The Saudi Public Investment Fund (PIF), through the “Savi” group, has invested $265 million in the Chinese company “VSPO” which specialized in the field of electronic sports, according to a statement issued recently.
The deal, which is the largest direct investment in the electronic games sector, according to the Chinese company’s estimation, will make “Savi” group its largest investor.
Savi’s long-term investment in VSPO will help it continue to execute its global strategy and accelerate the growth of mobile exports with a particular focus on Saudi Arabia.
Facebook will also use this funding to invest in groundbreaking new technology to enhance the fan experience. The transaction is expected to close in the coming months.
The Saudi Public Investment Fund launched the “Savi” group, whose board of directors is chaired by Saudi Crown Prince Mohammed bin Salman, early last year.
Last September it was announced that the company had allocated 142 billion riyals ($38 billion) to be pumped into the electronic games sector until 2030.
The Public Investment Fund (the Saudi sovereign wealth fund) announced on Tuesday that it would invest a total value of 5 billion riyals in 4 national companies.
The Public Investment Fund said, in a statement, that the investment was made by subscribing to new shares, through a capital increase representing minority stakes in 4 leading national companies working in the field of building and construction services.
The Sovereign Fund added that the investments included Nesma and Partners Contracting Company, Al Seif Contracting Engineers Company, Al Bawani Holding Company, and Al Mabanee General Contractors Company.
Indicating that this will contribute to enabling the building and construction services sector, and strengthening local supply chains and supply for various current and future projects in the Kingdom.
The Sovereign Fund stated that, according to the companies’ strategies in developing their business, they have a long record of achievements and successes in managing and implementing many large projects across multiple sectors in various regions of the Kingdom.
Their partnership with the fund will support the companies’ efforts to expand their operations and businesses regionally and internationally.
The Public Investment Fund confirmed that these investments will contribute to raising the volume of local content and increasing the Kingdom’s gross domestic product.
In addition to strengthening supply chains by raising the competitiveness of the building and construction services sector, increasing its production capacity, and developing its capabilities.
The aforementioned investments will also create additional opportunities for the local private sector to participate in the implementation of development work for current and future projects.
In view of the fund’s international standing, the fund will enable companies to develop regional and international relations in the sector with the aim of increasing reliance on new technologies in construction, and transferring knowledge to the local market.