Saudi Arabia’s sovereign wealth fund, Public Investment Fund (PIF) has launched a new gaming company ‘Savvy Gaming Group’, as the Gulf country seeks to diversify its largely oil-dependent economy.
Savvy Gaming Group, headed by Crown Prince Muhammed bin Salman, Chairman of the Council of Economic and Development Affairs, and Chairman of PIF, aims to become the leading gaming and eSports group domestically and globally. The new entity will also work to create an integrated ecosystem for the sector.
Meanwhile, Savvy Gaming Group has signed an acquisition agreement with ESL, a German esports organizer and production company, in addition to FACE IT Company, which is a leading digital platform in e-sports, in a bid to enhance its ambitious plans.
As a result of the acquisition of ESL and FACE IT, the two companies will be merged under the name “ESL FACE IT Group” to act as the foundation stone to realize Savvy Group’s targets in the sector. The completion of the acquisitions is subjected to conditions related to receiving organizational approvals from stakeholders.
The combined business will offer an end-to-end solution that will help in building competitive gaming communities and ecosystems with a leading digital platform for players to play and connect. It will also be a key destination for partners looking to reach new audiences.
According to a recent report by Boston Consulting Group, the gaming consumption in Saudi Arabia, the Arab world’s largest economy, is estimated to reach $6.8 billion by 2030.
The launch of the Savvy Gaming Group is in line with PIF’s 2021-2025 Strategy that aims at empowering promising sectors, including entertainment and sports, in a way that contributes to providing development opportunities and enhancing the diversification of revenues of the Saudi economy as per the Saudi Vision 2030 goals.
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