The following is a summary of all announcements from the past month regarding investment deals, partnerships, and other commercial news between U.S. and Saudi companies.
Economy & Finance
Saudi Arabia’s General Authority for Small and Medium Enterprises, also known as Monsha’at, has joined hands with Silicon Valley Innovation Center in the U.S. to launch a specialized program for fast-growing enterprises. The program aims to catalyze the growth journey of these enterprises by developing their leadership skills and knowledge, Saudi Press Agency reported.
Snap Inc., a pioneer in augmented reality (AR) technology, and the Saudi Ministry of Culture are joining forces to develop the skills of Saudi talents and further enhance the Saudi creator’s ecosystem with valuable AR skills. The collaboration will focus on providing AR experiences and training sessions.
Tourism & Entertainment
Savvy Games, wholly owned by Saudi Arabia’s Public Investment Fund, has signed an agreement to acquire U.S.-based gaming firm Scopely for $4.9 billion. Founded in 2011, Scopely is known for several popular mobile games including Yahtzee with Buddies, Star Trek Fleet Command, Marvel Strike Force, Stumble Guys, and Scrabble Go.
U.S.-based Crystal Lagoons said it has reached an agreement with the holding company A’amal Group to develop real estate and hospitality as well as 10 public access lagoon (PAL) projects across Saudi Arabia. The scope of work includes setting up luxury complexes in coastal and inland cities such as Riyadh, as well as Jeddah, Dammam, Madinah, and Khobar in the Eastern Region.