Saudi Arabia looking to invest $38bn in games
Saudi Arabia's Public Investment Fund is looking to invest $38 billion in the games industry.
That's according to Bloomberg, which reported that the country's government is looking to diversify its economy. The investments would come from the PIF's subsidiary, Savvy Gaming Group, which is looking for game projects to acquire but also to develop and publish.
The aim is to support the local games industry in Riyadh.
Savvy Gaming Group CEO Brian Ward told Bloomberg: "We are now more of an esports company than a games company. What we’re doing this year is focusing more on game publishing and development."
Savvy – which is 100% owned by Saudi Arabia's government – has previously invested in companies such as Embracer Group and Nintendo, as well as a number of esports outfits including the acquisition of ESL last year.
Talking about the various companies Savvy has previously invested in, Ward added: "We would like to use those investments to begin to work with these companies and ask how we can work together on publishing in [the Middle East and North Africa], run their esports businesses or develop new IP together."
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