A project has been launched to help Saudi Arabia’s next generation of tech innovators take lead roles within the industry.
Riyadh is hosting Gamers8 — the world's largest esports event — with players from around the world travelling to the Saudi capital.
The eight-week event, which began in last month, is being held by the Saudi Esports Federation at a venue in the entertainment district Boulevard Riyadh. The competition has a prize fund of up to $15 million.
Now Ithra has teamed up with the event through its Creative Solutions programme to launch a platform for the kingdom’s next tech pioneers.
Ithra, also known as the King Abdulaziz Centre for World Culture, was launched by Saudi Aramco as a vehicle for cultural and creative talent development and cross-cultural experiences.
Ithra’s Creative Solutions programme is one of the kingdom’s leading content creation platforms within immersive technology.
Sixty creatives have been chosen from about 2,000 applicants in the first phase of the project, with phase two allowing 15 innovators to present their ideas at Gamers8 on August 21.
Those chosen will then pitch their ideas directly to partners, stakeholders and sellers.
According to market researcher Niko Partners, the value of Saudi Arabia's gaming market reached $1 billion in 2021, the highest in the region.
"The gaming and esports economy is huge in the country and KSA is one of the top five consumer markets in the world,” said Filipe Martins Gomes, Saudi Aramco's head of innovation programmes.
“Ithra’s mission is to promote cross-cultural experiences and accelerate the development of talent and Saudi Arabia’s creative economy. Ithra aims to inspire minds and take talents into transformative journeys, supporting creatives to become makers and adding value to the future of the kingdom.”
Mr Gomes said the mission was aligned with the kingdom’s Vision 2030, which includes the diversification of the economy, inspiring people and supporting Saudi Arabia's position globally.
The participation of young Saudis in the 2022 Creative Solutions "has been amazing", he said.
The 34 participants are working on 15 ideas after finishing 14 masterclasses. They are now preparing their pitching presentations, aiming to be selected as one of the five finalists of the programme, receiving the grants and mentorship support to develop their ideas into working prototypes by January 2022.
A diverse group comprises 53 per cent male and 47 per cent female participants, from across the kingdom.
Ideas are focused on art, education, games, tourism, health care, film, museums, energy and the environment.
All applicants had to go through 12 masterclass sessions including 3D production, virtual reality headsets, narrative storytelling and augmented reality, among others. Saudi innovation takes centre stage in the UK.
Ithra recently showcased five prototypes created by young Saudi innovators in the UK as part of its inaugural Creative Solutions initiative on July 14.
The programme aims to boost Saudi’s creative economy by empowering digital content creation in immersive technology. It was launched in 2021 as a platform and incubator for innovators to pursue ideas and create prototypes.
Once the ideas are selected, applicants move on to attending masterclasses in immersive technology, storytelling and design research methods among others.
Participants then pitch their ideas and five winners are chosen for the next step, and move on to international boot camp classes to engage with an immersive digital content ecosystem.
"Our project is a VR storytelling experience that takes place in the 1900s aboard the Hijaz Railway, where you embody different characters learning about their story and their journeys through the train," said applicant Maram Alghamdi.
"The project purpose is to recreate the experience of travelling on the Hijaz railway in this unique time period in the history of the Hejaz region.
“What inspired us is our belief that this monument deserves preservation and better understanding, not just as an instrument for varied purposes, but as a train that, for a brief period, carried people and their stories.”
The innovators are given 12 to 14 weeks to work on the development of their ideas with the support of the Creative Solutions team.
They are given 75,000 Saudi riyals ($19,970) to spend on the project development.
At the end of the project, participants showcase their prototypes and engage in a network event which helps them meet potential investors, partners and other participants.
During Gamers8, Ithra will showcase the five winning projects in the Creative Solutions programme in Riyadh.
The five winners from last year will continue to work on their prototypes, engage with partners, building on the next stages of their careers, as well as serve as creative solutions mentors.
"I truly believe that immersive experiences will be used by all of us in the future," said Ithra panellist and stakeholder Simon Benson.
"After all, immersive tech is actually just providing us with a more natural way to interact with our digital world, something that we do every day, but via interfaces that are not necessarily the most efficient ways such as by using a keyboard and mouse, or our tiny smartphone screens.
“The skills and capabilities that we are investing in this area can form the backbone of the capabilities required for this future.”
How to improve Arabic reading in early years
One 45-minute class per week in Standard Arabic is not sufficient
The goal should be for grade 1 and 2 students to become fluent readers
Subjects like technology, social studies, science can be taught in later grades
Grade 1 curricula should include oral instruction in Standard Arabic
First graders must regularly practice individual letters and combinations
Time should be slotted in class to read longer passages in early grades
Improve the appearance of textbooks
Revision of curriculum should be undertaken as per research findings
Conjugations of most common verb forms should be taught
Systematic learning of Standard Arabic grammar
Breast cancer in men: the facts
1) Breast cancer is men is rare but can develop rapidly. It usually occurs in those over the ages of 60, but can occasionally affect younger men.
2) Symptoms can include a lump, discharge, swollen glands or a rash.
3) People with a history of cancer in the family can be more susceptible.
4) Treatments include surgery and chemotherapy but early diagnosis is the key.
5) Anyone concerned is urged to contact their doctor
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Short-term let permits explained
Homeowners and tenants are allowed to list their properties for rental by registering through the Dubai Tourism website to obtain a permit.
Tenants also require a letter of no objection from their landlord before being allowed to list the property.
There is a cost of Dh1,590 before starting the process, with an additional licence fee of Dh300 per bedroom being rented in your home for the duration of the rental, which ranges from three months to a year.
Anyone hoping to list a property for rental must also provide a copy of their title deeds and Ejari, as well as their Emirates ID.
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
UAE currency: the story behind the money in your pockets
