37.8 billion dollars is the figure that theSaudi Arabia wants invest in the video game industryacquiring company shares to, apparently, a whole senior editor for $ 13 billion. The investments will be made through the nation’s Savvy Games Group, owned by the PIF sovereign wealth fund. The goal is to become a major player in the video game industry.
The investment will consist of 70 billion riyals (around 18 billion euros), which will be used to acquire minority stakes in several key companies, and 50 billion riyals (around 13 billion euros) to acquire a video game publisher. leader, becoming strategic partners in development.
Thirteen billion dollars might be short for publishers like Electronic Arts, Ubisoft or Take-Two, but there are many more to consider. However, no names have been mentioned for now.
In addition to the figures indicated, Saudi Arabia will invest 2 billion riyals (about 480 million euros) in games in development, to support its launch, and in export companies. Finally, 20 billion riyals (approximately € 4.7 billion) will go to industry partners to add value and experience to Savvy’s existing portfolio.
The Saudi prince Mohammed bin Salman said in an official statement that the Savvy Games Group is part of a broader strategy that aims to make Saudi Arabia the most important global hub for the video game and esports industry by 2030.
In recent years, Saudi Arabia has invested heavily in the world of video games, such as on Nintendo or the Embracer Group.