Saudi Arabia splits with IOC over staging Esports Olympics
Saudi Arabia and the International Olympic Committee have “mutually” ended a deal to jointly hold the Olympic Esports Games.
Instead, the IOC and the kingdom will pursue their own esports ambitions separately, Bloomberg reports.
The 12-year agreement, signed last year, was supposed to see Saudi Arabia host the inaugural Esports Olympics, a part of its ambition to be a global hub for gaming.
The kingdom held its second Esports World Cup over the summer, attracting more than 2,000 professional players from over 100 countries, and its Public Investment Fund has since signed a blockbuster $55 billion deal to take gaming company Electronic Arts private.
MBS crowns Team Falcons as winner of Esports World Cup
After seven weeks of grueling battle in Saudi Arabia over computer screens and joysticks, the Esports World Cup 2025 competition proclaimed Riyadh-based Team Falcons as champ from a field of more than 2,000 players representing over 100 countries.
Saudi Crown Prince Mohammed bin Salman presided over the closing ceremony of the Esports World Cup 2025 on Sunday, presenting the trophy to the Falcons, who led the standings with 5,200 points.
The team won the $7 million grand prize from a record-breaking $70 million total prize pool, the largest in esports history.
Among prominent personalities who attended the closing ceremony were soccer star Christiano Renaldo, Crown Prince Hussein of Jordan and billionaire investor Evan Spiegel.
The tournament is part of the kingdom’s national esports strategy that aims to attract investment and achieve the goal of becoming the world leader in the $2.9 billion esports industry.
Over the course of the Esports World Cup, the site of the competition at Boulevard Riyadh City drew more than 3 million visitors, according to the Saudi Press Agency. At the same time, over 750 million viewers worldwide followed the competition through digital platforms.
In today’s Daily Circuit, we’re reporting on Taqa’s $1.2 billion acquisition of Spanish water firm GS Inima, another month given XRG’s consortium to consider its $18.7 billion takeover of Australian gas producer Santos, Saudi-owned ACWA Power getting $3.4 billion in financing to build two energy plants and HSBC’s Swiss private bank cutting ties with 1,000 Middle East clients. But first, MBS crowns the champions of Esports.
After seven weeks of grueling battle in Saudi Arabia over computer screens and joysticks, the Esports World Cup 2025 competition proclaimed Riyadh-based Team Falcons as champ from a field of more than 2,000 players representing over 100 countries.
Saudi Crown Prince Mohammed bin Salman presided over the closing ceremony of the Esports World Cup 2025 on Sunday, presenting the trophy to the Falcons, who led the standings with 5,200 points.
The team won the $7 million grand prize from a record-breaking $70 million total prize pool, the largest in esports history.
Among prominent personalities who attended the closing ceremony were soccer star Christiano Renaldo, Crown Prince Hussein of Jordan and billionaire investor Evan Spiegel.
The tournament is part of the kingdom’s national esports strategy that aims to attract investment and achieve the goal of becoming the world leader in the $2.9 billion esports industry.
Over the course of the Esports World Cup, the site of the competition at Boulevard Riyadh City drew more than 3 million visitors, according to the Saudi Press Agency. At the same time, over 750 million viewers worldwide followed the competition through digital platforms.
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📰 Developing Stories
CLIENT CULL
HSBC’s Swiss private bank is cutting ties with more than 1,000 wealthy Middle Eastern clients, including individuals from Saudi Arabia, Qatar, Lebanon and Egypt, some with assets exceeding $100 million. The move follows scrutiny from Swiss regulators, who in 2024 said the bank had breached anti-money laundering obligations, the Financial Times reports. HSBC confirmed its Swiss private bank is shifting strategic focus as part of a wider group reshaping announced last year. Barry O’Byrne, HSBC’s CEO of International Wealth and Premier Banking, told Reuters the bank remains committed to its Middle East and Swiss wealth operations.
TRIMMING TROJENA
Calls on Saudi Arabia to delay or scale back some of its biggest projects, including the Trojena ski resort, are drawing praise from investors. Tim Callen, a visiting fellow at The Arab Gulf States Institute, told Bloomberg that outside backers want to see a recalibration of the $1.5 trillion NEOM development that would improve financial sustainability and investor confidence. With oil prices having dropped to levels far below what Saudi Arabia needs to balance its budget, the government is facing difficulties meeting project targets. Saudi Arabia and the Olympic Council of Asia have begun approaching other countries to potentially take over the 2029 Asian Winter Games that are meant to be held in Trojena, Bloomberg reported last week.
