Cartier has agreed to sell its Watch division to Incredictions Entertainment, which will acquire the watch company for about $2.4 billion.
The sale includes the video game franchise of Cartier and Increditions, and includes a number of assets, including video game development studios, digital distribution and publishing companies and an interactive entertainment company, Incd.
The transaction is expected to close in the fourth quarter of 2019.
Crown Prince Mohammed bin Salman is known for his popularity among Saudi Arabia’s young people.
He has promised to bring greater stability to the country, but has also been criticized for his authoritarian style.
The Saudi royal family has spent billions of dollars since 2015 on its lavish lifestyle, including construction of the new King Fahd International Airport in Saudi Arabia, the country’s first transatlantic air route.
On Sunday, the Saudi Crown Prince, Mohammed bin Nawaf Al Saud, tweeted that the country has “saved money on fuel” but added that the nation’s oil reserves are “under threat.”
He also promised “more than 10,000 jobs.”