BSF, Diriyah Co. ink $1.6bn financing deal to develop Wadi Safar project

RIYADH: Lebanon has finalized 22 cooperation agreements with Saudi Arabia, setting the stage for a high-level visit next month to strengthen economic ties. 

The delegation could be led by President Joseph Aoun, Prime Minister Nawaf Salam, or both, according to Lebanese Deputy Prime Minister Tarek Mitri in an interview with Asharq. 

This comes as Saudi Crown Prince Mohammed bin Salman hosted President Aoun at the Royal Court in Al-Yamamah Palace on March 3 — Aoun’s first foreign visit since taking office — where they discussed Lebanon’s ongoing crisis and regional developments. 

The agreements, covering sectors from agriculture to intellectual property, are seen as crucial to securing broader international aid for Lebanon’s struggling economy. 

“This is a legitimate approach, and we must earn the trust of Arab nations and the international community,” Mitri said, emphasizing that Saudi Arabia’s support is vital for unlocking further international aid. He confirmed that the 22 agreements are fully drafted and ready for signing. 

On his arrival, Aoun had expressed hope that his talks with the crown prince would pave the way for a follow-up visit to sign agreements aimed at strengthening cooperation between the two nations. 

The deals cover a wide range of sectors, including intellectual property, consumer protection, and environmental management, as well as agriculture and water resources, Rabih El-Amine, chairman of the Lebanese Executives Council, told Arab News earlier this month. 

El-Amine also pointed to agreements involving the Ministry of Information, the General Directorate of Civil Aviation, and Banque du Liban. 

Mitri further revealed that Lebanon is working on an independent fund — separate from government institutions handling refugee affairs — in partnership with international organizations to oversee post-war reconstruction efforts. This move aims to boost credibility with donors, especially in the wake of the recent Hezbollah-Israeli conflict. 

A World Bank report commissioned by the Lebanese government estimates the country needs roughly $11 billion for recovery and reconstruction. The report assessed damage across 10 key sectors, projecting infrastructure repairs at $3 billion to $5 billion in public sector funding, while housing, trade, industry, and tourism would require $6 billion to $8 billion in private investments. 

Mitri also noted that France has expressed willingness to host a conference to support Lebanon’s recovery. French officials have proposed preparatory meetings or merging them into a single event, though no date has been set. The conference would prioritize humanitarian aid and reconstruction, while a separate investment-focused event aims to attract international figures. 

RIYADH: Scopely, a US-based firm backed by Saudi Arabia’s Public Investment Fund, has signed a deal worth $3.5 billion to acquire the video game division of Niantic Labs.

In a press statement, Scopely said that the team employed to make games such as Pokemon GO, Monster Hunter Now and Pikmin Bloom are included in the acquisition. 

This takeover aligns with the Kingdom’s ambitions to establish itself as a global gaming destination, with a national strategy aiming to ensure that the sector will contribute $13 billion to gross domestic product by 2030. 

In April 2023, Savvy Games Group, wholly owned by PIF, acquired Scopely for $4.9 billion.

“Few games in the world have delivered the scale and longevity of ‘Pokemon GO,’ which reached over 100 million players just last year. The experience also stands apart for its unique ability to foster in-person connections, with Pokemon GO live events attracting millions of attendees,” said Tim O’Brien, chief revenue officer and board member of Scopely. 

Despite being launched nearly a decade ago, Pokemon GO is still one of the most popular games in the world, with over 20 million weekly active players. 

O’Brien added: “After spending time with the Niantic team, it quickly became clear that this organization shares our inclination to create industry-leading outcomes and exceptional player experiences. We look forward to a bright future ahead.” 

The games business of Niantic Labs generated over $1 billion in revenue in 2024, according to the statement. 

In a separate release, the US-based firm said it would distribute an extra $350 million to its equity holders under the deal, yielding a total value of approximately $3.85 billion for the company’s shareholders. 

Niantic added that it will also spin off its geospatial AI business into a new firm named Niantic Spatial, under the leadership of its founder and CEO, John Hanke.

The company will be funded with $250 million of capital, including $200 million from Niantic’s balance sheet and a $50 million investment from Scopely. 

“I’m confident our games will thrive with Scopely. I’ve often talked about building ‘forever games,’ and I believe they will continue to be just that,” Hanke wrote on his LinkedIn page. 

Since the launch of Vision 2030, Saudi Arabia has been actively promoting the gaming industry, with PIF already holding stakes in major companies such as Nintendo, Electronic Arts, and Take-Two Interactive.

In 2024, the Kingdom also hosted the eSports World Cup, which carried a prize pool of over $60 million.