeting on April 16.
‘Angry Birds’ maker Rovio cuts boardroom pay after profit warning
‘Angry Birds’ maker Rovio cuts boardroom pay after profit warning
Reforms target sustained growth in Saudi real estate sector, says Al-Hogail
RIYADH: The Real Estate Future Forum opened its doors for its first day at the Four Seasons Riyadh, with prominent global and local figures coming together to engage with one of the Kingdom’s most prospering sectors.
With new regulations, laws, and investments underway, 2026 is expected to be a year of momentous progress for the real estate sector in the Kingdom.
The forum opened with a video highlighting the sector’s progress in the Kingdom, during which an emphasis was placed on the forum’s ability to create global reach, representation, as well as agreements worth a cumulative $50 billion
With the Kingdom now opening up real estate ownership to foreigners, this year’s Real Estate Future Forum is placing a great deal of importance on this new milestone and its desired outcomes and impact on the market.
Aside from this year’s forum’s unique discussions surrounding those developments, it will also be the first of its kind to launch the Real Estate Excellence Award and announce its finalist during the three-day summit.
Minister of Municipalities and Housing and Chairman of the Real Estate General Authority Majed Al-Hogail took to stage to address the diverse audience on the real estate market’s achievements thus far and its milestones to come.
Of those important milestones, he underscored “real estate balance” as a key pillar of the sector’s decisions to implement regulatory tools “with the aim of constant growth which can maintain the vitality of this sector.” He pointed to examples of those regulatory measures, such as the White Land Tax.
On 2025’s progress, the minister highlighted the jump in Saudi family home ownership, which went from 47 percent in 2016 to 66 percent in 2025, keeping the Kingdom’s Vision 2030 goal of 70 percent by the end of the decade on track.
He said the opening of the real estate market to foreigners is an indicator of the sector’s maturity under the leadership of Crown Prince Mohammed bin Salman. He said his ministry plans to build over 300,000 housing units in Riyadh over the next three years.
Speaking to Arab News, Al-Hogail elaborated on these achievements, stating: “Today, demand, especially local demand, has grown significantly. The mortgage market has reached record levels, exceeding SR900 billion ($240 billion) in mortgage financing, we are now seeing SRC (Saudi Real Estate Refinance Co.) injecting both local and foreign liquidity on a large scale, reaching more than SR54 billion”
Al-Hogail described Makkah and Madinah as unique and special points in the Kingdom’s real estate market as he spoke of the sector’s attractiveness.
“Today, the Kingdom of Saudi Arabia has become, in international investment indices, one that takes a good share of the Middle East, and based on this, many real estate investment portfolios have begun to come in,” he said.
Al-Ahsa Gov. Prince Saud bin Talal bin Badr Al-Saud told Arab News the Kingdom’s ability to balance both heritage sites with real estate is one of its strengths.
He said: “Actually the real estate market supports the whole infrastructure … the whole ecosystem goes back together in the foundation of the real estate; if we have the right infrastructure we can leverage more on tourism plus we can leverage more on the quality of life … we’re looking at 2030, this is the vision … to have the right infrastructure the time for more investors to come in real estate, entertainment, plus tourism and culture.”
