According to the news served by Bloomberg, the Saudi Arabian Public Investment Fund (PIF) has bought a 5 percent stake in Japanese game studio Capcom and South Korean game publisher Nexon. The report states that the total value of the invested shares is $1.2 billion.
The same fund made another big investment in late 2020, buying $3.3 billion in shares from Activision Blizzard, Electronic Arts and Take-Two. Share prices, which have risen with Microsoft’s announcement that it will buy Activision Blizzard, will return a very solid profit to the Saudi Arabian Public Investment Fund.
Reducing dependence on oil
Saudi Arabia is investing heavily in the gaming industry as part of current crown prince Mohammed bin Salman’s plan to reduce Saudi Arabia’s reliance on oil revenues. A Saudi consortium led by the crown prince also bought Newcastle United, one of the important football teams of the Premier League.
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