After having already invested in the shares of Nintendo, EA and Take-Two, Saudi Arabia is trying to enter the gaming sector in a more convinced way by advancing an investment of 38 billion dollars.
The initiative comes directly from the Saudi Arabian government, which it has put on the table $38 billion to build one “gaming hub” in Ryyad, in the heart of the country. It is an effort to become an industry leader and to diversify the country’s economy, which until now has been almost entirely centered on oil.
According to reports from Bloomberg, this venture will be led by Savvy Gaming Group (founded by Prince Bin Salman) and one of the first planned actions is theacquisition or creation of a company which could allow the creation of a “new intellectual property” in the country. Not only that, but through massive investments, Savvy will look to grow holdings in companies like Nintendo and enrich a thriving esports ecosystem in Saudi Arabia.
“We are now more of an esports company than a gaming company. What we are doing this year is focusing more on game publishing and development. We would like to use these investments to start working with these companies and ask how we can work together on publishing in (Middle East and North Africa), run their esports businesses or co-develop new intellectual properties,” Savvy CEO Brian Ward told Bloomberg.