According to an announcement from the Kingdom of Saudi Arabia, Savvy Game Group will invest a total of $37.8 billion into the gaming and esports industry. Additionally, the group plans to purchase a game developer, setting aside up to $13 billion.
In an interview published earlier in the week, Prince Faisal bin Bandar bin Sultan Al Saud deflected monopoly concerns when asked about the SGG’s purchasing trend in esports. But this intent to invest from a state-owned company is unprecedented in the game industry.
The group also plans to open a game studio in Saudi Arabia. Saudi Arabia expects game publishers who receive investment to eventually open offices there. SGG will also invest in local and international esports infrastructure through its series of companies. VOV company, an SGG subsidiary, opened its first venue in May, according to a press release.
The amount of money the Savvy Gaming Group is willing to invest in esports and gaming is staggering. Its first esports splash was in January, when SGG merged and purchased ESL and FaceIt for $1.5 billion.
Disclaimer: Saudi Arabia’s Savvy Games Group to invest $37.8 billion in esports, gaming BY HUNTER COOKE - Views expressed by writers in this section are their own and do not necessarily reflect Latheefarook.com point-of-view