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Saudi-Backed EGDC Increases Stake in Capcom to 6%

Electronic Gaming Development Company (EGDC) has acquired additional shares in Capcom, bringing its total ownership stake to 6.04% in the Japanese game publisher.


Characters from Capcom games pose dynamically against a yellow background. "CAPCOM" text is prominent above them.
Image credit: Capcom

According to a disclosure submitted to the Kanto Local Finance Bureau on April 6, EGDC increased its total held shares from 26.78 million to 32.18 million. That is a notable jump from the 5.03% stake it held back in March, when the fund first crossed the threshold for what is considered a "large shareholder."


With this latest acquisition, according to Capcom's investor relations report dated December 31, 2025, EGDC now sits in 4th place on Capcom's major shareholders list.


The company has stated that the purpose of its holding remains "pure investment."


So who exactly is EGDC? Founded in 2020, the firm operates under the MiSK Foundation, an organization established by Saudi Arabian Crown Prince Mohammed bin Salman. The foundation also owns SNK, the developer behind the beloved Fatal Fury franchise.


As per data from MarketScreener, EGDC's investment in Capcom is currently valued at around $617 million. And they are not alone in that space. Ayar First Investment, another Riyadh-based firm, is also listed as a major stakeholder in Capcom. Ayar holds significant investments in Nintendo, Nexon, and Bandai Namco as well. The firm secured a 6.6% stake in Capcom back in January 2026, stepping in to replace JP Morgan Chase. Currently, only Crossroad, a Japanese asset management company, and Capcom itself hold larger investments in the publisher.


This is all part of a much bigger picture. Saudi Arabia has been making aggressive moves in the gaming industry for a few years now, driven largely by the Public Investment Fund (PIF) and its subsidiary Savvy Games Group. The goal is to invest around $38 billion to establish Saudi Arabia as a global gaming and esports hub by 2030, all under the country's Vision 2030 economic diversification plan.


Here is a breakdown of the major Saudi-backed gaming investments over the years:

2021


2022

  • Nintendo: PIF started at 5% and grew to over 8.58% at peak, making it the largest outside shareholder before reducing to around 7.54% by 2024. Transferred to Savvy earlier in 2026.

  • Capcom: A 5% stake, later reported at around 6%, valued at approximately $670 million.

  • Nexon: A 5% stake in the South Korean publisher.

  • SNK: Crown Prince Mohammed bin Salman's MiSK Foundation increased its ownership to 96%, up from 33% in 2020.

  • Embracer Group: Savvy invested $1 billion for around 8% capital and over 5% voting power. A larger partnership deal later fell through.

  • ESL FACEIT Group: A roughly $1.5 billion merger and acquisition of ESL Gaming and FaceIt, now a Saudi-owned major esports operator.


2023 to 2025

  • Scopely: Full acquisition by Savvy for $4.9 billion in July 2023. The U.S. mobile studio is known for Monopoly GO! and Marvel Strike Force.

  • Hero Esports (formerly VSPO): A 30% minority stake for somewhere between $235 million and $265 million.

  • Niantic's gaming division: Acquired through Scopely for $3.5 billion in 2025, bringing Pokémon GO under the Saudi-backed umbrella.


2026


With EGDC now holding over 6% of Capcom and the broader Saudi ecosystem expanding rapidly across Japan, South Korea, and beyond, the influence of Middle Eastern capital on the global gaming industry is only going to grow stronger from here.

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