UBS gets green light to open Saudi branch for banking operations

KARACHI: Prime Minister Shehbaz Sharif met with International Monetary Fund (IMF) Managing Director Kristalina Georgieva on the sidelines of the World Government Summit in Dubai, said an official statement on Wednesday, where he reaffirmed his government’s commitment to structural reforms.
The meeting took place during Sharif’s two-day visit to the United Arab Emirates, where he addressed the summit and called for global support to meet Pakistan’s $100 billion energy transition needs.
His discussions with Georgieva came just ahead of the IMF’s upcoming review of Pakistan’s $7 billion loan program, secured in September last year. A successful review in the coming weeks would release a $1 billion tranche, helping cash-strapped Pakistan boost its foreign exchange reserves and meet the lender’s import cover benchmark.
“Prime Minister Shehbaz Sharif underscored the progress made under the IMF’s Extended Fund Facility (EFF), which has played a key role in stabilizing Pakistan’s economy and setting it on the path of long-term recovery,” the Prime Minister’s Office said in a statement released after the meeting.
“He reaffirmed the government’s resolve to sustaining the reform momentum, particularly in critical areas such as tax reform, energy sector efficiency and private sector development,” it added. “The Prime Minister assured Ms. Georgieva of Pakistan’s commitment to economic prudence, efficiency and sustainability as essential pillars for achieving inclusive and sustained growth.”
Following the meeting, Georgieva posted on X, formerly Twitter, expressing confidence in Pakistan’s reform trajectory.
“Wonderful to meet [Pakistan’s] Prime Minister @CMShehbaz and his team. I am encouraged by their strong commitment to Pakistan’s IMF-supported reforms and support their decisive actions to pave the way to higher growth and more jobs for Pakistan’s youthful population,” she said.
The meeting between the two officials took place as an IMF mission is currently in Pakistan conducting a governance and corruption diagnostic assessment, part of the broader reform agenda under the EFF.
The IMF’s next review is expected in March, with Pakistan’s government and central bank confident of meeting reform targets required for the loan disbursement.

RIYADH: Saudi Arabia is set to make history by hosting the first-ever Olympic Esports Games in 2027, a landmark achievement in the country’s ambitious quest to become a global leader in gaming and esports.

This announcement, made by the International Olympic Committee, coincided with the ongoing LEAP 2025 Tech Conference in Riyadh.

It follows a 12-year agreement with Saudi Arabia aimed at engaging younger audiences, with a six-member committee tasked with selecting the games to be featured as part of the effort to integrate esports into the Olympic framework.

Prince Faisal bin Bandar bin Sultan, chairman of the Saudi Esports Federation, shared his thoughts during a panel discussion titled “Gaming Beyond Entertainment: Reimagining Society and Shaping the Future of Saudi Arabia.” He stated: “We anticipate hosting multiple editions in the future.”

Driven by the Kingdom’s Vision 2030 initiative, which focuses on economic and technological transformation, gaming and esports have become vital sectors.

Prince Faisal reaffirmed Saudi Arabia’s commitment to becoming a global gaming hub by the end of the decade. “We will become a global hub for gaming and esports by 2030,” he declared.

Highlighting the Kingdom’s increasing influence in the industry, Prince Faisal emphasized Saudi Arabia’s ambition to lead in gaming career opportunities.

“We want Saudi to be a natural part of that conversation. When someone thinks about a career in gaming and esports, we want them to consider Saudi Arabia just as quickly as any other major gaming hub,” he said.

Prince Faisal also emphasized the immersive nature of gaming, noting that it is the only medium where individuals actively engage with content rather than merely consuming it. “Gaming allows people to experience a day in someone else’s life, to walk a mile in their shoes in a way never before possible,” he noted.

Saudi Arabia’s thriving gaming culture reinforces its aspirations. “Our last study, conducted a few years ago, revealed that 67 percent of our population considers themselves gamers,” Prince Faisal shared. He also highlighted the inclusivity of the gaming community, with 48 percent of Saudi gamers being women and 52 percent men.

Encouraging young talent to pursue opportunities in the gaming industry, Prince Faisal stressed the sector’s vast career potential. “Whatever it is that you do, there is a career path for you within this industry, and it’s available now—not just in the future,” he asserted.

The panel discussion also featured insights from industry leaders, including Danny Tang, co-founder and CEO of Hero Esports, who stressed the intrinsic link between gaming and esports. “A well-developed esports ecosystem extends the life cycle of a game, ensuring sustained engagement and innovation,” Tang said.

Khizer Khaderi, founding director of the Stanford Human Perception Lab and faculty member at the Stanford Institute for Human-Centered AI, highlighted gaming’s transformative role in human-technology interaction. 

“Over the last 40 years, we’ve made it easier for humans to connect with technology. Gaming is now the perfect platform for machines to connect back with humans,” he said. Khaderi also emphasized the sector’s vast potential for innovation. “The ability to innovate is here, and it’s happening through gaming.”

Looking ahead, Prince Faisal called on industry professionals and aspiring gamers to seize the moment. 

The tools and opportunities are available now, he said. “You are the most important part of what we do—so just do something.”