Saudi Arabia has announced that investing more than 37,800 million euros in acquisitions within the video game industry, 13,000 million of which will go to the purchase of “a leading video game publisher in the sector.” As reported from VGC, these large investments will be made through Savvy Games Groupowned by the sovereEsports Extraswealth fund PIF (Public Investment Fund), with the ultimate goal of becoming an important figure within the industry. This move by the crown prince of Saudi Arabia should not catch us off guard considering his previous investments in companies such as Embracer Group, SNK or Nintendo.
The investments will include 70,000 million riyals (about 18,600 million euros at the exchange rate) for take minority stakes in “several key companies” that support Savvy’s game development programwhile on the other hand 50,000 million riyals (about 13,000 million euros approximately) will be directed to acquire “a leading game publisher to turn it into a strategic development partner”.
Additionally, 2 billion riyals (481 million euros) will be set aside to invest in “industry disruptors to grow early-stage gaming” and esports companies. Finally, 20 billion riyals (4.8 billion euros) will be invested in “mature industry partners” that add value and experience to the current Savvy team.
The crown prince intends to turn Saudi Arabia into the definitive world center of the video game sector
“Savvy Games Group is one part of our ambitious strategy to make Saudi Arabia the ultimate global hub of the gaming and esports industry by 2030Crown Prince Mohammed bin Salman said in a statement. “We are tapping into the untapped potential across the esports and gaming sector to diversify our economy, drive innovation in the sector and further expand the offering of games.” entertainment and esports competitions throughout the Kingdom,” he added.