Saudi Arabia Plans $38 Billion Investment in Gaming Sector

Saudi Arabia's Public Investment Fund is poised to allocate $38 billion to the gaming industry, as reported by Bloomberg. This move is part of the government's efforts to diversify its economy, with investments being channeled through the fund's subsidiary, Savvy Gaming Group. The group is seeking to acquire game projects while also focusing on development and publishing. The primary objective is to bolster the local gaming industry in Riyadh. According to Savvy Gaming Group CEO Brian Ward, the company is shifting its focus from esports to game publishing and development. As a wholly-owned subsidiary of the Saudi Arabian government, Savvy has previously invested in prominent companies such as Embracer Group and Nintendo, as well as several esports organizations, including the acquisition of ESL. Ward expressed his desire to leverage these investments to collaborate with partner companies on publishing ventures in the Middle East and North Africa, managing esports businesses, and developing new intellectual properties.