💲 Sovereign Circuit
TAQA – Abu Dhabi National Energy Co: The government-owned utility struck a $1.2 billion deal to acquire Spanish firm GS Inima, aiming to expand global water operations with one of its largest international purchases ever.
ADNOC: Australian gas producer Santos agreed to extend the exclusivity period for an $18.7 billion takeover bid led by ADNOC’s XRG consortium until Sept. 19, citing the need for more time to complete due diligence and secure internal approvals, Australian Financial Review says.
Public Investment Fund: ACWA Power, a renewable energy company owned by the Saudi sovereign wealth fund, secured $3.4 billion in financing to build two power plants in the kingdom from a consortium including Export-Import Bank of Korea, Saudi National Bank, Standard Chartered Bank, and Bank of China.
Diriyah Co., a PIF-owned company that is developing Riyadh’s historic Diriyah quarter, signed an agreement with Saudi Research and Media Group to expand collaboration through a variety of means including corporate conferences, exchange of experts and joint training programs. The deal was signed by Diriyah CEO Jerry Inzerillo and SRMG CEO Jomana Alrashid.
↪↩ Closing Circuit
📈 Fashion IPO: Saudi retailer Jamjoom Fashion Trading confirmed plans to float 30% of its shares on Riyadh’s Nomu parallel market, with pricing to be announced Sept. 1 and the IPO closing on Sept. 9.
🛢️ Kurdistan Return: Hunt Oil said it has resumed operations in Iraq’s Kurdistan region marking its reentry into a key oil-producing territory after repeated interruptions in recent years.
💰 Funding Boost: Qatar Islamic Bank, the Gulf state’s largest publicly traded Islamic bank, raised $1 billion through an oversubscribed three-year Islamic financing facility.
🗣 Circuit Chatter
🛒 Grocery Entry: The Spinneys supermarket chain will launch in Kuwait through a joint venture with Alshaya Group, expanding into its fourth Gulf market after the UAE, Oman and Saudi Arabia.
🪆 Russian Retreats: Gulf travelers from Saudi Arabia, the UAE and Kuwait are heading to Russia in greater numbers, lured by TikTok promotions, relaxed visa policies and new airline connections that are turning the country into a rising holiday destination, the Financial Times reports.
🏦 Closing Shop: Lombard Odier, the Swiss private bank, will shut down its Abu Dhabi operations and continue to serve UAE clients from its office in the Dubai Financial District, Bloomberg reports.
🪖 Shocking Waves: The abrupt dismissal of three senior defense industry figures – Talal bin Abdullah al-Otaibi, Mohamed al-Mady, and Ghassan bin Abdulrahman al-Shibl – is generating concern about why they were fired and who will replace them, Intelligence Online reports.
🌎Power Circuit
UAE President Sheikh Mohamed bin Zayedtraveled to Angola on Saturday for a two-day state visit with Angolan President João Manuel Lourenço. He was accompanied by a delegation that included Lt. General Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of the Interior; Sheikh Hamdan bin Mohamed bin Zayed, Deputy Chairman of the Presidential Court for Special Affairs; Sheikh Mohammed bin Hamad bin Tahnoun, Adviser to the UAE President; Dr. Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade; Abdullah bin Touq Al Marri, Minister of Economy and Tourism;and Khalid Mohammed Balama, Governor of the Central Bank of the UAE.
King Salman of Saudi Arabia received a letter from Egyptian President Abdel Fattah El-Sisi about ways to strengthen cooperation between the two countries.
Prince Abdulaziz bin Mohammed bin Ayyaf, the Saudi Arabia’’s Acting Vice Minister of Interior,met on Sunday with Chang Hua, China’s ambassador in Riyadh.
➿On The Circuit
Masayoshi Son, CEO of Japan’s SoftBank, has developed a strong relationship with U.S. President Donald Trump, building his influence in billion-dollar deals involving OpenAI, Intel and other tech giants, the Financial Times reports. Rawan Al-Butairi, CEO of the new Saudi Esports Federation spoke to ArabNews about efforts to strengthen the women’s league and develop young talent.
