Saudi Arabia’s Public Investment Fund (PIF), through its subsidiary Savvy Games Group, has been on a buying spree in the video game industry. After spending billions on strategic acquisitions and investments, Savvy is poised to make another major move in 2024.
Savvy’s previous acquisition of Scopely for $4.9 billion proved to be a wise investment. Scopely, known for its popular mobile game Monopoly Go, generated over $3 billion in revenue within a year. This success has fueled Savvy’s ambition to continue expanding its gaming portfolio.
“On the game development and publishing side, we expect to be able to announce another major investment or acquisition, hopefully in a top team or publisher that can bring another great game to our portfolio,” Savvy Games Group CEO Brian Ward told Arab News.
While the target of Savvy’s next acquisition remains unknown, there has been speculation about a potential partnership with The Embracer Group. However, a proposed $2 billion deal fell through, leading to significant layoffs and studio closures at Embracer. This setback followed an earlier $1 billion investment by the PIF in Embracer.
In 2022, reports surfaced that the Saudi Arabian PIF was considering a $13 billion purchase of a major games developer. While this deal never materialized, it highlights the PIF’s aggressive strategy to invest heavily in the gaming industry. As Savvy continues its pursuit of expansion, the gaming world eagerly awaits to see which company will be the next target of its massive investment plans.
