The Kingdom of Saudi Arabia intends to invest £32 billion into the video game industry. This will be done by acquiring “a leading game publisher”.
As reported by Eurogamer, Saudi-owned Savvy Games Group intends to invest £12 billion in the acquisition of “a leading game publisher to become a strategic development partner.”
Saudi Arabia is investing billions
A further £16 billion will also be set aside to acquire minority states in other video game companies.
The remaining £4 billion will then be used to target “industry disruptors” as well as “mature industry partners”.
The overall aim is to enhance Savvy Games Group’s portfolio within the industry as well as widen Saudi Arabia’s growth.
This investment will join Saudi’s other high-profile investments, including in sporting events and also the previous £305 million acquisition of Newcastle United Football Club.
“Savvy Games Group is one part of our ambitious strategy aiming to make Saudi Arabia the ultimate global hub for the games and esports sector by 2030,” said Crown Prince Mohammed bin Salman, according to the Saudi Press Agency.
“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.”
It’s not the first Saudi Arabia investment
Furthermore, in the same article by Eurogamer, it is stated that this is not the first time that Savvy Games Group has invested in the video game industry.
Back in June, the Saudi group invested £840 million in Embracer Group as well as a 5% stake in Nintendo.
Lack of Human rights in the kingdom
It’s worth noting that Saudi Arabia has historically dealt with a lot of controversies.
These controversies have often been related to the Kingdom’s human rights violations. These include the lack of rights for women as well as the criminalisation of homosexuality.
At the time of writing, in Saudi Arabia, homosexuality is punishable by death.