Saudi Arabia declares it would invest $38 billion in the gaming industry globally.

To diversify its economy and move away from its reliance on oil, Saudi Arabia has made the decision to invest $38 billion in the gaming industry. This money will be deposited into the $184 billion gaming industry worldwide by the Public Venture Asset (PIF), a sovereign wealth store.

Wise Gaming Gathering, an auxiliary of PIF, will lead the funding. Savvy’s initial focus was on eSports, but it will now expand into publishing games and game development.

According to Bloomberg, CEO Savvy Brian Ward explained that they used to be primarily an eSports company but will now focus more on game development and publishing this year.

Despite the fact that the number of gamers in Saudi Arabia is on the rise, the country does not have a significant presence in the gaming industry at this time.

Examiners from Niko Accomplices, a statistical surveying organization, expressed that there are around 21 million gamers in Saudi Arabia, making up around 58% of its populace. This is huge because it has to compete with the US, which has the second-largest gaming population in the world.

In a similar vein, it is anticipated that the gaming industry in West Asia and North Africa will grow by 56% to $2.79 billion by 2026. Additionally, PIF has made billion-dollar investments in gaming companies like Activision Blizzard, Tencent Holdings, and Nintendo.

With an 8.3% stake, it is Nintendo’s largest foreign shareholder. PIF now intends to acquire publishing houses and studios in order to achieve its target of becoming a major entertainment hub by 2030.