Saudi Arabia Announces $38 Billion Investment Plan to Establish Itself as the Next Gaming Industry Hub
Saudi Arabia is set to invest $38 billion in a bid to establish itself as a major gaming hub and player in the global gaming market, which is worth an estimated $184 billion. The move is part of the country’s efforts to diversify its economy away from oil, according to a report by Bloomberg. The investment will be led by Savvy Gaming Group, a subsidiary of the country’s Public Investment Fund (PIF), which is already the largest outside shareholder in Nintendo, with an 8.3% stake.
Initially, Savvy Gaming Group had focused on the esports industry, but it now plans to develop, publish, and acquire AAA games, as well as support the local gaming industry in Riyadh. According to Savvy CEO Brian Ward, the company is now more focused on game publishing and development. The investment will also be used to work with major gaming companies such as Tencent, Nintendo, and Activision Blizzard, to develop new intellectual property and to publish games in the Middle East and North Africa.