Majestic Mind Games raises USD 1.45 mn, Al Etihad IFSR gets a downgrade from Moody’s

Saudi game studio raises USD 1.45 mn

Global push: Saudi-based game studio Majestic Mind Games has raised USD 1.45 mn in a round co-led by Merak Capital and Impact46 to develop original titles targeting international markets, the company said on LinkedIn.

From PC to consoles. Founded in 2023 by Lujain Albukhari and Majed Anbar and backed by Neom, the Jeddah-based studio primarily develops PC games and is expanding select titles to consoles and mobile. Meanwhile, this investment will support new intellectual property and the studio’s international expansion.

Moody’s downgrades Al Etihad IFSR to Ba1

Rating under review. Moody’s downgraded Al Etihad IFSR’s rating to Ba1 from Baa2 and placed it on review for further downgrade, citing deterioration in the company’s capital position following losses in 2025 and 1H 2026.

Capital takes a hit: Shareholders’ equity fell 20.5% to SAR 357 mn at the end of 1H 2026, from SAR 450 mn at the end of 2025. Moody’s said the review will assess whether management actions can improve underwriting performance and rebuild capital buffers.