Saudi Arabia will spend 37.8 billion dollars in the game industry to continue to acquire "leading game publishers"

Thanks to CTOnews.com netizen Coje_He for the clue delivery! CTOnews.com, October 2 (Xinhua)-- Saudi Arabia will invest a further $37.8 billion (about 269.514 billion yuan) in acquisitions in the gaming industry, including about $13 billion for "leading game publishers", according to Saudi Arabian state news.

The investments will be made through the country's Savvy Games Group, owned by sovereign wealth fund PIF, which aims to become a major player in the gaming industry. These investments will include the acquisition of 70 billion rials ($18.6 billion) for minority stakes in several "key companies" that support the Savvy game development agenda, and 50 billion rials ($13.3 billion) for "a leading game publisher to become a strategic development partner."

In addition, Saudi Arabia's state news said it would set aside 2 billion rials ($481 million) to invest in "industry disrupters to develop early-stage games" and e-sports companies. Finally, 20 billion rials (US $4.8 billion) will be invested in "mature industry partners" who will add value and expertise to Savvy's existing portfolio.

"Savvy Games Group is part of our ambitious strategy to make Saudi Arabia the global centre of the gaming and e-sports industry by 2030," Saudi Crown Prince Mohamed Ben Salman said in a statement.

CTOnews.com learns that Saudi Arabia has bought 5.01 per cent of Nintendo, 5 per cent of Capcom and Nexon this year, as well as billions of shares in Activision Blizzard, EA, Embracer and Take-Two, and even 96.18 per cent of SNK, the "champion" developer.

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