A new report has revealed that Saudi Arabia has now acquired more Nintendo shares after increasing its investment in the company.
Saudi Arabia Now Owns More of Nintendo
According to a new report by Reuters, Saudi Arabia now owns 6.07 percent of Nintendo after its Public Investment Fund increased its stake in it. This is now one percent more than last May 2022’s announcement, which was 5.01 percent of Nintendo shares.
What is PIF?
The PIF is one of the largest sovereign wealth funds in the world and is Saudi Arabia’s method of diversifying its assets so it would not depend much on oil sales. It has already invested worldwide in various countries but has invested a lot in gaining shares from video companies in the US, UK, Japan, and other countries. Aside from Nintendo, the PIF has also invested in Electronic Arts, Nexon, CAPCOM, and more. It has even invested into Embracer Group, the parent company of Saber Interactive and THQ Nordic.
It is led by Crown Prince Mohammed bin Salman, who also created the Savvy Gaming Group which helps the diversification of the country by investing billions of dollars into gaming and eSports industry.