Saudi Fund Shifts $12B Gaming Portfolio to Savvy Subsidiary
Saudi Arabia's Savvy Games Group is consolidating its position in the gaming sector with a $12 billion transfer of gaming stocks from its sovereign wealth fund. The MOVE grants Savvy roughly 10% stakes in prominent developers including Square Enix, Nexon, and NCSoft - holdings confirmed through reviewed company documents.
The 2021-established gaming arm continues its aggressive diversification beyond oil, armed with $38 billion in capital. Savvy's track record includes the successful acquisition of Monopoly Go developer Scopely and investments in Niantic's Pokemon Go, though its esports ventures have faced headwinds requiring staff reductions.
While serving as anchor investor in Electronic Arts' $55 billion buyout, Savvy maintains its passive investment approach inherited from PIF. Recent regulatory filings reveal the subsidiary already assumed control of 11 million Take-Two Interactive shares in December.
