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Saudi Prince's Foundation Now Owns Gaming Giant SNK
13 Jul
Summary
- Saudi foundation holds 96.18% of game developer SNK's shares.
- This follows an earlier investment from November 2020.
- Saudi Arabia has recently invested heavily in gaming companies.
EGDC, a subsidiary of the Mohammed bin Salman Foundation (MiSK Foundation), now possesses 96.18 percent of SNK Corporation's shares. SNK is known for developing iconic game franchises such as Metal Slug and Fatal Fury. This significant ownership stake marks an expansion from an initial investment made by the MiSK Foundation in November 2020, when it acquired a 33.3 percent stake with plans to increase it.
The MiSK Foundation stated that this investment aligns with its mission to empower Saudi youth through economic partnerships and to enhance SNK's potential in the growing electronic gaming sector. This development occurs amid a period of substantial investment by Saudi Arabia in the gaming industry.
Recently, Saudi Arabia's Public Investment Fund (PIF) acquired stakes exceeding 5% in Capcom and Nexon, valued at over $1 billion combined. Furthermore, the PIF invested more than $3.3 billion in Activision Blizzard, EA, and Take-Two during the fourth quarter of 2020. However, these investments coincide with international criticism regarding Saudi Arabia's human rights record, particularly following a US intelligence report implicating Mohammed bin Salman in the plans to detain or kill journalist Jamal Khashoggi.
