Savvy Games Group, owned by Saudi Arabia''s sovereign wealth fund, has announced its intention to invest 142 billion riyals (32 billion) in the video game industry as part of the country''s broad commitment to diversify its economy away from oil.
According to the state''s press office, this innovative investment package is worth 50 billion riyals (12 billion) earmarked for the acquisition of "a leading game publisher to become a strategic development partner."
Another 70 billion riyals (16 billion) will be invested in other companies, while the rest will be spent on industry disruptors and industry partners to enhance Savvy''s portfolio.
According to the Saudi Press Agency, the Savvy Games Group is one of our ambitious objectives, which will make Saudi Arabia the ultimate global hub for the games and esports industry by 2030.
"We are expanding the untapped potential across the esports and sports sector to diversify our economy, drive innovation in the sector, and further expand the spectrum of entertainment and esports competition offerings across the United Kingdom."
Back in June, SVG purchased a 840 million share in Embracer Group, which was followed by a letter from its chairman. In May, the company purchased a 5 percent share in Nintendo.
Saudi Arabia''s investment in the video game industry has been controversial, according to a statement, but it''s a mistake.
The Kingdom''s poor human rights record, which includes the criminalization of homosexuality, reducing women''s rights, and the use of the death penalty, is an element of the controversy.
The Saudi state - and his effective ruler Prince Mohammed bin Salman - have been named as the perpetrators of the assassination of Washington Post journalist Jamal Khashoggi by US intelligence agencies.
