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PS5 : Crown Prince of Saudi Arabia acquires 33.3% of SNK shares

Sony Playstation 5 :

Mohammed bin Salman bin Abdulaziz Al SaudCrown Prince of Saudi Arabia, has acquired 33.3% of the shares of SNK, veteran video game company that owns franchises such as Samurai Shodown, Metal Slug and King of Fighters. It has done so through a Saudi company of which it is also the majority shareholder. The objective, according to sources, is to diversify the country’s economy.

As reported by Nintendo Life, the company Electronic Gaming Development Company (EGDC) has acquired 33.3% of SNK in a move financed entirely by the Crown Prince himself. At first it was thought that the crown had bought 100% of the company, but later it has been proven that it has not, that it has only acquired a part of its shares. Even so now the Saudi company EGDC is the largest shareholder of SNK.

The goal: to diversify the economy of Saudi Arabia

This play seems to be in the program Saudi Vision 2030, a proposal from the crown prince himself with which he intends to put aside the traditional approach of the country’s economy towards the oil industry: Mohammed bin Salman bin Abdulaziz Al Saud wants to diversify the profits of Saudi Arabia by investing in other sectors such as tourism or the technology.

If the name of the crown prince of Saudi Arabia sounds familiar to you, it may be because of locating it in some of its controversial accusations in global politics: He is accused of leading the murder of Jamal Khashoggi, a Washington Post journalist and a dissident in the country, in 2018. He is also accused of having detained and tortured human rights activists and of having executed 37 civilians last year.

For its part, SNK was acquired in 2015 by a group of Chinese investors that he intends to reuse the company’s franchises to turn them into a Marvel-style multimedia success. Since then SNK has published some new versions of its classic games, especially focusing on mobile platforms and Nintendo Switch with deliveries such as Samurai Shodown, Metal Slug Code: J or The Last Blade: Beyond the Destiny.