Sovereign wealth funds from the Middle Eastern country are also part of the capital of Capcom and Nexon.
Electronic Gaming Development Company (EGDC)a company linked to Saudi Arabia’s crown prince Mohammed bin Salman bin Abdulaziz Al Saud, has taken control of 96% of the capital of SNKthus completing the investment in the video game company started in 2020, when took over 33% of the capital.
SNK is one of the industry’s veteran firms in Japan, responsible for such franchises as Metal Slug and The King of Fighterswhich recently premiered its latest installment. Before passing into the hands of the Saudi royal family, SNK was owned by a Chinese company.
“The Mohammed bin Salman Foundation’s (MiSK Foundation) investment in SNK reinforces its ongoing commitment to empowering Saudi men and women through building economic partnerships within the updated strategy of maximizing positive impact on youth empowerment,” we can read in a statement from TheVerge. “The decision to invest will enhance the powerful capabilities of SNKwhich has many innovative IPs in the sector, with real development potential, in line with the future growth of the industry”, he adds.
It is not the only recent purchase of the Saudi royal family related to the sector. In February it was also news entry into the capital of Capcom and Nexon. The acquisition was made by the Public Investment Fund of the Middle Eastern country, and seeks make its economy less dependent on the ups and downs of oil.
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