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Money ability! Saudi Arabia will invest 38 billion US dollars to build "Game Center"

2025-01-18 Update From: SLTechnology News&Howtos shulou NAV: SLTechnology News&Howtos > IT Information >

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Shulou(Shulou.com)11/24 Report--

CTOnews.com April 4, Bloomberg reported that the government of Saudi Arabia plans to invest 38 billion US dollars to build the country into a new hub for the video game industry. This is part of the country's strategy to diversify its economy away from dependence on oil.

Saudi Arabia has the 19th largest gaming market in the world, growing at an annual rate of 41.1%. In 2020, the country will have more than 21 million players and game revenue will reach more than $1 billion. The Middle East and North Africa gaming market is expected to grow 56% to $2.79 billion by 2026.

Saudi Arabia's sovereign wealth fund, PIF, is reportedly planning to invest $38 billion to build a video game industry hub. The fund is a wealth fund chaired by Crown Prince Mohammed bin Salman, and its subsidiary Savvy Gaming Group is its main force in the gaming industry. Savvy Gaming Group ceo brian ward says: "we're more of an esports company than a gaming company right now. Our focus this year is on game publishing and development. "

Savvy Gaming Group has five operating companies, one of which is a gaming studio with about 45 employees. The studio plans to develop mobile games first and then a console game. Ward wants it to grow into a first-class studio, but admits that "building a game studio from scratch is very difficult."

Savvy Gaming Group also intends to acquire or partner with other international and local game studios or publishers in order to achieve its ultimate goal of making Saudi Arabia a global entertainment hub by 2030. Ward said they have about $13 billion to buy a game publisher, but he thinks EA is too big to consider.

Savvy Gaming Group also localizes and distributes games in the Middle East and North Africa region through its investment arm Nine66.

Saudi Arabia's sovereign wealth fund has invested billions of dollars in several of the world's biggest gaming companies, including Nintendo, Tencent, Activision Blizzard, Embracer, Capcom and Nexon. The fund has increased its stake in Nintendo several times and currently holds 8.26% of the shares, making it the company's largest outside shareholder.

According to CTOnews.com, Crown Prince Mohammed bin Salman of Saudi Arabia has a goal to make the country's economy less dependent on oil. And the video game industry, as a market larger than the film and music industries combined, is certainly a worthwhile investment.

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