Saudi’s PIF launches Savvy Gaming Group to spur gaming, esports sector

Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, has announced the launch of Savvy Gaming Group (SGG).

The group will be chaired by Mohammed Bin Salman, Saudi Crown Prince, Deputy Prime Minister and chairman of PIF, and aims to become the leading gaming and e-sports group locally and internationally. The group is also targeting to further develop an integrated ecosystem for the sector.

SGG has acquired ESL, a global organiser of entertainment and e-sports events, and FACEIT, a digital e-sports platform, and has merged them to form the ‘ESL FACEIT Group’. Closing of the transactions is subject to regulatory approvals, a statement said.

#PIF announces the launch of Savvy Gaming Group, chaired by HRH Crown Prince Mohammed Bin Salman, Chairman of PIF.

The Group aims to lead the national and international gaming and e-sports industry.https://t.co/5Lsp0ABAKE pic.twitter.com/yDv9FV2bGJ

— Public Investment Fund (@PIF_en) January 26, 2022

The launch is in lockstep with the wealth fund’s 2021-2025 strategy to drive innovation in strategic sectors, such as entertainment, leisure and sports, and create opportunities for the growth and diversification of the kingdom’s economy.

The launch of Savvy Gaming Group is in line with the #PIFstrategy, which aims to enable promising industries and sectors such as entertainment, leisure and sports. pic.twitter.com/lkePAPUIMZ

— Public Investment Fund (@PIF_en) January 26, 2022

Gaming consumption in Saudi Arabia is expected to reach $6.8bn by 2030 at an average compound annual growth rate (CAGR) of 22 per cent – up from $959m in 2020.

Read: Gaming consumption in Saudi Arabia projected to reach $6.8bn by 2030

The report by Boston Consulting Group (BCG) titled ‘Gaming & Esports: Media’s Next Paradigm Shift,’ reveals that the kingdom is currently home to 23.5 million gaming enthusiasts, equivalent to 67 per cent of the national population. Moreover, 90 per cent of this segment – 21.1 million –already play esports titles on a semi-pro or amateur basis, with 100 professional esports players pursuing full-time careers.