Saudi Arabia plans to invest $38 billion in games and esports

The Kingdom of Saudi Arabia intends to invest $38 billion in the gaming and esports industry, according to a press release of the Savvy Gaming Group consortium for the media, excerpts from which are cited by Bloomberg.

Savvy Gaming Group, which is funded by the Saudi Arabian government's public investment fund, will provide $13 billion to acquire game publishers, $18 billion to buy stakes in gaming companies, and $5 billion to invest in various gaming activities. Investments in esports are also mentioned and will amount to $500 million.

The investments in gaming and esports are part of Saudi Arabia's plan to diversify its economy. Currently, this country is primarily known as the world's largest oil exporter, but by 2030 wants to become a major tourist and financial center.

Savvy Gaming Group's most notable move in the esports industry so far is the acquisition of ESL and FACEIT earlier this year. After the deal, which is estimated at $1.5 billion, these companies were merged into the ESL FACEIT Group.