Saudi Prince Muhammad Bin Salman has announced significant investments for the domestic gaming industry to bring it up to par with the global competition following the massive growth in the gaming and tech sectors.
Through The Savvy Gaming Group, a government-funded gaming conglomerate, he intends to invest $37.8 billion in the gaming industry. The Crown Prince is also currently serving as the Savvy Games’ board chairman.
According to Saudi and Savvy officials, these developments are part of the Vision 2030 plan and are intended to diversify the nation’s economy. This huge investment will be allocated to four different parts of the industry.
- $533 million for diverse investments in industry innovators to expand early-stage gaming and esports businesses.
- $5.3 billion for partners in the industry who are competent and add to Savvy’s portfolio.
- $13.3 billion for acquiring and building a top game publisher to turn them into a key development partner.
- $18.7 billion for several investments for limited risk in significant businesses that aid Savvy’s game development ambition.
With revenues of $50.5 billion and $50.2 billion, the US and China are currently the top two spenders in the gaming business. However, the Middle East and Africa are the regions in the world that generate the least revenue in this sector. So in order to diversify the economy, Prince MBS is implementing new strategies.
The long-term objective of these investments is to make Saudi Arabia progress sustainably along the global gaming and esports pathways. The government anticipates that this program will result in making 250 game developers, creating 39,000 new jobs, and developing a flourishing esports talent pool within the Kingdom.
The Kingdom aspires to rank among the top three nations with the most esports competitors by encouraging more Saudis to pursue professional gaming.
