Sunday, July 21, 2024

Saudi Arabia Investing $38 Billion to Become a Gaming Hub

Saudi Arabia has announced it will invest more than $38 billion in the global gaming industry to diversify its economy and reduce its dependence on the oil industry. The Saudi Public Investment Fund (PIF), a sovereign wealth fund, is tasked with distributing his $38 billion to the global gaming industry, which is currently valued at around $184 billion. As with previous investments in the Saudi gaming industry, PIF subsidiary Savvy Gaming Group is responsible for financing this investment. In previous investments, Savvy was focused and invested only in esports, but now it will expand into areas such as game development and publishing.

As the investment and attention to the sport grows, so too does the number of Saudi Arabian players. According to analysts, Saudi Arabia has about 21 million gamers, which is about 58% of the total population. This high concentration is surpassed only by the United States, with his staggering 214 million players. Saudi Arabia doesn’t have a big presence in the gambling industry, but the future certainly looks bright.

Saudi Arabia has made a name for itself in the gaming industry through its past investments. PIF has acquired large stakes in premium gaming companies such as Nintendo, Tencent Holdings and Activision Blizzard. Saudi Arabia aims to acquire more studios and publishers with new investments, achieving its goal of becoming a global hub for esports and gaming.

Savvy has invested billions in gaming companies such as Tencent, Activision Blizzard and Nintendo. The company is the latter’s largest outside shareholder, having increased its stake in February and now owns 7.08% of him, up from 6.07% at the beginning of the year. It also acquired two major esports brands. In September 2022, Savvy announced plans to provide $13.3 billion to “acquire major game publishers to become strategic development partners.”

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