Saudi Arabia is making its next big move in an ongoing effort to diversify its economy. Savvy Games Group, owned in full by the country’s Public Investment Fund, is planning to invest $37.8 billion in gaming and esports with the goal of making the country a hub for gaming.
The group is reportedly setting aside $13.3 billion to acquire “a leading game publisher to become a strategic development partner.”
The investments will also include $18.6 billion in minority stakes.
The country said that the strategy would establish 250 gaming companies in Saudi Arabia, create 39,000 jobs, and raise the sector’s GDP contribution to $13.3 billion.
The PIF, Saudi Arabia’s Sovereign Wealth fund, is no stranger to gaming investments. It holds a $2.9 billion stake in Activision Blizzard, a $1.9 billion stake in Electronic Arts, a $1.4 billion stake in …