Phillipa Harrisonhas been named CEO of the Ras Al Khaimah Tourism Development Authority. Harrison was previously Managing Director of Tourism Australia.
📷 Photo of the Day
Saudi Crown Prince Mohammed bin Salman presents first-prize trophy to Saudi Arabia’s Team Falcons at the Esports World Cup Championship’s closing ceremony in Riyadh on Sunday night. (Saudi Press Agency)
📅 Circuit Calendar
August 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace.
Sept. 1-3, Cairo. Pharmaconex. Brings together industry leaders to showcase innovations in pharmaceutical manufacturing. Egypt International Exhibition Center.
Sept. 1-6, Dubai. Dubai Fashion Week. This annual exhibition brings designers, buyers and fashionistas from around the world for a crowded schedule of events. Dubai Design District.
Sept. 2-4, Riyadh. Global Water Expo. Bringing together the full value chain of water, wastewater and environmental services. Riyadh Front Exhibition & Conference Center.
Sep. 3, Dubai. Middle East Retail Forum. Business executives, buyers, sellers and government officials mix for the annual conference. JW Marriott Hotel Marina.
Sept. 5, New York: Bloomberg Power Players. Conference on the business of sports. Bloomberg Headquarters. 731 Lexington Ave.
Sept. 8-10, Dubai. WHX Tech 2025. Participants will explore the latest trends in health care and gain practical insights on the changing sector. Dubai World Trade Center.
Sept. 9, Dubai. Envision. An international conference on artificial intelligence organized by Emirati telecommunications firm du. Atlantis The Royal.
Sept. 9-11, Riyadh. Index Saudi Arabia. A trade event that connects interior designers, architects, and buyers with brands, products, and developers. Riyadh Front Exhibition and Conference Center.
Sept.10-11, Dubai. PPP Mena Forum. A conference that seeks to foster private and public partnerships (PPP) in industries including infrastructure, energy, healthcare, transportation and information technology. Jumeirah Emirates Towers.
Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.
Sept. 15-17, Abu Dhabi. The Riyadh Infrastructure Projects Center. The event will host representatives from over 25 countries discussing global infrastructure innovation, investment, and sustainable development. Riyadh International Convention and Exhibition Center.
Sept. 15-17, Dubai. ISM Middle East. A conference on emerging trends and advancements shaping the sweets and snacks industry. Dubai World Trade Center.
Sept. 23-24, Dubai. MENA EV. Connecting stakeholders in the electric vehicle industry, from early-stage companies and investors to governments and established automakers.The Agenda, Dubai Media City.
From Scandinavia to Abu Dhabi, Hicham Chahine shoots for esports dominance
As a child with Lebanese roots growing up in Norway, Hicham Chahine got hooked on esports and couldn’t get enough of Ninjas in Pyjamas, the cyberathletic world champions from across the border in Sweden. Then he discovered finance.
At 14, he secretly used his father’s passport to open a stock trading account. At 18, he was recruited by Oslo-based Formue, one of Scandinavia’s top asset management firms. Within a decade, he was managing a hedge fund and launching multiple startups in New York.
Now 36, Chahine is Co-founder and Co-CEO of NIP Group, which he formed two years ago by engineering a merger between his beloved, nearly bankrupt Ninjas in Pyjamas and Chinese gaming powerhouse ESV5.
The combined company – whose other co-founder from ESV5 is Mario Ho, son of the late Macau casino mogul Stanley Ho – went public on the Nasdaq in July and has a current market value of $119 million. Late last year, NIP launched Aetatis, now the tenth most downloaded title in MOBA (multiplayer online battle arena) gaming.
In January, NIP signed a $40 million agreement with the Abu Dhabi Investment Office (ADIO) to move its headquarters to the UAE capital and help establish the emirate as a global center for esports, media and entertainment.
The deal comes amid Saudi Arabia’s ferocious drive to pour billions into gaming – a favorite activity of 39-year-old Crown Prince Mohammed bin Salman – and capture a chunk of the $220 billion industry.
“I started getting fatigued and annoyed that, in whatever conversations we had with industry stakeholders, it was always about North America, China, and Europe – the Middle East was never a topic,” Chahine said in an interview with The Circuit. “So, I thought, what if I took my brand, moved it to the Middle East, and used it to put the Middle East region on the map for competitive video games.”
