Saudi Arabia has purchased 5.01% of stock in Nintendo, a new report from Bloomberg has claimed.
The purchase comes from Saudi Arabia’s Public Investment Fund, which is a scheme organised by the country’s crown Prince Mohammed bin Salman. Nintendo has declined to comment on this following the reports.
Saudi Arabia’s purchase of Nintendo stock now makes it the company’s fifth largest shareholder, according to data compiled by Bloomberg.
OTHER INVESTMENTS HAVE OCCURRED
The interest in the Mario and Zelda developer is just the latest in a long line of gaming investments that the Saudi Arabia government has made in the last couple of years. It also holds stakes in Capcom, Electronic Arts, Activision Blizzard, Nexon and Take-Two, and also holds a majority of SNK.
Saudi Arabia’s Public Investment Fund exists as a series of financial investments by the government while the rest of the world moves away from Saudi oil in favour of sustainable energy.
Nintendo Suspends Shipments To Russia In Response To Current Events
Some users online have expressed concern about the growing number of investments by the Saudi Arabian government. A report by the CIA posits that the crown prince was responsible for the assassination of Washington Post journalist Jamal Khashoggi, while human rights groups claim that repression has worsened in Saudi Arabia under his rule.
WHAT’S COMING UP FOR NINTENDO
Amidst a global chip shortage, Nintendo recently reported it had fallen behind in its financial targets for the year. The company anticipated it would sell 21 million Switch devices this year.
As of right now, following the reports of Saudi Arabia’s investment in Nintendo, the Kyoto-based company has declined to comment. We will update this article if more in this story develops.
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Featured Image Credit: Nintendo