Savvy Gaming Group, established by Saudi Arabia’s Public Investment Fund, has acquired a $1 billion stake in Embracer Group. This marks its second large investment in the Swedish games industry this year.

The Public Investment Fund (PIF) got 8.1% of shares and 5.4% of the votes in Embracer Group for SEK 10.3 billion (around $1 billion), according to a press release. It makes Savvy Gaming Group the second-largest stakeholder in the Swedish holding company.

Embracer will use the investment to acquire more studios and gaming IPs, including companies based in the MENA region. The holding company also plans to set up a regional hub in Saudi Arabia.

“The Embracer team has built a truly unique and leading ecosystem of entrepreneurs and creators at a scale which we believe will continue to generate enormous value for the games community in the coming years,” Savvy Gaming Group CEO Brian Ward said.

The PIF has a long history of investments in game developers and publishers across the globe. Last month, it acquired a 5% stake in Nintendo for $3 billion. It also owns stakes in companies like Capcom, Activision Blizzard, Electronic Arts, NCSOFT, and Take-Two.

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