Saudi-Owned Scopely Acquires Majority Stake in Turkish Studio Loom Games

Saudi-owned gaming studio Scopely has reached an agreement to acquire a majority stake in Turkish development studio Loom Games. Bloomberg posted on X that this move aligns with Saudi Arabia's broader strategy to establish itself as a significant player in the global video gaming industry. The acquisition is part of the kingdom's efforts to diversify its economy and reduce its reliance on oil revenues by investing in the burgeoning gaming sector. This strategic investment underscores Saudi Arabia's ambition to become a central hub for video game development and innovation.