As part of its plan to diversify the economy, Saudi Arabia plans to invest $38 billion in esports by 2030, reveals Bloomberg. In the program, acquire and develop a game publisher and acquire minority stakes in esports companies.
The world’s leading oil exporter turns to Savvy Games Group, its public investment fund, which will spend 50 billion riyals on the acquisition and 70 billion riyals on the shares. The fund will invest in both mature esports businesses and early-stage companies.
Saudi Arabia has already started to become an active investor in the gaming industry, its public investment fund already holding stakes in Activision Blizzard, Electronic Arts and Nintendo. Savvy’s president and CEO is Brian Ward, former head of global studios at Activision Blizzard.
Savvy owns the esports division of the Modern Times Group worth $1.5 billion.
Source: BFM TV
