Connect with us

Games

Saudi Arabia will invest more than 13,000 million euros to buy a large game publisher

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.

Advertisement

More Posts

News6 mins ago

An Elden Ring player compares the size of Malenia’s sword to other characters’

Malenia’s weapon is one of the largest ever made in video games. The fact that Malenia is being one of...

Games18 mins ago

Advent 1 Winners: A Juggler’s Tale & Abby’s Dream

A week ago we started our advent competitions and today we can choose our first winner. The Instagram userkermieeee can...

EXTRAS30 mins ago

Sim Racing entry: Asetek La Prima Bundle tested – Esports Extras.

On December 3, 2022 I was at the ADAC Sim Expo in Nuremberg, on the one hand to get to...

News42 mins ago

Amazon Echo Dot, Show and Buds: Now on sale up to 50 percent cheaper

Amazon is currently offering various Echo models of its smart speakers, displays and earphones, some of which are heavily discounted....

Games1 hour ago

Fortnite makes the leap to Unreal Engine 5.1 on PC, PS5 and Xbox Series X / S

Epic Games has officially presented Chapter 4 of Fortnite: Battle Royale, the new big update of the title that adds...

News2 hours ago

Instant karma: speculators fail to sell RTX 40 and have to eat them with potatoes

It is an evil that seems to never end, but this time they have received a good dose of karma....

Games2 hours ago

Install an SSD in the PC: step by step guide

Follow these steps to install an SSD drive in your desktop computer. Any computer can lag in a matter of...

EXTRAS2 hours ago

Take advantage of the Windows 10 Pro + Office 2016 pack for 22.35 euros and more…

We return with the Windows 10 licenses, the Microsoft Office suite or an antivirus, with more than attractive prices. Remember...

News2 hours ago

Teddy could be left without a team for the next Spring Split

Photo via Riot Games Since he was replaced by Lee Min-hyeong”Gumayusi»in T1, Park Jin-seong«teddy»has not returned to his best form....

Games3 hours ago

Skyrim fan completed over 3000 quests per second according to funny display bug

4 billion quests completed in 15 days. That’s only possible thanks to a bug. The Elder Scrolls 5: Skyrim is...

Advertisement