The Kingdom of Saudi Arabia plans to invest 38 billion USD in the development of eSports. As reports 3dnews.ru, these investments should help turn the state into the world center of eSports by 2030, which is part of the plans of local authorities to diversify the economy of one of the largest oil exporters. The project will be developed by the Savvy Games Group, created by the Saudi Arabian Sovereign Fund Public Investment Fund.
It is noted that about a third of the total amount will be spent on the purchase of a major game publisher, and most of the remaining funds will be used to acquire minority stakes in gaming companies. Besides that, investments are envisaged in mature enterprises in the gaming industry and young companies that are just starting out in games and eSports. In accordance with the information, Saudi Arabia is already actively investing in the gaming industry.
So, the country's Sovereign Fund has previously acquired stakes in companies such as Activision Blizzard, Electronic Arts and Nintendo, while Savvy Games Group bought a stake in Embracer Group AB and acquired Modern Times Group's esports division for 1,05 billion USD.
