With Saudi Arabia’s big investment in the game industry Worth 38 billion dollars, this country will take a big step towards reducing dependence on oil income.
Saudi Arabia is looking for ways to generate income in the future and does not want its economy to remain dependent on oil. In this regard, this country wants to invest 38 billion dollars (142 billion Saudi riyals) by 2030. World center of electronic games (E-Sports) become.
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Saudi Arabia’s big investment in the game industry
The Saudi government investment fund named “Smart Games Group” makes this investment. According to reports, 50 billion Saudi Riyals were spent on the purchase and development of a game publisher and 70 billion Riyals were spent on buying shares of game companies.
In addition, Saudi Arabia is investing 20 billion Rials in mature businesses in the gaming industry and 2 billion Rials in start-up companies in the gaming and e-sports industry.
Mohammed bin Salman, the crown prince of Saudi Arabia and the head of the Savoy Group, said that the country wants to expand its economy with the potential of the gaming industry. He also stated:
We use the untapped potential in the gaming and electronic gaming industry to diversify our economy. We want to drive innovation in the industry and expand the fun and competition of electronic games across the country.
This is not the first time that Saudi Arabia Investing in electronic games and in the past this country has become an active investor in this industry. In the past, this country has bought the shares of Activision Blizzard, Electronic Arts and even Nintendo with public investment.
In addition, Savvy previously bought shares in Embracer Group AB as well as the electronic games division of Modern Times Group for $1.05 billion. Also Savvy’s CEO is Brian Ward; A person who was the head of Activision Blizzard’s global studios in the past.
All these investments show that Saudi Arabia does not want to depend on oil revenues in the future of its economy and is now operating in areas that can have countless benefits for this Arab country in the future.
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