PIF Launches Savvy Gaming Group

Public Investment Fund (PIF) launched Savvy Gaming Group (SGG) (Asharq Al-Awsat)
Public Investment Fund (PIF) launched Savvy Gaming Group (SGG) (Asharq Al-Awsat)
TT
20

PIF Launches Savvy Gaming Group

Public Investment Fund (PIF) launched Savvy Gaming Group (SGG) (Asharq Al-Awsat)
Public Investment Fund (PIF) launched Savvy Gaming Group (SGG) (Asharq Al-Awsat)

The Public Investment Fund launched Savvy Gaming Group (SGG), chaired by Crown Prince Mohammed bin Salman, Deputy Prime Minister and Chairman of PIF.

Savvy aims to become a domestic and international pioneer in gaming and e-sports and will work to further develop an integrated ecosystem for the sector.

SGG acquired ESL, a leading global organizer of entertainment and e-sports events, and FACEIT, a top digital e-sports platform.

The two were to form the “ESL FACEIT Group,” which will help achieve SGG’s objectives in the sector.

The launch of Savvy Gaming Group is in line with PIF’s 2021-2025 strategy, which aims to enable promising industries and sectors such as entertainment, leisure, and sports, as well as create opportunities for the growth and diversification of Saudi Arabia’s economy, to help achieve the objectives of the Kingdom’s Vision 2030.



EU to Keep US Trade Countermeasures on Hold Until August

European Commission President Ursula von der Leyen speaks during a joint press conference with Indonesian President Prabowo Subianto (not pictured) at the European Commission in Brussels, Belgium, 13 July 2025. EPA/OLIVIER MATTHYS
European Commission President Ursula von der Leyen speaks during a joint press conference with Indonesian President Prabowo Subianto (not pictured) at the European Commission in Brussels, Belgium, 13 July 2025. EPA/OLIVIER MATTHYS
TT
20

EU to Keep US Trade Countermeasures on Hold Until August

European Commission President Ursula von der Leyen speaks during a joint press conference with Indonesian President Prabowo Subianto (not pictured) at the European Commission in Brussels, Belgium, 13 July 2025. EPA/OLIVIER MATTHYS
European Commission President Ursula von der Leyen speaks during a joint press conference with Indonesian President Prabowo Subianto (not pictured) at the European Commission in Brussels, Belgium, 13 July 2025. EPA/OLIVIER MATTHYS

The EU will extend its suspension of countermeasures to US tariffs until early August as it aims for a negotiated solution on trade with the United States, European Commission President Ursula von der Leyen said on Sunday.

US President Donald Trump escalated his global trade war on Saturday and threatened to impose a 30% tariff on imports from the European Union from Aug. 1, separate from sector-specific duties, despite months of intense talks.

Announcing the extension of the halt on retaliatory measures, von der Leyen told reporters the bloc would "continue to prepare further countermeasures so we are fully prepared."

A first package of countermeasures to US tariffs on steel and aluminium that would hit 21 billion euros ($24.6 billion) in US goods was suspended in April for 90 days to allow time for negotiations.

The suspension had been due to expire on Monday.

A second package has been in the works since May and would target 72 billion euros of US goods, but these measures have not yet been made public and the final list requires approval by member states.

Von der Leyen added that use of the EU's Anti-Coercion Instrument was not yet on the table.

"The (anti-coercion) instrument is created for extraordinary situations, we are not there yet," Reuters quoted her as saying.

The instrument allows the bloc to retaliate against third countries that put economic pressure on EU members to change their policies.

Possible retaliatory steps could include restricting EU market access to goods and services, and other economic measures related to areas including foreign direct investment, financial markets and export controls.