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Topic: Saudi Arabia

Scopely, founded in 2011, will become an autonomous operation under the Savvy umbrella News 

Saudi Arabia’s Savvy Games buys mobile games maker Scopely for $4.9 billion

Febin Mathew, , , , ,

Savvy Games Group, wholly owned by Saudi Arabia’s Public Investment Fund (PIF), has agreed to buy Culver City, California-based mobile game maker Scopely for $4.9 billion, the companies said Wednesday. Founded in 2011, Scopely will become an independent operation under the Savvy umbrella, they said in a statement, noting that the deal “strengthens Savvy’s global position” and will allow Scopely to accelerate growth. Last year, state news agency SPA said Savvy would invest 142 billion riyals ($37.85 billion) in initiatives aimed at making the kingdom a global gaming hub. In…

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The funding round is expected to value the rocket maker at about $140 billion News 

Elon Musk’s SpaceX is in talks with the funds of Saudi Arabia and the United Arab Emirates to obtain new financing

Adriana Marais, , , ,

A unit of a Saudi Arabian investment fund and an Abu Dhabi-based company plan to invest in a multibillion-dollar funding round for Elon Musk-led SpaceX, The Information reported Wednesday, citing people familiar with the discussions. According to the report, the funding round is expected to value the rocket maker at around $140 billion. SpaceX raised $2 billion in 2022 and $2.6 billion in 2020, according to private equity firm Space Capital. The company and Morgan Stanley representatives have told investors that Saudi Arabia’s Water and Electricity Holding Company, part of…

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