The country’s Public Investment Fund has bought $3 billion in these publishing giants.
The Saudi Arabian Public Investment Fund (PIF) has started buying up stakes in triple-A games giants.
As reported by Al Jazeera, the Riyadh-based sovereign wealth fund – chaired by crown prince Mohammed bin Salman – has invested more than $3 billion into companies including Activision Blizzard, Electronic Arts and Take-Two during the last quarter of 2020.
The PIF acquired 14.9 million shares in Activision Blizzard, worth around $1.4 billion, as well as 7.4 million EA shares and 3.9 million Take-Two shares, clocking in at about $1.1 billion and $826 million, respectively.
The Public Investment Fund boasts assets worth around $347 billion. It was set up to help Saudi Arabia stop being so dependent on oil for its economy. The PIF partnered with Japanese banking giant SoftBank for its Vision Fund, which included investments in the likes of Uber, WeWork, and Slack. The Saudi Arabian organisation previously also bought a 5% stake in Uber for $3.5 billion.
While Mohammed bin Salman has helped backed progressive causes in Saudi Arabia – such as halting a law that banned women drivers – the country has been accused of human rights violations in its war against Yemen. Bin Salman has also been accused of ordering the murder of Washington Post journalist Jamal Khashoggi in 2018.