Saudi Investment Ministry inks MoU with Wemade to foster gaming industry in KSA 

The move is part of the Ministry of Investment’s strategy to join forces with international companies to streamline investment and expansion initiatives in Saudi Arabia. (Shutterstock)
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Updated 26 April 2023
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Saudi Investment Ministry inks MoU with Wemade to foster gaming industry in KSA 

RIYADH: Saudi Arabia’s esports industry will gain a major boost as the Kingdom has signed a memorandum of understanding with the South Korean firm Wemade to foster its ambition to become a global gaming hub by 2030.  

The partnership between the Ministry of Investment of Saudi Arabia and Wemade — the developer behind the global blockchain gaming platform WEMIX PLAY — will see the South Korean firm expanding its presence to accelerate the gaming industry in the Kingdom.

The move is part of the Ministry of Investment’s strategy to join forces with international companies to streamline investment and expansion initiatives in Saudi Arabia as the Kingdom looks to diversify its energy-based economy under Vision 2030.   

“This progress would be yet another step further into realizing the national objective of becoming a hub for gaming and esports in line with the National Gaming and Esports Strategy,” said a Ministry of Investment representative in a statement.  

This development comes as the ministry aims to facilitate business opportunities for foreign entities in the Kingdom by providing arrays of services and networks to leading players in the local ecosystem.

“The MoU and partnership with MISA (Ministry of Investment of Saudi Arabia) mark a significant milestone for Wemade’s expansion plans in Saudi Arabia,” said Henry Chang, CEO of Wemade.   

He added that it demonstrates their sustained ambition to collaborate with leading strategic partners throughout the Middle East and North Africa region.  

In January, the company established its offices in Abu Dhabi with plans to collaborate with local projects and companies.   

The partnership with the Ministry of Investment comes in the backdrop of Wemade’s participation at the Saudi-Korea Investment Forum in November 2022, where it held meetings with Saudi Arabia’s Investment Minister Khalid Al-Falih and other Saudi officials.   

This resulted in a collaboration between Wemade and Savvy Games Group’s Nine66 in February for exploring various programs aimed at training, educational content, localization of games and sponsorship of regional events.  

In the first week of April, Savvy Games, wholly owned by the Public Investment Fund, signed an agreement to acquire US-based gaming company Scopely for $4.9 billion.   

Saudi Arabia is on its way to becoming a gaming hub, and the most important move toward that goal was taken in September 2022, when the Kingdom’s crown prince, Mohammed bin Salman, established the Savvy Games Group plan. 


Saudi energy minister holds series of high-level meetings to cement collaborations

Updated 16 January 2026
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Saudi energy minister holds series of high-level meetings to cement collaborations

RIYADH: Saudi Arabia’s Minister of Energy held a series of strategic meetings in Riyadh with senior ministers from various counties, in a diplomatic push to bolster international energy collaboration.

Officials from Greece, Brazil, and Morocco were among those to meet with Prince Abdulaziz bin Salman, as well as representatives from Libya and Pakistan.

The discussions centered on expanding cooperation across a wide spectrum of energy sectors, from traditional hydrocarbons to cutting-edge clean technologies, according to the Saudi Press Agency.

The engagements underscored Saudi Arabia’s proactive role in shaping the global energy transition through bilateral partnerships. A consistent theme across the talks was the dual focus on securing energy supplies and advancing climate-related solutions, including renewable power, clean hydrogen, and carbon management.

Deepening European and South American ties

Prince Abdulaziz bin Salman met with Greece’s Minister of Environment and Energy, Stavros Papastavrou. Building upon a previously signed Memorandum of Understanding, the two officials explored avenues for joint cooperation in oil and gas, electricity, and renewables, as well as other related sectors.

In a separate meeting with Brazil’s Minister of Mines and Energy, Alexandre Silveira, the parties discussed prospects for collaboration across various energy domains. They reviewed means to enhance coordination, particularly in electricity, renewables, oil and gas, and the exchange of technical expertise.

Signing a program with Morocco

A key outcome emerged from the meeting with Morocco’s Minister of Energy Transition and Sustainable Development, Leila Benali. Following their discussions on mutual interests, investment opportunities in renewables, and energy efficiency, the two sides signed an executive cooperation program.

This program, falling under an MoU signed in May 2022, aims to concretize the energy partnership. Its goals are boosting mutual investments in renewable projects and enabling national companies to collaborate on renewable energy projects.

It also encompasses using renewables in development projects, establishing joint research and development centers, and facilitating training and knowledge transfer.

Strengthening regional and Islamic cooperation

Prince Abdulaziz also conferred with Libya’s Minister of Oil and Gas, Khalifa Rajab Abdulsadek. Their meeting focused on energy cooperation, including energy technologies and solutions, as well as enhancing investment opportunities in renewables and energy efficiency.

Discussions with Pakistan’s Minister of Petroleum, Ali Pervaiz Malik, covered shared interests in oil and its supplies, renewable energy, energy efficiency, joint investment opportunities, and the exchange of expertise in project, policy, and regulatory development.

This flurry of diplomatic activity highlights Saudi Arabia’s comprehensive energy strategy, which seeks to maintain its leadership in traditional energy markets while pursuing a stake in the future clean energy economy.