https://arab.news/5qm9g
- Public Investment Fund to move assets to subsidiary Savvy Games
- Kingdom already has stakes in leading gaming, esports companies
TOKYO: Saudi Arabia’s Public Investment Fund is planning to transfer all its game-related stocks to its Savvy Games Group business subsidiary and become more of a collaborative partner, a Savvy representative told Japan’s Nikkei on Sunday.
The aim is to help leverage intellectual property across the Middle East, and reflects a broader strategy to diversify the Kingdom’s economy and capitalize on entertainment such as gaming and esports.
Savvy Games Group, whose $35 billion investment plan is central to Saudi Arabia’s gaming strategy, is seen as a key player in this move forward.
In a written response to Nikkei, a Savvy representative stated that the PIF would start transferring all of its gaming stakes to Savvy "in due course." Such a move will mark a significant departure for the PIF as it moves away from a strategy of pure investment returns to active collaboration.
Saudi Arabia’s Crown Prince Mohammed bin Salman is spearheading the Kingdom’s gaming initiative. Before postponing a planned trip to Japan, he had intended to visit various Japanese gaming and entertainment companies, sources said.
The PIF already owns 8.58 percent of Nintendo, 6.6 percent of video game developer Capcom, and 5.37 percent of film and anime studio Toei. The fund also holds stakes in American and South Korean gaming companies and is thought to have investments in other entertainment firms.
The recent Esports World Cup in Riyadh drew 500 teams from around the world with major sponsors including Sony Group and around $62 million in prize money.
In March, a subsidiary of the PIF announced a plan to build a theme park in Saudi Arabia based on “Dragon Ball” — the epic franchise that was born in the 1980s as a manga series — in partnership with Toei Animation.
A plan for a “Transformers” attraction in Saudi Arabia under a deal with a US toy maker was unveiled in 2023.