Spoilz Games, a leading Saudi mobile gaming studio and publisher based in Riyadh, Saudi Arabia, has closed a pre-seed investment round of SR2.6 million ($692,000) from angel investors.
This investment will allow the company to further develop and publish high-quality, entertaining games that create memorable experiences for a global audience of gamers, as well as sustain its efforts to expand worldwide.
Most of Mena’s youth population have grown up as digital natives, and gaming plays a huge role in their entertainment. Thanks to the high penetration of smartphones and the internet, gaming has evolved dramatically in the last decade, particularly in Saudi Arabia, the United Arab Emirates and Egypt, referred to as Mena-3, where games revenue accounted for $1.76 billion in 2021.
Since its inception back in 2020, Spoilz has set its sights on this growing market. With its limitless strength to think big and be imaginative, it has endeavoured to build partnerships with publishers and studios and invested in talent pool across the community to publish fun games for the world’s young and fast-growing population of gamers. This has earned the company an award in KAUST’s Game Jam for excellence in narrative for its “Re-Train” game; and allowed it to become the leading creator in the industry.
Spoilz Games CEO Musab Almalki commented: “Mena's gaming industry is expected to grow rapidly in the next few months, creating a need for quality content to meet users' expectations. This fund will enable us to grow and publish games that compete globally.”
Saudi Arabia’s games market accounted for the highest value among Arab Gulf countries in 2021, aptly positioning the kingdom as the gaming powerhouse of Arabic speaking nations in the Mena region. – TradeArabia News Service
Finance & Capital Market
Spoilz Games secures $692,000 in pre-seed funding
Finance & Capital Market
Bank ABC approves $85m dividends for FY 2024
Bahrain-based Bank ABC (Arab Banking Corporation) has announced that its board has secured approval from its shareholders for distribution of $85.1 million as dividends for FY 2024.
This is approximately 30% of the group’s annual profits attributed to the shareholders of the parent. This dividend per share stands at $2.75 cents, marking a 22% increase compared to the previous year.
The announcement came during the Annual Ordinary General Meeting (AGM) held today (March 16) at its headquarters in Manama, Bahrain under the chairmanship of Saddek Omar El Kaber.
During the AGM, the shareholders approved the consolidated financial statements for the financial year ended December 31, 2024. Also they elected new members to the Group Board for the 15th term.
For FY 2024, the Bank ABC had reported a record net profit attributable to shareholders of the parent of $285 million, reflecting a significant growth of 21% year-on-year (YoY) - the highest in the Group’s history from continuing business operations.
This remarkable performance was driven by strong core business growth, a stable funding base, and disciplined management of operating and credit costs, said the bank in its statement.
A key highlight of the AGM was the appointment and election of the new board of directors for its 15th term (2025-2028), as follows:
The Central Bank of Libya appointees are Naji Mohamed Issa Belgasem; Amer Mohamed Karkar and Mohamed Hassadi, while Kuwait Investment Authority appointees are Abdulaziz Fahad Alhudaib, Edrees Ahmad.
The elected nominees by private sector are: Khalil Ibrahim Nooruddin; Dr. Marouane El Abassi; Dr. Ibrahim Eldanfour and Manaf Abdulaziz Al Hajiri.
Reflecting on this milestone year, El Kaber said: "This achievement underscores the strength of the bank’s strategy and the unwavering commitment of its management and employees."
"As the board welcomes its new members, the Group’s solid balance sheet, prudent governance, and risk management approach, alongside its accelerated digital transformation and sustainability agendas, will ensure that Bank ABC to continues its growth trajectory into 2025 and beyond," he stated.
Group CEO Sael Al Waary said: "Bank ABC has once again demonstrated resilience and excellence, delivering record-breaking results in 2024. This achievement is a testament to our relentless focus on innovation, digital transformation, and disciplined execution of our strategic priorities."
"As we look to the future, we remain committed to creating value for our shareholders, enhancing customer experiences, and driving sustainable growth. With a dynamic new Board and a dedicated leadership team, we are well-positioned to navigate evolving market dynamics and continue shaping the future of banking in the Mena region and beyond," he added.-TradeArabia News Service
Finance & Capital Market
Saudi bank credit rises 15% to $801.44bn
The total bank credit granted to the public and private sectors in Saudi Arabia reached its highest level at SAR3,005.9 billion ($801.44 billion) by the end of January 2025, according to the monthly statistical bulletin issued by the Saudi Central Bank (SAMA) for January 2025.
This marks an annual growth of 15% and an increase of over SAR348.22 billion compared to the same period in 2024, when it stood at SAR2,621.72 billion, a Saudi Press Agency report said.
Meanwhile, the total bank credit recorded a monthly growth of 2% by the end of January 2025, increasing by approximately SAR50.39 billion compared to December 2024, when it stood at SAR2,955.55 billion.
The bank credit granted to the public and private sectors was distributed across more than 17 diverse economic activities, serving as a key driver in achieving comprehensive and sustainable economic growth and contributing to the goals of Saudi Vision 2030, it said.
