Chinese esports company VSPO announced on its LinkedIn page that it has recieved $265 million from Savvy Games Group, which is owned by Sauidi Arabia’s Saudi Arabia’s Public Investment Fund.
Related: Saudi Arabia raises its stake in Nintendo by 1%
VSPO shared the investment as “a history-making deal,” as CEO of VSPO Dino Ying said, “Today was a very special day for our company and the industry. We are very proud to be part of the Savvy Games Group family. Thank you to His Royal Highness Prince Faisal, Brian Ward, and everyone involved who made this deal possible.”
The Public Investment Fund has invested heavily in the video game industry for quite some time. As reported by Nine66, game studios in Saudi Arabia have almost doubled in 2022. In June 2022, Public Investment Fund announced it had purchased $1 billion worth of shares from Embracer Group, representing approximately 8.1% of total shares.
