Saudi Arabia’s Savvy Games Studios has announced it is now rebranding as Steer Studios as it expands it global footprint.

According to the company, this strategic move marks a ‘significant step in the game development studio’s growth’, which will further ‘strengthen its market position’.

Under its new identity, Steer Studios said the rebranding decision comes as the company aims to establish a presence that aligns with its vision to ‘deliver world-class games to a global audience’.

The studio is a part of Saudi Arabia’s PIF-backed Savvy Games Group, which announced a $37.8 billion investment last year to transform the kingdom into one of the biggest gaming hubs in the world.

Gaming has grown into a lucrative industry, with a recent Global Games Market Report by video games and gamer data firm Newzoo stating that revenues in the Middle East and Africa are expected to reach $7.2 billion in 2023, with Saudi Arabia emerging as a key player in contributing to the overall growth with an ambitious investment campaign.

Earlier this week, a survey by market research firm YouGov also revealed that in Saudi Arabia gaming has surpassed activities such as watching live streamed video content online, listening to radio or streaming music.

(Writing by Bindu Rai, editing by Brinda Darasha)