Crown prince buys one-third stake in video game company
Video gaming and e-sports were always supposed to be a centrepiece to Neom, the proposed megacity vanity project led by Saudi Arabia’s de facto ruler, crown prince Mohammed bin Salman (MBS).
But after several high-profile partnerships between Neom and e-sports leagues Riot and BLAST collapsed, following fans’ outrage over Saudi human rights abuses, MBS still seems keen on bolstering links with the video gaming industry. His latest attempt at doing so is by buying a one-third stake in video game company SNK.
The Mohammed Bin Salman Charitable Foundation (“Misk”) bought a $162 million share of SNK, a Japanese corporation which was largely popular in the late 1980s and early-1990s. The charity is soon set to buy another 17.7% share – taking the share up to 51%.
The purchase is apparently the latest attempt by MBS and the Saudi regime to make itself an important part of the video gaming industry. Neom has boasted that it will be a world leader in the sector, but its recent problems in the gaming community have dealt a major blow to this ambition.
And on top of this, Neom itself is still a long way from completion. Human rights concerns, the coronavirus crisis and the falling price of oil have all meant that the $500bn project is still little more than an airport and luxurious facilities for royalty.
Read more: NEOM .. Diversification of Saudi Income Sources Myth
