Saudi Arabia's Savvy Games Group, owned by the state's sovereign wealth fund, has announced its intention to invest 142bn riyals into the video game industry, as part of the country's wider initiative to diversify its economy away from oil.
The highlight of this new investment package is 50bn riyals earmarked for the acquisition of"a leading game publisher to become a strategic development partner," according to theAnother 70 billion riyals is pegged for minority stakes in other companies, while the rest will be spent targeting industry disruptors and mature industry partners to enhance Savvy's portfolio.
"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."
Saudi Arabia is now more transformative from petro-dollar to video game-dollar for the acquisitions.
Saudi Arabia is doing a great job implementing important projects to develop the field of games and technology in general.
ZhugeEX Oh no...
ZhugeEX BUY SONY INTERACTIVE ENTERTAINMENT
Nice to see everyone is buying a major Studio but Sony
Oh no
ZhugeEX from petro-state to vidya-state
Great, more wins from my country.
ZhugeEX Saudi arabia can acquire the whole gaming industry