The Public Investment Fund of Saudi Arabia (FIP) has announced in a press release that they plan to spend 50,000 million rials (13,000 million dollars) to buy a leader video game editor. The investment comes from its subsidiary Savvy Gaming Group , and the idea is to become a strategic development partner within the industry.
This money is part of an investment lot of 142 billion rials (37.8 billion dollars) in the video game sector as part of its objectives of diversifying its economy and not being totally dependent on oil. Another 70,000 million rials (18.6 billion dollars) to acquire minority shares in several key companies, while the rest of the investment money will be used for industry disruptors to grow the games in the initial stage and others Esports companies, with about 4.8 billion dollars that will go to mature partners of the sector to add value and experience to their portfolio.
Savvy Games Group is a part of our ambitious strategy that aims to make Saudi Arabia the final global center for the electronic games and sports sector by 2030, said the crown prince Mohammed bin Salman, according to the press agency Saudi. We are taking advantage of the non-exploit potential in the electronic sports sector and games to diversify our economy, boost innovation in the sector and even more climbing entertainment competition and electronic sports offers throughout the kingdom.
Savvy intends to establish 250 video game companies in Saudi Arabia, which would add 39,000 jobs among them.
The FIP has already been reaffirming its interest in the video game industry in recent times, in somewhat less recent cases such as EA, Take-Two or SNK and in more current ones such as the purchase of 5% of Nintendo. The last one, by the way, was that of embarraphous Group, when one billion dollars were spent on getting 8.1% of the Swedish Holding.
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