Qiddiya, a Riyadh-based megaproject backed by Saudi Arabia’s Public Investment Fund, has become the co-owner of the Evolution Championship Series (EVO) after acquiring RTS.

The details:

Qiddiya's chief strategy officer, Muhannad Aldawood, announced that the company has acquired RTS, the co-owner of EVO, gaining control of its stake in the popular event. "Excited to share that Qiddiya has acquired full ownership of RTS, a strategic step that will further strengthen our esports business and unlock new opportunities across the broader gaming ecosystem," he wrote on LinkedIn.
According to Aldawood, Qiddiya intends to continue "fueling the continued growth" of Evo in the future, and the acquisition "paves the way for setting new heights in the evolution of EVO towards achieving the aspirations of the fighting game community."
EVO is the world's most popular fighting game tournament, having been held since 1996, making it the longest-running event. The tournament typically features major fighting franchises such as Street Fighter, Mortal Kombat, Tekken, Guilty Gear, and more, attracting the world's best players to events held in the US, Japan, and, later this year, France.
Qiddiya is a project that aims to create a city dedicated to tourism and entertainment. So far, the city has plans for Six Flags and Dragon Ball theme parks, a Formula One track, and a waterpark, all of which are currently under construction after originally being scheduled to open in 2023.
The acquisition of EVO is yet another major investment in esports from the Saudi state, which has been accused of sportswashing after acquiring tournament organizer ESL FACEIT and hosting the annual Esports World Cup. Some claim that with the investments, the PIF is attempting to hide its history of human rights violations by offering impressive prize pools and esports experiences, which has remained a controversial topic over the past few years.

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Saudi-backed Qiddiya becomes co-owner of fighting game tournament EVO