Riyadh, January 26, 2022, SPA -- The Public Investment Fund (PIF) today announced launching Savvy Gaming Group, where its board of directors is chaired by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Minister of Defense, Chairman of the Council of Economic and Development Affairs, and Chairman of PIF. The group aims at being leading in developing the electronic games and sports at the local and international levels, where it will work in harmony to support a comprehensive system for the sector. In a bid to enhance its ambitious future plans, Savvy Gaming Group has signed an acquisition agreement on ESL, which is a leading international company in the entertainment events and competitions in the field of e-sports, and the FACE IT Company, which is a leading digital platform in the e-sports and merged them under the name "ESL FACE IT Group" to act as the foundation stone to realize Savvy Group’s targets in the sector. Closing of the transactions is subject to regulatory approvals. Establishing Savvy Gaming Group is in line with PIF’s 2021-2025 Strategy that aims at empowering promising sectors, including entertainment and sports, in a way that contributes to providing development opportunities and enhancing the diversification of revenues of the Saudi economy as per the goals of the Saudi Vision 2030. --SPA 15:34 LOCAL TIME 12:34 GMT 0019 www.spa.gov.sa/w1683474