Logos of PIF and Savvy Gaming Group
The Public Investment Fund (PIF) announced, today, Jan. 26, launching of Savvy Gaming Group (SGG).
The group will be headed by Crown Prince Mohammed bin Salman Al Saud, Deputy Prime Minister and Chairman of the Council of Economic and Development Affairs.
SGG aims to be a leading player in the electronic games development sector on the local and international levels, the Kingdom’s sovereign wealth fund said in a statement.
To achieve its ambitious future plans, SGG has acquired ESL, a leading global organizer of entertainment and e-sports events, and FACE IT, a top digital e-sports platform, and has merged them to form the ESL FACE IT Group, which will help achieve SGG’s objectives in the sector. Closing of the transactions is subject to regulatory approvals.
The launch of Savvy Gaming Group is in line with PIF’s 2021-2025 strategy, which aims to enable promising industries and sectors such as entertainment, leisure and sports, as well as create opportunities for the growth and diversification of Saudi Arabia’s economy, to help achieve the objectives of the Kingdom’s Vision 2030.
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