Report: Bin Salman invested $ 3.3 billion in his favorite hobby … video games!

Saudi Arabia’s “PIF” public investment fund, headed by Crown Prince Mohammed bin Salman, invested $ 3.3 billion in 3 US game companies in the last quarter of last year.

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According to a report published by The Gaming Economy, which specializes in the gaming economy, this information is published by a quarterly report from the United States Securities and Exchange Commission (SEC).

واشترى الصندوق السعودي 14.96 مليون سهم في “Activision Blizzard” بقيمة 1389 مليار دولار أمريكي, و 7.42 مليون سهم في “Electronic Arts” مقابل 1066 مليار دولار أمريكي, و 3.97 مليون سهم في “Take-Two Interactive Software” مقابل 825.5 مليون American dollar.

The investments were made alongside several other tech and entertainment companies, including a $ 3.71 billion investment in Uber technology.

The Saudi Public Investment Fund’s involvement in the video game industry comes at a time when the Kingdom is seeking to diversify its economic activities away from oil, with video games known to be a favorite pastime of the Crown Prince.

In November, its MiSK Foundation acquired a 33% stake in South Korean development firm SNK Corporation for 207 billion yen (£ 133 million), with the intention of pushing its shares to a 51% majority. .

Although the growth of video games in the MENA region is seen as very positive for the industry as a whole, the direct involvement of the Saudi Crown Prince is controversial, given the country’s poor human rights record, as well as allegations that the country’s leadership is directly involved. In the murder of journalist Jamal Khashoggi in 2018.

المصدر: The game economy

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