Saudi Arabia is reportedly looking to invest $38 billion into making the kingdom a global esports hub by 2030. This money will be used to develop game publishers, acquire stakes in gaming companies, and invest in businesses.
Almost half of the money in this plan will be used to acquire minority stakes in gaming organizations. Savvy Games Group will spend another $13.3 billion on the acquisition and development of game publishers. An additional $5.3 billion will be invested in established esports start-ups. The last $532 million will go towards backing early-stage start-up companies.
“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,” said the Chairman of Savvy, Mohammed Bin Salman.
The Crown Prince of Saudi Arabia believes that this focus on gaming will do wonders for the country’s economy. In fact, the goal is for the country to create 39,000 gaming jobs over the next eight years, boosting the kingdom’s GDP by $13.3 billion. This investment plan will go towards making that idea a reality.
(All information was provided by Alarabiya News and Forbes)
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