On the horizon, Chahine looks at the world gaming market of 3.2 billion players and sees NIP reaching the top echelons.
“Ultimately,” he said, “I want to see a Middle Eastern pro player lift a world championship trophy – whatever the game – one day.”
The interview has been edited for length and clarity.
The Circuit: How did this partnership with the Abu Dhabi Investment Office come about?
Hicham Chahine: This whole story started initially four, five years ago, where I was thinking a little bit about what to do next with the company, right? It was in Stockholm, it was in Sao Paulo, it was in Shanghai, Shenzhen, and Wuhan. Felt a little bit like the company was operating in silos. We were lacking a consolidated global HQ. I met some people from Abu Dhabi Gaming at an event in Copenhagen in 2018. Also, I’m originally from the Middle East (Chahine’s mother is Lebanese). So, I always wanted to try and come back to the Middle East. So when we were ready to move on from Stockholm seven years ago, I reached out to the people I met in Abu Dhabi.
Through that year, we truly believed that the Middle East is the next frontier for esports and gaming growth. The agreement itself is very simple, even though it is complex in execution. NIP is to establish a consolidated global HQ and create 200 to 300 jobs out of the UAE, covering esports, talent management, publishing, creative studios, and events. The whole reason why they were so adamant that we take this little collaboration with Abu Dhabi Gaming and scale it to this massive initiative through ADIO is that they want to create local opportunities. In particular, 90% of the population here is interested in video games, and a large portion of the population is under 35. What happens with this young population is that they are no longer interested in working in government and traditional industries such as oil and gas. They want what Gen Z and millennials see as cooler jobs.
What are your key priorities as NIP scales up?
I’ve built one of the most iconic, legendary, largest brands in gaming, right? But I started getting fatigued and annoyed that whatever conversations we had with industry stakeholders were always about North America, China, and Europe. So, I thought, what if I took my brand, moved it to the Middle East, and used it to put the Middle East region on the map for competitive video games? We want to create opportunities and make gaming a viable career path. Ultimately, I want to see a Middle Eastern pro player lift a world championship trophy – regardless of the game – one day.
When we scouted locations before settling on Abu Dhabi, we realized that China was operating in silos as it grew, and so was the West. We needed to consolidate our global businesses. Abu Dhabi is one of the best cities in the world to live in, so the redeployment of talent is easy because the destination is attractive. While we work with Saudi Arabia and frequently travel there, their approach is very top-down – big, flashy, high-budget events. While we respect that, we align more with Abu Dhabi’s approach, which focuses on grassroots development, subsidies, and ecosystem-building from the ground up.
What inspired the launch of Aetatis? We have 600 million eyeballs on us. The direct audience base of the NIP group is about 200 million people. We’re competing in other publishers’ games, we’re marketing other publishers’ games, we produce events for other publishers, our business produces for Tencent, for NetEase. Mobile games is arguably the largest growing gaming phenomenon around the world, right? Smartphone device penetration is ultra-high, and the mobile gaming user base just trumps the PC and console gaming user base.
We found in Aetatis a very promising game, one of the largest mobile game developments that has been done in recent years. Even before the game was launched, there were over 1 million downloads. On the first launch days, the game was triple-A rated across every single distribution platform there is. It was trending on the Apple Store and Android Store in Asia. League of Legends is very big on PC. You’re seeing other games such as Honor of Kings, and MOBA games are just what’s played in our initial market, which was the Asian market. So we went with a sci-fi, futuristic MOBA title. What’s next? We are looking to be publishing another title in 2025, potentially two. An area that we are looking at is we started our publishing venture in China and Asia, right? But as part of us establishing ourselves in the Middle East and putting our HQ here, that creates a natural bridge. We take concepts that work and are proven in the West and take them East and vice versa. What you’re seeing over the last couple of years is that the Middle East is this next emerging trend that is moving west. There is a demand. Arabic music, films and soap operas are making their way west.
When you live in Abu Dhabi or the UAE, a lot of the things we do here are native English. It’s already being produced in a language with localized cultural traits, which makes it easily exportable. There’s great quality, and a great amount of content is already available, which the rest of the world will have demand for. And let’s also not forget that the domestic markets are also quite large.
