1 year 7 months ago
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Saudi Arabia's Savvy Games Group, owned by the state's sovereign wealth fund, has announced its intention to invest 142bn riyals (£32bn) into the video game industry, as part of the country's wider initiative to diversify its economy away from oil.
The highlight of this new investment package is 50bn riyals (£12bn) earmarked for the acquisition of "a leading game publisher to become a strategic development partner," according to the state's press agency.
Another 70 billion riyals (£16bn) is pegged for minority stakes in other companies, while the rest will be spent targeting industry disruptors and mature industry partners to enhance Savvy's portfolio.