37.8 billion dollars is the figure that theSaudi Arabia wants invest in the video game industryacquiring corporate shares to, it seems, a whole major editor for 13 billion dollars. The investments will be made through the nation’s Savvy Games Group, owned by the PIF sovereign wealth fund. The goal is to become a major player in the video game industry.
The investment will consist of 70 billion riyals (about 18 billion euros), which will be used to acquire minority stakes in several key companies, and 50 billion riyals (about 13 billion euros) to acquire a video game publisher leaders, becoming strategic partners in development.
Thirteen billion dollars may be a small amount for publishers such as Electronic Arts, Ubisoft or Take-Two, but there are many others to consider. However, for now, no names have been named.
In addition to the figures indicated, Saudi Arabia will invest 2 billion riyals (about 480 million euros) in games in development, to support its launch, and in companies dedicated to esports. Finally, 20 billion riyals (about 4.7 billion euros), will go to industry partners, to add value and expertise to Savvy’s existing portfolio.
Saudi prince Mohammed bin Salman said in an official statement that the Savvy Games Group is part of a broader strategy that aims to make Saudi Arabia the most important global hub for the video game and esports industry by 2030.
Saudi Arabia has invested heavily in the world of video games in recent years, such as Nintendo or the Embracer Group.