Saudi Arabian mega-city Project Qiddiya has taken full ownership of tournament organizer RTS, according to a social media post. The news was first made public by Qiddiya Chief Strategy Officer Muhannad Aldawood in a post on LinkedIn.
Financial terms of the acquisition were not disclosed.
RTS is best known as the organizer of the popular fighting game championship series, Evolution Championship Series (Evo).
On Aug 31, it was announced that India-based NODWIN Gaming has acquired Sony Interactive Entertainment’s stake in Evo for an undisclosed amount, with the company moving from an ownership role to becoming a sponsor of the event. In that same announcement, Qiddiya announced that it has invested an undisclosed amount in Evo co-owner RTS. Qiddiya served as a global partner of Evo in 2024. It is unclear if Qiddiya had already closed the full transaction at the time this news was reported, as the company did not indicate it had taken full ownership of RTS.
In case you are not familiar with Qiddiya, it is a mega-city project backed by the Saudi Arabian government-owned sovereign wealth fund, the Public Investment Fund.
In his social media post Aldawood thanked all the people that helped make the deal happen:
“Excited to share that Qiddiya | القدية 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. And most importantly, this will enable Qiddiya to keep fueling the continued growth of Evolution Championship Series (EVO), the world’s largest fighting game event since 1996, with unlimited potentials.
“This milestone paves the way for setting new heights in the evolution of EVO toward achieving the aspirations of the fighting game community.
“Grateful to our incredible team Steven Roberts, Omar Elsayed, Mike Milanov, Nathavout (Rocky) Khanuja for their dedication, along with the outstanding leadership of Stuart Saw, Kim Phan, and Richard Thiher. Also special thanks as well to our valued partner and true friend Akshat Rathee.”
Both Qiddiya and NODWIN opened up offices in New York City this year to conduct business with North American companies.
Projects backed or owned by the Saudi Arabian government such as Qiddiya are frequently criticized for helping the government engage in “sports washing,” or using various forms of entertainment to cover up its record on human rights, women’s rights, LGTBQ+ rights, military actions in Yemen, and more. These and other criticisms have been highlighted by international watchdog groups such as Amnesty International and Human Rights Watch.