Saudi Arabia has invested a whopping one billion dollars in CAPCOM and in the South Korean publisher Nexon. The news comes directly from Public Investment Fund (PIF), which now owns roughly 5% of both companies. This is not the first investment of the PIF in the gaming sector: previously the sovereign fund had previously invested a value of approximately three billion dollars in shares in some of the main video game companies (Activision Blizzard, Electronic Arts, and Take-Two Interactive).
With another large investment, in 2020 Saudi Arabia had even achieved 33% of SNK Corporationmaking the Arab state the largest shareholder of the Japanese company known for fighting series Samurai Showdown And The King of Fighters.
The purpose of these investments, according to the statements of Crown Prince Mohammed Bin Salaman, is to make the country’s economy less dependent on the oil trade. Following is the translation of the message on the official site of the PIF:
“Our goal is to become a global economic powerhouse and the largest investor in the world, thus enabling the development of new sectors and opportunities that will shape the future of the world economy, continuing the process of economic transformation of Saudi Arabia. “.
The investment, of course, did not fail to cause dissension. In fact, Saudi Arabia carries with it a history of human rights violations, including the alleged murder of journalist Jamal Kashoggi on the orders of the crown prince.
However, it seems that the country has grasped the importance of the gaming sector, whose rise in the global market has long been established, and is willing to continue its policy of large investments in the sector.
Source: Bloomberg Street Niche Gamer
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