Saudi Arabia to invest $38 billion in Esports and gaming industry
Saudi Arabia's state fund Savvy Group plans to invest $38 billion in Esports and the gaming industry. Thus, the authorities plan to diversify the economy, which depends on oil exports. An article about upcoming plans was published in the Bloomberg publication.
It is reported that half of the total amount will be spent on shares of gaming companies. Another third is to develop their own game publishers. And the last point of investment - buying Esports companies at an early stage of their development.
Previously, Savvy Group bought tournament organizer ESL and Esports platform FACEIT for 1.5 billion dollars. In addition, there have been several large tournaments sponsored by Saudi Arabian companies in the past few years. The most recent was the Riyadh Masters 2022, with a prize pool of $4 million.