Saudi Arabia invests $38 billion to become a major player in esports

Saudi Arabia wants to take its share in the esports sector. The country plans to invest $38 billion by 2030.

As part of its plan to diversify the economy, Saudi Arabia plans to invest $38 billion in esports by 2030, reveals Bloomberg. On the program, acquire and develop a game publisher and take minority stakes in e-sport companies.

The world’s leading oil exporter is calling on Savvy Games Group, its public investment fund, which will spend 50 billion riyals for the acquisition and 70 billion riyals for the stakes. The fund will invest in both mature esports businesses and early-stage companies.

« We are harnessing the potential of the gaming and esports sector to diversify our economy, drive innovation in the sector, and expand esports entertainment and competition offerings across the kingdom, » the Crown Prince said. Saudi Arabian and Chairman of Savvy, Mohammed Bin Salman.

Saudi Arabia has already started to become an active investor in the gaming industry. Its public investment fund already has stakes in Activision Blizzard, Electronic Arts and Nintendo. Savvy’s president and CEO is Brian Ward, former head of global studios for Activision Blizzard.

Savvy owns Modern Times Group’s esports division worth $1.5 billion.

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