Saudi Arabia’s games and esports company Savvy Games Group has launched its new investment strategy, as the kingdom intends to develop its gaming and esports industry.
Savvy Games, which is owned by Saudi Arabia’s Public Investment Fund (PIF), is planning to invest $38 billion (142 billion riyals) across four programs each with specific objectives.
The Group was launched earlier this year, in line with the PIF’s 2021-2025 strategy to drive innovation in strategic sectors including entertainment, leisure, and sports.
According to the statement, Savvy Games will use $13 billion (50 billion riyals) to buy and develop a leading game publisher, and $19 billion (70 billion riyals) to make investments in companies that will help grow Savvy Games.
“A total of $5 million (2 billion riyals) will be invested in early-stage gaming and esports companies, and the remaining $5 billion (20 billion riyals) in bigger businesses,” the company added.
Crown Prince Mohammed bin Salman, who also serves as chairman of the group’s board, said that “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. We are harnessing the untapped potential across the esports and games sector to diversify our economy, drive innovation in the sector, and further scale the entertainment and esports competition offerings across the Kingdom.”
Further, the launch of the Savvy Games Group’s strategy will enable and support the recently announced national gaming and esports strategy, as Savvy will invest in several local and international programs and infrastructure to provide training, education, and entrepreneurship opportunities.
It will also attract international companies to Saudi Arabia through investments and partnerships that will contribute to providing skills, knowledge transfer, and building capabilities in the whole ecosystem.
The company stated that it will also establish 250 games companies in the Kingdom, which will create 39,000 jobs, and raise the sector’s GDP contribution to $13 billion (SR50 billion) by 2030.
This strategy will be delivered by Savvy’s five independent subsidiaries specifically devoted to different sectors and this ecosystem development, as per the statement.