Saudi Arabia has acquired a $1 Billion stake in Embracer Group

From VGC: "Saudi Arabia has purchased a $1 billion stake in Embracer Group, acquiring 8.1% of the company’s shares.

Following the deal’s completion, the country’s Public Investment Fund (PIF) – through its subsidiary, Savvy Gaming Group – will be the second-largest owner of Embracer Group shares.

PIF is a sovereign wealth fund chaired by crown prince Mohammed bin Salman, and is is reportedly central to his goal of making the Saudi economy less reliant on proceeds from oil."

Read Full Story >>
darthv72461d ago (Edited 461d ago )

Was this the same Saudi that recently bought into SNK as well?

edit: yep

Guy must really be into gaming.

Redgehammer461d ago

I didn’t think such a religiously stringent country would get involved in video games, or western ones at least.

ApocalypseShadow461d ago

Which is pretty interesting. But when it comes to money, it seems to make some people forget the values they profess to have. Nudity, or less coverings, violence and death, drugs, bad language, no religious overtones, pursuit of wealth in a games, etc?

"Who cares. How was our quarterly profits?"

Or, maybe there's leadership that's relaxing on those things as it's virtual and not real. Possibility an outlet that can be safely played out as long as it's not brought out in the real world.... Uhh... Yeah right. Who am I kidding. It's about money.

But it does look like lots of money will be infused into gaming one way or the other. Hopefully not laundering. And, getting away from full reliance on oil isn't a bad thing if that's what they're interested in doing.

shadowfax33460d ago

the country is not (religiously stringent) as it used to be since MBS the new ruler took over.