Thailand's technology and financial technology businesses are seeking business opportunities in Saudi Arabia to capitalise on Saudi Vision 2030 and the world's first edition of the Olympic Esports Games scheduled to be held in Saudi Arabia next year.
Vision Ambassadors Company, a Saudi Arabia-based international trade and business development consultancy, recently signed a memorandum of understanding (MoU) with several leading Thai businesses, including Infofed Co Ltd, Rabbit Moon Corporation Ltd, VUCA Digital Co Ltd and Translucia Co Ltd.
The MoU signifies a major step towards expanding the firms' expertise in e-sports, entertainment, and digital asset development in Saudi Arabia.
Infofed is Thailand's leading e-sports company, while VUCA Digital builds futuristic digital solutions for enterprises and startups.
Rabbit Moon Corp is a music and entertainment company, while Translucia creates virtual experiences and platforms.
"This partnership is designed to leverage the unique strengths and capabilities of each company, providing us with the ability to explore new business opportunities and support the expansion of various markets and industries in the Gulf Cooperation Council in a holistic way," said Osama Kokandy, founder of Vision Ambassadors.
Infofed's expertise in video games, Rabbit Moon's prowess in entertainment, VUCA Digital's innovation in Web3 technologies, and Translucia's competence in the metaverse form a robust foundation for this endeavour, he said.
Infofed will develop e-sports arenas and provide holistic e-sports training camps, while Rabbit Moon aims to produce international concerts and events for the Saudi market and will establish local talent management for Saudi artists in the future.
VUCA Digital will support the growing e-sports ecosystem and entertainment sector with advanced Web3 capabilities such as Crown Tokens and a non-fungible-token platform, and Translucia will provide a metaverse experience, organising virtual events and activities, and offering consulting services for metaverse and immersive experiences, facilitating further business growth and market penetration in the region.
Jirayod Theppipit, chief executive of Infofed, said under Saudi Vision 2030, Saudi Arabia is focusing heavily on social development, with one key pillar being sports and entertainment, including e-sports.
Saudi Arabia aims to become a global e-sports hub and organised the 2024 Esports World Cup, which started on July 3 and ends on Aug 25.
Mr Jirayod said this was the first time Infofed had expanded its business into the Middle East. Thailand possesses the required manpower and expertise in e-sports, but the domestic and Southeast Asian markets are relatively small, while the Middle East represents a new ocean.
In a separate event, Bitkub Capital Group Holdings Ltd, Thailand's major blockchain technology and digital asset company, also signed an MoU with Vision Ambassadors, focusing on their exploration of opportunities to establish a joint venture for the development of and investment in the Web3 gaming and e-sports industries as a priority.
They will also look for other joint development opportunities based on sustainable and environmentally-friendly economic principles, underpinned by blockchain technology.
Jirayut Srupsrisopa, founder and chief executive of Bitkub Capital Group Holdings, said the company is not only looking at growth in Thailand, but opportunities and potential in other regions, including Saudi Arabia, the Middle East, North Africa and Southeast Asia to expand business opportunities for the company and Thailand.
Saudi Arabia will host the world's first Olympic Esports Games next year and the country has also invested in many international gaming companies to drive the country towards becoming a global centre for video gaming and e-sports.
These moves are part of the country's plan to generate revenue from new economies beyond the oil industry under Saudi Vision 2030, with the goal of increasing economic diversification, introducing social and cultural reforms, and positioning Saudi Arabia as a key destination for international events and tourism.
"Therefore, this cooperation is a significant opportunity for the Bitkub Group to create a new S-curve business in a growing region with significant government investment support," Mr Jirayut noted.
In a related matter, Thailand's Board of Investment (BoI) opened a new office in Riyadh, Saudi Arabia, on July 14.
The new office is the BoI's 17th overseas office and its first in the Middle East. It will cover 13 countries in the region, including Bahrain, Qatar, Kuwait and the United Arab Emirates.
BoI secretary-general Narit Therdsteerasukdi said Thailand and Saudi Arabia are important business hubs and have the potential to help each other in their respective regions.
"We hope investors from Saudi Arabia and the Middle East will consider making Thailand an investment base to expand business in Asean and take advantage of Thailand's membership of the Regional Comprehensive Economic Partnership agreement, the world's largest free trade area."
He said Thai companies could in turn develop cooperation with partners in Saudi Arabia, a cornerstone of their efforts to access the Middle Eastern market, with its population of 400 million.
"We believe there is strong potential for investment and cooperation in several key sectors, including agriculture, processed food, renewable energy, healthcare and medical services, as well as automotive, especially electric vehicles," Mr Narit said.
According to the BoI, bilateral trade between Thailand and Saudi Arabia in 2023 reached US$8.8 billion, accounting for nearly 22% of Thailand's total trade with the Middle East.