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Tuesday February 23, 2021

Bin Salman invests $ 3.3 billion in his favorite hobby

World – Miscellaneous

According to a report published by “The Gaming Economy”, which specializes in the gaming economy, this information is issued by a quarterly report of the US Securities and Exchange Commission (SEC).

The Saudi Fund bought 14.96 million shares in “Activision Blizzard”, worth $ 1.389 billion, 7.42 million shares in “Electronic Arts” for $ 1.066 billion, and 3.97 million shares in “Take-Two Interactive Software” for 825.5 million American dollar.

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

The Saudi Public Investment Fund’s participation in the video games industry comes at a time when the kingdom seeks to diversify its economic activities away from oil, with video games known to be a favorite pastime of the crown prince.

In November, his MiSK Foundation acquired a 33% stake in the South Korean development company SNK Corporation for 207 billion yen (£ 133 million), with plans to push 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 the country’s leadership directly involved in the murder of journalist Jamal. Khashoggi in 2018.

Source: Russia Today

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