Increase in Saudi shares in an American game company.
A file sent to the US regulator showed that the Saudi Public Investment Fund had increased its stake in the American video game company Activision Blizzard by 13.3% to 37.9 million, according to Al-Khaleej Al-Jadeed.
The Saudi fund bought 4.4 million shares of video game maker in the second quarter of the year, according to a file leaked to the US Securities and Exchange Commission.
The Fund did not immediately respond to a request for comment. But he is involved in Saudi Arabia’s plans for economic transformation by creating new sectors and diversifying revenues away from oil.
Saudi Arabia expects the $ 400 billion fund to inject at least $ 40 billion a year into the domestic economy, bringing its assets to $ 1 trillion a year. This has made it one of the largest public funds in the world.
Mohammad bin Salman, chairman of the board of directors of the Public Investment Fund, said in a speech last January that the strategy aims to increase the quality of life and achieve sustainable development.
The balance of this fund will reach more than 7.5 trillion Saudi riyals by 2030.
He added that the fund will reach four million Saudi riyals by the end of 2025 and create 1.8 million direct and indirect jobs.
According to the Crown Prince of Saudi Arabia, under this plan, 150 billion Saudi riyals will be spent annually on the domestic economy, and the government sees the private sector as a very important partner in this regard.
Mohammed bin Salman said the plan is part of the “Saudi 2030” vision to create new sectors, shape strategic economic partnerships and localize technology and knowledge, so that “due to development and diversity in the country’s economy, the Kingdom of Saudi Arabia will be a popular partner.” “Investment should be stabilized in the world.”
In the framework of the Saudi Crown Prince’s plan to diversify the country’s economic resources instead of relying on oil; Riyadh is trying to invest more in computer games that the Saudi Crown Prince is also fascinated by.
