Saudi Arabia is about to make a major investment in cybersports and gaming at the state level. This is according to a press release issued by Savvy Gaming Group – an organization that receives funding from the country's government fund. The amount of 38 billion is planned to be divided into several parts. The funds will be used to invest in stocks in the computer game industry, buy publishers and hold various events. The $500 million will go directly to promoting cyber sports.
Investing in this industry – is one of the elements of Saudi Arabia's economic diversification plan. Currently, the main item of its income is hydrocarbon exports, but in the next decade the government expects to change this situation by increasing the share of other sources of income, in particular, in the tourism and financial sectors.
Savvy Gaming Group has already attracted the attention of cybersports fans - it acquired ESL and FACEIT in early 2022. Both companies now operate under a single name called ESL FACEIT Group.