Tencent-backed VSPO secures investment from Saudi Arabia's sovereign wealth fund...
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Tencent-backed VSPO secures investment from Saudi Arabia's sovereign wealth fund
Tencent-backed VSPO secures investment from Saudi Arabia's sovereign wealth fund
February 18, 2023 2:10 pm
Saudi Arabia's sovereign wealth fund has purchased a $265 million stakes in the Chinese esports organization VSPO, which is supported by Tencent Holdings Inc, as the country continues its drive into the gaming industry.
Saudi Arabia's Public Investment Fund will acquire a stake in VSPO through its gaming division Savvy Smart Games Group, making it the sole shareholder of the Chinese firm, according to VSPO.
The funding will help VSPO strengthen its international commercial operations, with a particular emphasis on developing mobile esports in Saudi Arabia.
By acquiring stakes in the Swedish gaming company Embracer and the Japanese gaming company Nintendo Co last year, Saudi Arabia has been increasing its gaming sector investments.
Savyv Games Group unveiled a SAR 142 billion ($37.8 billion) investment plan for esports and gaming in the nation in September 2022.
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