Saudi wealth fund’s Savvy Games Group to invest $37.8 billion

(Reuters) – Saudi Arabia’s Savvy Games Group, owned by sovereign wealth fund PIF, will invest 142 billion riyals ($37.8 billion) across four initiatives as it aims to become a global hub for gaming, state news agency SPA said on Thursday.

The investments will include 70 billion riyals to take several minority stakes in “key companies” that support Savvy’s game development agenda and 50 billion riyals earmarked to acquire “a leading game publisher to become a strategic development partner”.

($1 = 3.7580 riyals)

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