Saudi Arabia’s sovereign wealth fund is doubling down on the gaming sector, making its fourth investment in the sector so far this year.
Its Public Investment Fund (PIF) is taking a stake in Swedish video game maker Embracer one month after investing in Japan’s video game giant Nintendo.
The PIF is investing $1bn to purchase 99.9 million B shares in Embracer. It is making the investment via its own Savvy Gaming Group, a gaming and e-sports group PIF set up in January.
“The Embracer team has built a truly unique and leading ecosystem of entrepreneurs and creators at a scale which we believe will continue to generate enormous value for the games community in the coming years,” said Brian Ward, CEO of Savvy Gaming Group.
Last month the $500bn sovereign wealth fund acquired a 5.01 per cent stake in Japanese gaming company Nintendo as part of Saudi Arabia’s economic diversification.
The Nintendo stake follows the PIF’s recent disclosure of stakes in two other Japanese gaming companies – Nexon and Capcom which the fund disclosed in February.
