Saudi Arabia Acquires 8.1 Percent Of Embracer Group Shares

Saudi Arabia acquires game studio Embracer Group (photo: Embracer group)

JAKARTA - After the agreement is completed, the Saudi Arabian Public Investment Fund (PIF), through its subsidiary, Savvy Gaming Group, will become the second largest owner of Embracer Group's shares.

Saudi Arabia has officially bought a stake of 1 billion US dollars or Rp. 14 trillion in the Embracer Group. With that, Saudi Arabia will acquire an 8.1 percent stake in the company.

Savvy Gaming Group is a subsidiary of the country's Public Investment Fund focused on games and sports.

"The Savvy Gaming Group's $1 billion investment allows us to continue to proactively execute our strategy from a strong position across the global gaming industry," said Embracer Group CEO Lars Wingefors in a press release.

The CEO also continued that Saudi Arabia has become one of the most significant investors in the global GKM market over the past few years. And the games market in MENA (Middle East, North Africa) is one of the fastest growing in the world, with US$5.7 billion (Rp.82 trillion) in 2021 Revenue and more active gamers than the US or Western Europe.

"The biggest country in this market, by far, is Saudi Arabia, and after visiting Saudi Arabia, I have seen the gaming community and the opportunities firsthand," he continued.

Through the Public Investment Fund, Saudi Arabia has already taken some big strides in the gaming world. It is known that Saudi Arabia has made significant investments in several game studios before Embracer Group, including Capcom, Nexon, Nintendo, ESL Gaming, and SNK.