Saudi Arabia buys Embracer Group for $1 billion

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The Saudi Public Investment Fund (PIF) has invested $1 billion in Embracer Group, a gaming conglomerate owned by Gearbox, Saber Interactive, THQ Nordic and Deep Silver.

PIF subsidiary Savvy Gaming Group (SSG) invested around 8.1% and 5.4% of the company.

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Bin Salman’s PIF has invested heavily in the gaming industry. He also has stakes in EA, Take-Two Interactive, Capcom, Activision Blizzard and last month Nintendo. Some analysts describe the investment as an attempt to divert Saudi Arabia’s main source of funding from oil in the face of growing demand for renewable energy.

The PIF is chaired by the controversial Saudi Crown Prince Mohammed bin Salman, the effective leader of the authoritarian Saudi regime. Homosexuality is a crime in the country – even punishable by death in some cases – and the CIA accuses Bin Salman of “great self-confidence” in the murder of Washington Post journalist Jamal Khashoggi.

Source : dbl tap

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