The kingdom of Saudi Arabia has made another major investment in the videogame industry, investing more than $1 billion to acquire an 8.1% stake in Swedish gaming behemoth Embracer Group. The shares will be issued to Savvy Gaming Group, according to MarketWatch (opens in new tab), a games and esports-focused subsidiary of the country’s Public Investment Fund.

“Savvy Gaming Group’s investment of $1 billion enables us to continue executing our strategy proactively from a position of strength across the global gaming industry,” Embracer Group CEO Lars Wingefors said in a press release (opens in new tab). “Over the past few years, Saudi-based entities have become one of the most significant investors in the global gaming market, and the games market in MENA [Middle East—North Africa] is one of the world’s fastest growing, with $5.7 billion in 2021 revenues and more active gamers than either the US or Western Europe.


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