Expert Chaslau Koniukh
  • Companies
  • Global investment
  • Investors
  • Terminology
  • Economy
  • Stock Market
  • World exchanges
  • Tech and Marketing
gaming market
Global investment

Saudi Arabia invests US$38bn in the gaming market

17.07.2023
2 min read

Saudi Arabian authorities plan to develop the local gaming market actively

Saudi Arabia is implementing a diversification plan by developing various sectors of the economy. The gaming market has been addressed and will receive an investment of US$38 billion. The money will be invested in the video game industry. The authorities want to make the country one of the world’s game development centers.
Investment in the sector will be made through the Public Investment Fund and its subsidiary Savvy Games. The government plans to increase the value of Saudi Arabia’s gaming market to US$184 billion.
The priority for the authorities is to support cyber sports, which are lagging behind other game sectors. Therefore, Savvy Games will strengthen development in this segment, as well as acquire quality products from studios around the world. According to the company, they intend to refocus its activities on the eSports market, contributing to its expansion. However, a number of experts are skeptical about Saudi Arabia’s ambitious plans. The video game sector is now highly crowded, and even its most vital representatives cannot withstand the competition. Developer Electronic Arts, for example, has carried out massive layoffs to cut costs, and other studios are also optimizing their costs. However, such market trends are not stopping the authorities: a Saudi investment fund has already invested billions of dollars in the games business and its significant representatives, such as Nintendo and Tencent.Saudi Arabia's gaming marketIt should be noted that Saudi Arabia has virtually no video game developers, although the number of gamers in the country is actively increasing. The local market outlook has forced the head of Electronic Arts to resign and move to the Arab country to head Savvy. According to the latest statistics, there are more than 21 million gamers among Saudis, representing 58% of the total population. By comparison, in the US, 60% of citizens are into video games. The gaming sector in the MENA region is projected to reach around US$2.8 billion by 2026, a 56% increase on current levels.
In February, the sovereign wealth fund increased its stake in Nintendo to 8.3% and planned not to stop there. The Saudis have thus become the largest shareholder in the Japanese developer. In addition, the fund owns the securities of game studios Capcom and Koei Tecmo and is actively looking for other companies to help develop the local game market. Saudi Arabia unveiled a strategy in 2016 to reduce the economy’s dependence on fossil fuels. The country’s main focus is on developing the innovation sector. For this purpose, Saudi Arabia is investing in technology start-ups and creating conditions for the emergence of new IT projects.

Tags: Global investment
0
Previous Post Tech giants prepare for IPO in China Next Post Renko charts: features of a market analysis tool

You Might Also Like

Sony Group
Global investment
Japan’s Sony Group announced a new development strategy
25.02.2022
coal-fired power plants
Global investment
India’s government to invest heavily in coal-fired power plants
08.10.2024
PGNiG
Global investment
Polish corporation PGNiG invests in alternative energy industry
10.02.2021
citizenship for investing in a country
Global investment
Where can one obtain citizenship for investing in a country: overview of states?
15.06.2020
revolut ltd
Global investment
Fintech-startup Revolut Ltd received $500 million investment
02.11.2020
Germany's heavy industry
Global investment
Germany’s heavy industry receives support from the government
07.11.2023

Popular Posts

  • Ingeborg Mootz: a woman who became a stock player at the age of 75
  • Analysts: Egypt’s economy to continue falling in 2023
  • Businessman Chuck Feeney: the man who gave the world Duty Free
  • Field of activity of the American Monsanto Company Corporation

Editor's Picks

Chaslau Koniukh
Analytics

American bankers from JPMorgan and Goldman Sachs advise to invest in gold: review by Chaslau Koniukh.

Press Secretary
17.08.2020
Expert Chaslau Koniukh
Analytics

Chaslau Koniukh on the analysts’ opinion on the key stake size change soon

Press Secretary
18.06.2020
expert Chaslau Koniukh
Analytics

Chaslau Koniukh: Internet trade market in Russia may reach 2.78 trillion rubles.

Press Secretary
30.05.2020
Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh
Analytics

Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh

Press Secretary
16.05.2020

Popular Posts

  • Ingeborg Mootz: a woman who became a stock player at the age of 75
  • Analysts: Egypt’s economy to continue falling in 2023
  • Businessman Chuck Feeney: the man who gave the world Duty Free
  • Field of activity of the American Monsanto Company Corporation
  • Spain’s economy performs best in the EU
Expert Chaslau Koniukh
  • Facebook
  • Twitter
  • Instagram

© 2024 CHASLAU KONIUKH. ALL RIGHTS RESERVED. Expert in marketing and project management, international investments, financial analyst.

Menu

  • Biography
  • Companies and corporations
  • Global investment
  • Investors and Entrepreneurs
  • Economy
  • Market terminology
  • Stock Market
  • World exchanges
  • Tech and Marketing
  • Analytics