Saudi Arabia’s Public Investment fund group to invest 37.8 billion USD in gaming

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Savvy Games Group (SGG) received 37.8 billion USD (142 billion riyals) to expand more in the gaming sector, including 70 billion riyals to buy stakes in several companies and 50 billion riyals to acquire a leading game publisher as a strategic development partner.

Furthermore, 20 billion riyals will be spent on acquiring talent to lead the industry partners and help them grow during their early stages and another 2 billion riyals to maintain any disruptions in the industry. They also plan on making the kingdom a hub for gaming.

SGG emerged as one of the largest gaming and esports companies that aims to have long-term growth and development in the esports sector. They claim that the gaming sector is one of the fastest growing sectors and can become better entertainment in the future for the majority of people, regardless of age.

In 2022, SGG acquired Faceit and ESL for about 1.5 billion USD. Faceit is one of the largest platforms providing online video game servers for fair matches, whereas ESL is among the largest esports event organizers and broadcasters. Both companies are set to merge and form the ESL FaceIt Group.

It aims to set up 250 game companies that will create more than 39,000 jobs and raise the Saudi GDP by 50 billion riyals by 2030. Crown Prince Mohammed bin Salman said, “Savvy Games Group is one part of our ambitious strategy aiming to make Saudi Arabia the ultimate global hub for the games and esports sector by 2030”.

SGG claims that its goals are for the betterment of the gaming industry and hopes that the companies they invest in will open their branches in Saudi Arabia. The company plans to invest in the long term in the electronic gaming and esports industry.