Savvy Gaming Group unveils $38.7 billion investment to make Kingdom a Global Gaming and Esports Hub
250 gaming companies are anticipated to open in Saudi Arabia, creating 39,000 jobs.
ESL Gaming's parent company Savvy Games Group has revealed that it is set to invest 142 billion riyals (USD 37.8 billion) to make Saudi Arabia a Global Gaming and Esports Hub.
The investments will total 70 billion riyals for the acquisition of a number of minority holdings in businesses that support Savvy's game development agenda and 50 billion riyals for the purchase of "a leading game publisher to become a strategic development partner."
Moreover, twenty billion riyals more will be put toward experienced industry partners who add knowledge to Savvy's portfolio, and two billion riyals will go toward industry disruptors "to grow early-stage games and esports companies."
President of Saudi Arabia, Crown Prince Mohammed bin Salman said: "Savvy Games Group is one part of our ambitious strategies aiming to make Saudi Arabia the ultimate global hub for the games and esports sector by 2030. We are harnessing the untapped potential across the esports and games sector to diversify our economy, drive innovation in the sector and further scale the entertainment and esports competition offerings across the Kingdom."
The business's long-term investment plan is to support local, national, and international programmes and infrastructure for the esports and electronic gaming industries.
According to SPA, the sector's contribution to the Saudi GDP by 2030 is expected to reach 50 billion riyals as a result of the establishment of 250 gaming firms in Saudi Arabia, which would result in the creation of 39,000 jobs.