Riyadh invests billions of petrodollars in the gaming industry
70 percent of the total population of Saudi Arabia, including the Prince, are gamers. Naturally, Riyadh is increasing its petrodollar investment in the gaming industry. Through this, by the year 2030, it has set a target of establishing 25 gaming companies and studios as well as employment of 39 thousand people.
The investment company 'PwC' estimates that by 2026, the global income of the video game sector will exceed 30 billion dollars, in addition to the entertainment and media sector, more than 10 percent will go from here.
In the past two years, Saudi Arabia has spent more than eight billion dollars on buying ownership stakes in various gaming companies around the world to capture that market. At the center of these deals was the Saudi-backed gaming company Savvy Games. The British newspaper 'Financial Times' reported that Riyadh has already acquired a large stake in China's virtual e-sports project 'VSPO', Sweden-based 'Embracer Group' and US company 'Scopely'. Founded in January 2022, Savvy is wholly owned by Saudi Arabia's $65 billion Public Investment Fund (PIF). Its head is Crown Prince Mohammed bin Salman of Saudi Arabia.
He says he wants to transform Saudi Arabia into 'the biggest global hub for gaming and e-sports' within seven years.
