THE’Saudi Arabia wants increase control over the video game market through the investment fund managed by Prince Mohammed bin Salman, which he aims to acquire in the near future other shares in Nintendo and other companies videogames especially in Japan, also taking advantage of the opportunity of the Tokyo Game Show 2024.
Saudi Arabia’s Public Investment Fund (PIF) is about to transfer its shares in Japanese gaming companies to its purpose-built gaming company, Savvy Games Groupaccording to what Prince Faisal bin Bandar bin Sultan Al-Saud, vice president of the company, reported in a recent interview with Kyodo News.
The idea is to create “greater synergies” between these companies and the investment fund. “There are always opportunities,” the company’s VP said in an interview on the sidelines of the Tokyo Game Show last week, referring to possible additional investments.
Saudi strong expansion in entertainment
The PIF already owns it 8.58% of Nintendo and 8.97% of Koei Tecmo Holdings Co. according to company documents filed with the Ministry of Finance in June.
The fund has also recently acquired stakes in developers such as Nexon and Capcom.
It is therefore a real gray eminence in the videogame industry, at least on the financial front, which demonstrates how the market in question has become particularly attractive for large funds.
Saudi Arabia has increased investment in several areas of entertainment such as video games and animation in recent years, as Crown Prince Mohammed bin Salman, who is also chairman of Savvy, seeks to shift economic focus away from the sector oil which could be increasingly volatile in the future.
This vision also includes the impressive project for the construction of a whole city dedicated to entertainment called Qiddiyasouthwest of Riyadh, which will include a stadium, a Formula One track, eSports facilities and the world’s first Dragon Ball theme park.
Savvy Games looks particularly favorably on the expansion of Japanese companies and further expansion of the fund in this area is planned in the near future. Last summer we saw that Saudi Arabia was awarded the eSports Olympics for the next 12 years.
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