Arab Press

بالشعب و للشعب
Sunday, Mar 03, 2024

Driven by strong incubation programs, Saudi gaming startups double in 2022 

Driven by strong incubation programs, Saudi gaming startups double in 2022 

Reflecting Saudi Arabia’s ambition to become one of the world’s major gaming centers, the number of games startups in the Kingdom almost doubled to 24 in 2022 from 13 last year, according to a report by Nine66. 
The company, an integrated support system for game developers, said this growth was driven by incubation programs.

The report went on to add that most of the companies employ one to five, or six to 10, staff, putting them in the independent studios category. However, only six companies employ more than 10 people.

Nine66 is a Savvy Games Group company, which is owned by the Public Investment Fund. It offers global infrastructure, skills development, network, capital, publishing and advisory services to game studios and developers. 

About 80 percent of those who have set up a game studio in Saudi Arabia said the experience was “relatively easy,” according to the report. There is also a strong collaborative spirit in the Kingdom’s gaming industry.

The report stated that almost 84 percent of the respondents have linked up with other local developers at some point.

The survey report interviewed 51 game developers from a mix of solo developers, mid-sized teams, and large companies between April and June. 

Even though gaming is extremely popular in the region, there is a comparatively small number of studios compared to the 5,000 across Europe and more than 3,000 in the US, the report said.

Nearly 67 percent of respondents said financial risks and the lack of a safety net prevented them from establishing startups.

Almost 35 percent stated that the lack of knowledge of how companies work is a significant factor in why developers cannot start new studios.

The report noted that access to funding has been challenging for some developers as investors either do not fully understand the sector or have been hesitant to invest in gaming companies, the report said.

The fact that all game developers interviewed in the report were self-funded indicated a lack of investor support.

The report stated that most developers — 65 percent — have never tried to seek investment, with the most common reason being that they were not ready to pitch their games. 

Related Articles

Arab Press
China Criticizes US for Vetoing UN Ceasefire Resolution in Gaza
Saudi Arabia ranks first in UN index for e-government services in MENA
Israel Records 20% Drop In GDP, War In Gaza Is The Reason
Saudi Arabia's FDI Inflows Grow with New International Standards
Venture Capitals Power Up Across MENA Region
PM Modi Announces Opening Of New CBSE Office In Dubai
January Funding for MENA Startups Totals $86.5 Million
Saudi Arabia accelerates digital economy growth through Nvidia partnership
Israel unveils tunnels underneath Gaza City headquarters of UN agency for Palestinian refugees
Israel deploys new military AI in Gaza war
Egypt threatens to suspend key peace treaty if Israel pushes into Gaza border town, officials say
Saudi Arabia Warns Of A "Humanitarian Catastrophe" If Israel Moves On Rafah
US University To Shut Qatar Campus Due To "Heightened Mideast Instability"
Facebook and Instagram Ban Iran's Supreme Leader
Defense Technology Showcase Held in Riyadh
Saudi Arabia’s non-oil exports rise 2.5% to $6bn in November 2023: GASTAT
Rolls-Royce Executive Encourages Saudi Women to Tap into Their Inner 'Superhero' for Success in Defense Industry
Saudi Arabia launches National Academy of Vehicles and Cars
Saudi Tourism Minister Reveals Plan for 250,000 New Hotel Rooms by 2030
SAR to more than double eastern network passenger capacity with new trains deal
Saudi Arabia Enhances National Defense with New Partnerships
Saudi Aramco Maintains Arab Light Crude Pricing to Asia for March
NEOM Establishes New York Office to Support Investors
Saudi Wealth Fund Draws in Over $25 Billion Worth of Investments in Three Years, Al-Rumayyan Reveals
The Saudi Kingdom's Ultimatum to Israel: A Win-Win Peace with Saudi Arabia and the Arab World, or a Lose-Lose Continued Occupation and Endless Conflict
Biden condemns anti-Arab hate after WSJ opinion piece calls Dearborn ‘jihad capital’
Turkey Releases Seven Hostages Captured by Pro-Gaza Gunman
Arab Parliament Commends Women's Contributions to Societal Development
British and Hungarian Foreign Ministers visited Lebanese leaders to stress the importance of enacting UN Resolution 1701
Yemen's Houthis Say They Targeted British Merchant Vessel In Red Sea
Donald Trump Nominated for Nobel Peace Prize for 'Historic' Middle East Policy
US lawmakers approve F-16 jet sale to Turkey following NATO expansion support
Saudi Arabia Climbs 25 Places in World Bank's National Statistics Indicator
Tourism Growth in Saudi Arabia Fuels Advancements in the Hospitality Industry," Says Rotana Official
Houthi Rebels Request Departure of UN Staff from Yemen, Including US and UK Personnel, within a Month
Modi Inaugurates Hindu Temple on Site of Demolished Mosque in India
Over 25,000 Deaths in Gaza Amid Israeli Offensive
Escalating Clashes in Gaza as Israel Distributes Leaflets to Assist in Locating Hostages
Turkey's First Astronaut Set to Launch for International Space Station Today
Head of Palestinian Investment Fund Warns More People May Die of Hunger Than War in Gaza
Palestinian Envoy Criticizes UK for Alleged 'Double Standards' in Policies Toward Israel
Morocco to Lead UN Human Rights Council in 2024
Is artificial intelligence the solution to cyber security threats?
Egypt has been identified as the leading military force among Arab nations and ranks 15th globally
The AI Revolution in the Workforce: CEOs at Davos Predict Major Job Cuts in 2024
Iranian Nobel Laureate Narges Mohammadi Receives Additional Prison Sentence
"Gazans Urge Israeli Forces to Target Hamas in Leaked Audio"
Biden States US and UK Airstrikes on Houthis Were a 'Defensive Action
Large Pro-Palestine Rally in London as Gaza Conflict Hits Day 100
South Africa Urges World Court to Halt Israeli Actions in Gaza