Borderlands Studio Owner Embracer Defends Decision To Take $1 Billion From Saudi Arabia
The Saudi government continues to push into the world of video games, with its latest investment being $1 billion into Embracer Group, the European giant that owns Borderlands studio Gearbox. Embracer CEO Lars Wingefors has now responded to the criticisms of this deal, which was led by the kingdom's Public Investment Fund (PIH) and specifically its Savvy Gaming Group (SGG) division.
Wingefors said in a statement that he received «many questions» about the deal, prompting him to share background and context around the decision to take Saudi Arabia's money.
«I understand and respect that there are different views on this topic. I don't claim to have the right answers, but I want it to be clear that this decision was not taken lightly,» he said.
Wingefors started off by confirming that Embracer will remain in control of its own destiny and is «built on the principles of freedom, inclusion, humanity, and openness.» Taking $1 billion from SGG «will not change this in any way,» Wingefors said. He added that SGG will own «slightly more » than 5% of Embracer's voting power and 8% of its total capital. He said SGG invested in Embracer because the investment fund supports Embracer's «vision, strategy, and leadership, not to change it.»
Wingefors said he aims to be communicative and transparent, but also remarked that this ambition is «increasingly difficult» in «matters such as this.»
People are criticizing Embracer's decision to take the $1 billion from SGG in part because of Saudi Arabia's position on human rights. In 2018, US-based journalist Jamal Khashoggi, who criticized Saudi Arabia's government, entered the Saudi consulate in Istanbul and never left. The CIA later concluded that Saudi Crown Prince Mohammed bin Salman
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