Saudi-based Savvy Games Group is to invest SAR50 billion for the acquisition and development of a leading game publisher.
The acquisition will be in line with the Group’s plan to become a strategic development partner of the game publisher.
The buyout of the gaming company is part of a SAR142 billion ($37.8 billion) investment plan unveiled by Prince Mohammed bin Salman bin Abdulaziz, Crown Prince of Saudi Arabia and Chairman of the Board of Savvy Games Group, on Thursday, WAM said, quoting a SPA report.
The investments will spread across four programmes.
Savvy is to invest SAR70 billion for minority stake investments in key companies that support Savvy’s game development agenda.
The Group will also make SAR2 billion diversified investments in industry disruptors to grow early-stage games and esports companies.
Savvy is to invest another SAR20 billion in industry partners who add value and expertise to the Group’s portfolio.