Saudi Arabia has spent almost $8bn acquiring and building stakes in gaming companies across the globe in the past 18 months as part of a turbocharged investment spree with the aim of becoming a dominant force in the growing entertainment industry.
Saudi-backed Savvy Games Group has led the deals, including a significant stake in China’s VSPO, Sweden’s Embracer Group, and the acquisition of US-based Scopely, as Riyadh deploys its petrodollar wealth to muscle its way into a diverse range of sectors.
Launched in January 2022, Savvy is wholly owned by Saudi Arabia’s $650bn Public Investment Fund and chaired by Crown Prince Mohammed bin Salman, who said his aim was to transform the kingdom into “the ultimate global hub for the games and esports sector” in just seven years.