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PIF-owned Savvy Games Group to invest $38 billion in video games industry
The group plans to establish 250 gaming companies in Saudi Arabia
Saudi Arabia’s gaming and esports sector has been making significant strides. Attesting to the country’s growing interest in the sector, Savvy Games Group (SGG) has unveiled its plans to invest $38 billion to propel the country’s global gaming and esports ecosystem by 2030.
Fully owned by the Public Investment Fund, SGG’s strategy is to drive growth with a long-term investment horizon and long-dated capital, creating more opportunities for participation and strengthening partnerships in the games industry.
The company has moved to split its investments across four programs – $13.3 billion will be put to acquiring and developing a leading games publisher; $18.7 billion to go to minority stakes in other game publishers; $533 million for growing early-stage gaming and esports companies, and $5.3 billion to aid established companies that provide Savvy with strategic partnerships.
With these additional funds, SGG plans to establish 250 gaming companies in Saudi Arabia, which would create 39,000 jobs and raise the sector’s GDP contribution to about $13.3 billion by 2030.
SGG revealed that five subsidiaries would deliver these funds – Nine66, VOV, an upcoming studio that will publish mid/core games, ESL FACEIT Group (EFG), and Savvy Games Fund.
Its strategy is based on four main pillars: to enhance returns, local impact, and leave a global footprint; expand and lead to international games investing; generate sustainable returns, and enable creators across the entire value chain. Its investments will create opportunities for participation and progression in the sector across gender, geography, means, and ability.
In September 2022, Saudi Arabia launched the National Gaming and Esports Strategy to harness the kingdom’s untapped capabilities and potential in this sector.
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