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RIYADH: With investments worth SR142 billion ($37.8 billion), 抖阴短视频鈥檚 PIF-owned Savvy Games Group seeks to transform the Kingdom into a global gaming hub with world-class gaming companies, said CEO Brian Ward.
Ward was addressing members of the media following the announcement of the company鈥檚 strategy by Crown Prince Mohammed bin Salman on Thursday.
The investments will include SR70 billion to take several minority stakes in companies that support Savvy鈥檚 game development agenda and SR50 billion to acquire 鈥渁 leading game publisher to become a strategic development partner.鈥�
Another SR20 billion will be invested in industry partners and SR2 billion will target industry disruptors 鈥渢o grow early-stage games and esports companies.鈥�
鈥淪avvy Games Group is one part of our ambitious strategy aiming to make 抖阴短视频 the ultimate global hub for the games and esports sector by 2030,鈥� the Saudi Press Agency quoted Crown Prince Mohammed bin Salman as saying.
Savvy's CEO Brian Ward
In the press briefing, Ward said: 鈥淥ur mission will be to lead global investments in the sector.鈥�
He said gaming and esports is the largest entertainment sector with a potential to 鈥渆xceed $300 billion by 2020 and $400 billion by 2028.鈥�
Ward said Savvy aims to accelerate the growth of the sector in the Kingdom and take advantage of 抖阴短视频鈥檚 鈥渦nique geopolitical position in the world.鈥�
The PIF-owned company has five independent subsidiaries, including esports arm EFG, as well as Nine66, which "is building an ecosystem for game developers and studios,鈥� and VOV company, which is building gaming and competition venues.
鈥淲e intend to make new investments in startups and (established) tech companies,鈥� the top official said.
He also told the media that more details about the company鈥檚 acquisition deals and agreements strategy would be announced in the next six months.
Ward said the strategy unveiled on Wednesday seeks to help local gaming companies grow into global players producing world-class games.