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  • btc = $51 454.00 306.78 (0.60 %)

  • eth = $2 986.06 44.51 (1.51 %)

  • ton = $2.14 0.05 (2.39 %)

18 Jun, 2023
1 min time to read

Saudi Arabia's aggressive investment strategy in the gaming industry has seen the kingdom spend nearly $8 billion on acquisitions and partnerships in the past 18 months.

Led by the Saudi-backed Savvy Games Group, the investments aim to position the country as a major player in the rapidly growing entertainment sector and diversify its revenue streams.

Savvy Games Group, wholly owned by Saudi Arabia's Public Investment Fund, has secured significant stakes in prominent gaming companies such as China's VSPO, Sweden's Embracer Group, and the acquisition of US-based Scopely. With the backing of Crown Prince Mohammed bin Salman, the group is spearheading the kingdom's mission to transform into a global hub for the games and e-sports industry within seven years.

As Piers Harding-Rolls, games analyst at Ampere Analysis, explains, the kingdom is essentially building the industry from the ground up, laying the foundation for a thriving ecosystem of 250 gaming companies and studios. The ambitious plans also include the venture into e-sports through a strategic partnership with VSPO.