Saudi Arabia's Savvy Games Group said it will invest 142 billion riyals ($37.8 billion) in initiatives aimed at making the Kingdom a global hub for gaming.
The investments will include 70 billion riyals to take several minority stakes in companies that support Savvy's game development agenda and 50 billion riyals to acquire "a leading game publisher to become a strategic development partner".
Another 20 billion riyals will be invested in mature industry partners who bring expertise to Savvy's portfolio and 2 billion riyals will target industry disruptors "to grow early-stage games and esports companies."
"Savvy Games Group is one part of our ambitious strategies aiming to make Saudi Arabia the ultimate global hub for the games and esports sector by 2030," Crown Prince Mohammed bin Salman said Thursday.
"We are harnessing the untapped potential across the esports and games sector to diversify our economy, drive innovation in the sector and further scale the entertainment and esports competition offerings across the Kingdom."