Saudi Arabia Outlines Plans to Invest $38 Billion in E-Sports
Source: Bloomberg
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Saudi Arabia plans to invest 142 billion riyals ($38 billion) to turn the kingdom into a hub for e-sports by 2030, part of plans to diversify the economy of the world’s biggest oil exporter.
Savvy Games Group, a unit of the country’s sovereign wealth fund, will spend 50 billion riyals to acquire and develop a games publisher and 70 billion riyals to take minority stakes in gaming companies, according to a statement.