SAUDI ARABIA

PIF unveils leading gaming and e-sports group

January 26, 2022

RIYADH – The Public Investment Fund (PIF) announced on Wednesday the launch of Savvy Gaming Group, where its board of directors is chaired by Crown Prince Muhammed bin Salman, Chairman of the Council of Economic and Development Affairs, and Chairman of PIF.

Savvy Gaming Group aims at being leading in developing the electronic games and sports at the local and international levels, PIF clarified.

PIF stated that the Savvy Games Group it will work in harmony to support a comprehensive system for the sector.

Meanwhile, Savvy Gaming Group has signed an acquisition agreement on ESL, which is a leading international company in the entertainment events and competitions in the field of e-sports, in addition to FACE IT Company, which is a leading digital platform in the e-sports, in a bid to enhance its ambitious future plans.

As a result of the Savvy Gaming Group's acquisition of ESL and FACE IT, the two companies merged under the name "ESL FACE IT Group" to act as the foundation stone to realize Savvy Group’s targets in the sector. It is niteworthy that the completion of the acquisitions is subjected to conditions related to receiving organizational approvals from stakeholders.

Establishing Savvy Gaming Group is in line with PIF’s 2021-2025 Strategy that aims at empowering promising sectors, including entertainment and sports, in a way that contributes to providing development opportunities and enhancing the diversification of revenues of the Saudi economy as per the goals of the Saudi Vision 2030. – SG/SPA


January 26, 2022
1365 views
HIGHLIGHTS
SAUDI ARABIA
3 hours ago

Moi extends grace period for getting license of illegal weapons and ammunition

SAUDI ARABIA
3 hours ago

Saudi Arabia backs Algeria’s bid for UN Security Council seat

SAUDI ARABIA
4 hours ago

Al-Khorayef sheds light on incentives offered to investors in industrial sector