The investment equates to approximately 8.1% of the company's shares.
Saudi Arabia has made another major investment in the video game industry acquiring a $1 billion stake in Swedish video game and media holding Embracer Group. The investment equates to approximately 8.1% of the company's shares.
The shares were purchased through Savvy Gaming Group, a games and esports-focused subsidiary of Saudi Arabia's Public Investment Fund (PIF) chaired by crown prince Mohammed bin Salman.
"Savvy Gaming Group has committed to invest heavily in the games and esports industry and to materially strengthen the global games community," said Savvy Gaming Group's CEO Brian Ward. “This investment in Embracer Group is a starting point for a long-term commitment to the company.
"Our relationship with Savvy Gaming Group will enable us to set up a regional hub in Saudi Arabia, from which we will be able to make investments across the MENA region, either organically, via partnerships, joint ventures, or via acquisitions of companies led by strong entrepreneurs," Embracer founder and CEO Lars Wingefors said.
The purchase of a $1 billion stake in Embracer Group is another country's move to expand its investments in the game industry. Earlier, PIF also acquired a 5.01% stake in Nintendo becoming the company's fifth-largest shareholder.
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