Connect with us

Hi, what are you looking for?

Bytes

Saudi Arabia To Spend $Billions On Games Investment

Savvy Games Group eying up a massive acquisition, as well as several minority investments

Saudi Arabia’s Savvy Games Group has set aside SAR 142 billion ($37.8 billion) to invest in games companies around the world.

That’s according to a new investment plan unveiled by the organisation, of which roughly a third – SAR 50 billion ($13.3 billion) – has been marked “for the acquisition and development of a leading game publisher to become a strategic development partner.”

So it wouldn’t be surprising to see another games giant come under Saudi ownership, following Savvy Games Group’s massive $1 billion investment in Embracer Group and the acquisition of Japan’s SNK. Savvy Games Group is entirely owned by the Saudi Arabian Public Investment Fund (PIF).

On top of the acquisition pot, Savvy Games Group has SAR 70 billion ($18.6 billion) set aside for minority investments. SAR 2 billion ($532 million) is going towards “diversified investments in industry disruptors” in games and esports while the final SAR 20 billion ($5.3 billion) is being put towards “mature industry partners,” i.e. veterans who might have a solid understanding of the games industry.

“Savvy Games Group is one part of our ambitious strategy aiming to make Saudi Arabia the ultimate global hub for the games and esports sector by 2030,” wrote Crown Prince Mohammed bin Salman, best-known for being involved in activities much less fun than video games.

“We are harnessing the untapped potential across the esports and games sector to diversify our economy, drive innovation in the sector and further scale the entertainment and esports competition offerings across the Kingdom.”

This article was first published on PCGamesInsider.biz.

Written By

You May Also Like

Level Up

Eager to be at the metaverse frontier, but not sure how to get started? As exciting as the idea of a shared digital space...

Bytes

New blockchain gaming platform based on Unreal Engine 5.

Bytes

The record for the most expensive land sale in the metaverse has just been raised

State of Play

What do we mean by the metaverse? Our vision of shared, real-time, persistent, virtual worlds has been shaped by popular culture, from Neal Stephenson’s...

Advertisement
Advertisement

Subscribe to the future

Advertisement