By David Opinko

Saudi Arabia drops 51 million shares in Suncor, puts billions into video games

May 19, 2021 | 2:12 PM

CALGARY, AB – One of Alberta’s largest oil companies is losing a significant investment.

Saudi Arabia’s Public Investment Fund (PIF) announced that it would be selling all of its 51 million shares in Calgary-based Suncor Energy Inc.

As of 12:30 pm on May 19, shares in Suncor are valued at $27.85, meaning they are set to lose out on an estimated $1.419 billion.

At the same time, according to a report in the Financial Post, the PIF will be substantially increasing its investments into the video game sector.

By the end of the fourth quarter last year, Financial Post says their holdings in Activision Blizzard Inc., Electronic Arts Inc., and Take-Two Interactive Software Inc. totalled $3.3 billion US.

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The PIF plans to increase that to $6 billion US in the first quarter of this year.

The Financial Post reports that Prince Mohammed is a big fan of video games, especially Activision’s best-selling series “Call of Duty.”