Saudi Arabia has bought a $1 billion stake in Embracer Group, the equivalent of approximately 8.1% of the company's shares.
The shares were purchased through Savvy Gaming Group, a subsidiary that is 100% owned and operated by Saudi Arabia's Public Investment Fund (PIF) led by crown prince Mohammed bin Salman.
"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 is one of the world's fastest growing, with $5.7B in 2021 revenues and more active gamers than either the US or Western Europe," said Embracer founder and CEO Lars Wingefors.
"Our relationship with Savvy Gaming Group will enable us to set up a regional hub in Saudi Arabia, from which we will be able to make investments across the MENA region, either organically, via partnerships, joint ventures, or via acquisitions of companies led by strong entrepreneurs."
The fund also has a 96% stake in Kings of Fighters developer SNK, which it acquired in April 2021.