RIYADH, Feb. 16 (Xinhua) — Savvy Games Group owned by Saudi Arabia\’s sovereign wealth fund will invest 265 million U.S. dollars in Chinese esports company VSPO, according to an investment deal revealed on Thursday.
The deal symbolizes a \”landmark commercial partnership\” between China, the world\’s biggest esports market, and Saudi Arabia as it implements Vision 2030 to become a leading global hub for gaming and esports, Savvy and VSPO said.
Savvy, wholly owned by Saudi Arabia\’s Public Investment Fund, will become VSPO\’s single largest equity holder through the deal.
Prince Faisal bin Bandar bin Sultan Al Saud, vice chairman of Savvy Games Group, said that this investment is one part of the ambitious plan that would enable and support the esports ecosystem in Saudi Arabia.
He added that attracting international companies to Saudi Arabia through investments and partnerships will contribute to providing skills, knowledge transfer, and building capabilities in the whole ecosystem.
For his part, Dino Ying, CEO and founder of VSPO, said that working with Savvy would contribute worldwide to the sector\’s growth, and VSPO will also use this funding to invest in pioneering new technology to further enhance the experience for game fans.
\”This historic investment will strengthen our ambitious global strategy, focusing on Asia and the Middle East where we will support Savvy\’s vision to grow esports throughout this incredibly dynamic and young region,\” Ying added.