Saudi Arabia''s Savvy Games Group, owned by the state''s sovereign wealth fund, has announced its intention to invest 142 billion riyals (32 billion) into the video game industry as part of the country''s larger initiative to diversify its economy away from oil.
According to the state''s press office, this new investment package has a value of 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) is tied for minority ownership in other companies, whereas the rest will be spent on industry disruptors and industry partners to strengthen Savvy''s portfolio.
According to Saudi Press Agency, the Savvy Games Group is part of our ambitious strategy that will make Saudi Arabia the ultimate worldwide hub for the games and esports sector by 2030.
"We are increasing the untapped potential across the esports and games industry to diversify our economy, drive innovation in the sector, and further expand the range of entertainment and esports competition offerings across the Kingdom."
In June, SVG purchased a 840 million stake in Embracer Group, which was followed by a statement from its boss. In May, the group purchased a 5 percent stake in Nintendo.
Esterable that Saudi Arabia''s involvement in the video game industry is controversial.
The Kingdom''s poor human rights record, which includes the criminalisation of homosexuality, fewer women''s rights, and the use of the death penalty, is a core to the controversy.
US intelligence agencies have blamed Saudi Arabia and its effective ruler Prince Mohammed bin Salman for the assassination of Jamal Khashoggi.
