Saudi Arabian government-funded video game company Savvy Games Group has announced plans to invest $37.8 billion in the gaming sector. Mohammad bin Salman, the deputy prime minister, serves as its chairman. With the new investment plan, Savvy will fund both domestic and foreign projects.
It seeks to build 250 gaming businesses in Saudi Arabia in order to generate 39,000 new employment and primarily boost GDP.
When asked about the organization’s ambitious investment plan, Savvy chairman Mohammad bin Salman remarked, “Savvy Games Group is one aspect of our ambitious strategy aiming to make Saudi Arabia the greatest worldwide powerhouse for the games and sports sector by 2030.”
We are utilizing the unrealized potential of the video game and sports industries to expand the availability of entertainment and sports competitions throughout the Kingdom, diversify our economy and spur industry innovation.
Saudi Arabia has been working to repair its worldwide reputation for a number of years. The nation frequently employs soft power in an effort to distract from its disregard for human rights or even its barely covered-up violations (like the murder of writer Jamal Khashoggi in 2018). The monarchy plans to approach video games after sports such as Formula 1, football, or even wrestling.
Saudi Arabia is to invest $37.8 billion in the gambling sector as part of its Vision 2030 initiative, which seeks to boost the nation’s allure. The Savvy Gaming Group, a company controlled by the Saudi Public Investment Fund, will distribute this enormous sum (PIF).
Following its purchase of the ESL in January, this firm has recently garnered headlines (for 1.5 billion dollars). This July, the Embracer Group received a second formal $1 billion investment.
To read our blog on “Forget P2E—factory NFTs are the new crypto gaming meta,” click here
