Saudi Arabia makes its mark in the global games industry by investing billions globally

Saudi Arabia has spent almost $8 billion acquiring and building stakes in gaming companies across the globe in the past 18 months as part of a turbocharged investment spree with the aim of becoming a dominant force in the growing entertainment industry. Saudi-backed Savvy Games Group has led the deals, including a significant stake in China’s VSPO, Sweden’s Embracer Group, and the acquisition of U.S.- based Scopely, as Riyadh deploys its petrodollar wealth to muscle its way into a diverse range of sectors. Officials familiar with the kingdom’s plans say more deals are in the pipeline. They say the focus on gaming is part of an overhaul of the country’s economy to diversify beyond oil, leading Saudi Arabia to invest in a diverse set of growing industries such as electric vehicle production.

Read the original article in The Financial Times: Saudi Arabia spends billions in drive to dominate global games industry