Saudi Arabia has increased its stake in Japanese video game manufacturer, Nintendo to 6%, courtesy of its Public Investment Fund (PIF).
Back in May 2022, Saudi Arabia purchased 5.01% worth of stock in Nintendo. The Public Investment Fund is a scheme organised by Crown Prince Mohammed bin Salman. At the time, it made Saudi Arabia Nintendo’s fifth largest shareholder.
Will Saudi Arabia acquire more shares in Nintendo?
As reported by Reuters, Saudi Arabia’s continued investment in Nintendo, show’s the country’s intent to become a big player in the video game industry. Increasing its share from 5.01% to 6.07%.
Saudi Arabia’s Public Investment Fund has not only dipped its fingers into Nintendo but also owns stakes in Capcom, Koei Tecmo and Nexon. What’s more, in September 2022, Saudi Arabia invested a further £32 billion into the video game industry.
£12 billion went into Savvy Games Group, as well as an additional £16 billion towards “a leading game publisher to become a strategic development partner.” Furthermore, the remaining £4 billion was set aside to target “industry disruptors” as well as “mature industry partners”.
Saudi Arabia owns even more shares
If you thought that was the end of the Saudi Arabia Public Investment Fund, think again. In June 2022, the PIF invested £840 million into Embracer Group. For some reason, we doubt that Saudi Arabia PIF’s investment in the video game industry will end anytime soon.
The Kingdom is a country shrouded in human rights controversy
It’s worth noting that Saudi Arabia has historically dealt with a lot of controversies. Moreover, those controversies have often been related to the Kingdom’s human rights violations.
These include the lack of rights for women as well as the criminalisation of homosexuality. At the time of writing, in Saudi Arabia, homosexuality is punishable by death.
Featured Image Credit: Nintendo/Source: Reuters.com