Saudi Arabia's Public Investment Fund (PIF) is the country's investment arm. Smart games group and numerous large-scale investments in Nintendo, Take-Two Interactive, Nexonand beyond – it is reportedly running out of funds for new investments.
This information is taken from an extensive report published in New York Times which describes the band's recent collaboration takeover of Electronic Arts as the “largest offering” the company has made in the fall of 2025. The report found that a number of the fund's other investments are in “financial distress” and its managers are seeking to change course.
This may affect the fund's future investment plans and affect its ability to acquire shares in the video game industry. PIF officials in statements to the Times downplayed the reorganization efforts, characterizing them as a natural revaluation of its portfolio.
Investments in video games were not among the problematic projects. Regional Development Project Neoma coffee chain, a cruise line, a string of luxury businesses and an electric vehicle startup are among the troubled financial bets. The fund's $1 trillion in assets is apparently tied to assets that are difficult to sell and have no public valuation, and managers are telling investors that it is “almost unable” (in the words of the Times) to expand its investments.
PIF officials allegedly told asset managers that if they wanted new funding, they would have to help rescue old investments. Spokesman Rupert Trefgarne told the Times there was “no requirement” but only “encouragement” for potential investors to funnel money back into private Saudi companies.
Mutual investment funds tie companies to the complex (and cutthroat) politics of Saudi Arabia.
As we have noted many times, the Saudi PIF's funding differs from other billion-dollar gaming investments because the PIF is a rare financial institution deeply intertwined with the national government. Its Chairman is Prince Mohammed bin Salman bin Abdulaziz Al Saud (MBS), who was directly involved in the murder of journalist Jamal Khashoggi. Meanwhile, his government is accused of ongoing human rights violations even for now promising social reforms.
One reason may be concerns about government influence EA assured employees that the company will retain “creative control” over its projects in the FAQ following the buyout announcement.
The chairmanship is not just a ceremonial role, as the Times notes, it has been a “central instrument” in his political influence and his resources (including oil revenues and assets confiscated from political opponents and family members) were expanded at his direction. The foundation's focus on video games is apparently motivated in part by the prince's personal passion for the medium.
So when someone like PIF governor Yasser al-Rumayyan “sharply corrects” you not to pronounce the fund's name “Piff” (as the Times reported), it may carry a little more weight coming from someone with a direct connection to the head of state.
