Over the last few years, Saudi Arabia’s Public Investment Fund (PIF) has been diversifying its portfolio by investing in gaming and esports companies. It has stakes in Nintendo, Activision Blizzard, Ubisoft, and Take-Two Interactive. 

The PIF-owned Savvy Games Company is now acquiring mobile games maker Scopely for $4.9 billion. The US-based Scopely publishes free-to-play social games such as Yahtzee With Buddies, Stumble Guys, and Marvel Strike Force.

The acquisition announced is still subject to regulatory approval.

This is Savvy’s third significant investment after it bought a $265 million stake in the Chinese esports company VSPO and acquired the esports platform Vindex.

“We look forward to further accelerating the company’s ambitions and working with their talented team of developers, designers, and publishers to create innovative and exciting new products for the gaming community across the world,” said Brian Ward, CEO of Savvy Games Group.

Scopely will continue to operate independently under the Savvy brand, the statement noted.

The acquisition will help Scopely expand its expertise in live services to new markets, including PC, console, and other platforms, and build on a cross-platform strategy, the statement noted.

According to reports, Savvy aims to invest $37.85 billion in initiatives to make the kingdom a global hub for gaming.