Saudi Arabia has purchased more shares in Electronic Arts, further increasing its stake in the company. According to a new filing that was published this week for the three months that ended March 31, 2023 (via Seeking Alpha), the Saudi Arabia’s Public Investment Fund increased its investment in EA from 16.01 million shares to 24.81 million during this time period.
That marks a 55% increase in the PIF’s investment or around 9% ownership of EA. Saudi Arabia has been pouring billions into various game companies over the last few years, as the country is aiming to become less dependent on its oil reserves as an economic driver.
As for EA, full-year revenues are up 6% to reach a total of $7.4 billion according to its fourth quarter and 2022 fiscal year earnings report that were released this month, thanks in part to record live services performance and increased engagement through games such as Apex Legends and FIFA 23. For the fiscal year that ends on March 31, 2024, EA predicts that it’ll pull in between $7.3 billion to $7.7 billion in revenue.