Esports sector to contribute $13.3 billion to Saudi GDP by 2030
Saudi Arabia’s push to become a regional center for gaming is paying off, with the esports sector expected to contribute $13.3 billion to the kingdom’s GDP by 2030, according to a new report from PwC Middle East and the Saudi Esports Federation.
Interest in esports is growing across the region, with gaming revenues for the Middle East and North Africa reaching $7.2 billion in 2023.
Saudi Arabia is preparing to host the first Olympic Esports Games from next year, after successfully holding its inaugural Esports World Cup at Riyadh’s Boulevard City over the past two months.
The event, in which an estimated 2,500 gamers competed for a prize pool of $62.5 million, concluded on Sunday with the Saudi Falcons team declared as champions.
Saudi Esports Cup to wrap up as business of gaming grows
After an eight-week gaming extravaganza, Saudi Arabia’s inaugural Esports World Cup at Riyadh’s Boulevard City will wrap up this weekend, with four final tournaments and a high-octane closing ceremony planned for Sunday night.
The champions of fighting game Tekken 8 will be crowned this evening, followed by finals for battle royale shooter PUBG, vehicular soccer hybrid Rocket League and racing game ESL R1 on Sunday.
The matches will conclude a marathon event that has featured 22 tournaments across 21 titles, with an estimated 2,500 gamers slogging it out for their share in the $60 million prize pool.
Hosting the biggest event in esports history has put Saudi Arabia front and center in the global gaming market. Crown Prince Mohammed bin Salman, a fan of the Call of Duty zombie military game, has earmarked $38 billion from the Public Investment Fund to help spur on the local industry, with the aim of attracting 250 gaming companies and studios to the kingdom.
While the competition wraps up, Saudi leadership will be turning their focus to the business end of gaming, with the New Global Sports Conference kicking off tomorrow.
More than 60 speakers and 1,200 delegates from the esports, gaming and entertainment industries will converge at Riyadh’s Four Seasons, with the kingdom’s plans to host the Olympic Esports Games from next year high on the agenda.
Saudi Arabia prepares to host first Esports World Cup in Riyadh
Saudi Arabia is offering 90-day e-visas to Esports World Cup ticket holders as it gears up to host the debut competition that aims to put the kingdom on the international gaming map.
Boulevard Riyadh City is the venue where more than 2,500 players will compete for a $60 million prize pool, the largest in esports history, from July 4 to Aug. 25.
Saudi Crown Prince Mohammed bin Salman, himself a “Call of Duty” fan, has earmarked $38 billion from the Public Investment Fund – with the aim of attracting 250 gaming companies and studios to set up shop in the country while creating 39,000 video game-related jobs.
The homegrown strategy builds on the kingdom’s credentials in the e-arena with investments in the biggest players like Tencent, Nintendo, Activision Blizzard and Ubisoft.
In March, Saudi Arabia’s National Development Fund and the Social Development Bank announced the establishment of two venture capital funds with a combined value of $120 million to back new esports companies in the kingdom.
Saudi Arabia prepares to welcome thousands of gamers for Esports World Cup
Saudi Arabia is getting set to put its stamp on the global gaming market this summer when it hosts the Esports World Cup over eight weeks in July and August.
Boulevard Riyadh City will be the venue for the competition’s debut from July 4 to Aug. 25. More than 2,500 players are expected to compete for a $60 million prize pool, the largest in esports history.
German esports entrepreneur Ralf Reichert is CEO of the host organization, the Esports World Cup Foundation, a nonprofit established in 2023 and based in Riyadh.
Saudi Crown Prince Mohammed bin Salman, said to be a devotee of the Call of Duty zombie military game, has earmarked $38 billion from the Public Investment Fund – with the aim of attracting 250 gaming companies and studios while creating 39,000 video game-related jobs in the process.
The homegrown strategy builds on the kingdom’s credentials in the e-arena with investments in the biggest players like Tencent, Nintendo, Activision Blizzard and Ubisoft.
In March, Saudi Arabia’s National Development Fund and the Social Development Bank announced the establishment of two venture capital funds with a combined value of $120 million to back new esports companies in the kingdom.
One gaming executive who was attracted to the region is Will Dalio, the son of billionaire hedge funder Ray Dalio, who opened an outpost of his family office in Abu Dhabi last year.
The young Dalio is using Abu Dhabi as a market to grow his educational game-making company, Endless Studios.
