Saudi Arabia Is Considering Expanding Its Stake In Nintendo. – Daily Weather

Saudi Arabia’s sovereign wealth fund is considering increasing its stake in Nintendo.

This follows a new interview in which the company discussed growth plans for the Saudi Arabia Public Investment Fund.

Prince Faisal bin Bandar bin Sultan Al Saud, vice president of the group, told Kyodo News that “there are always opportunities” for further investments.

“It’s important to keep communicating if you want to do it the right way,” he said. “We don’t want to rush anything.”

PIF is involved in sports, theme parks, movies, video games and other entertainment media. The PIF was one of the leading organizations at the Esports World Cup held in Saudi Arabia earlier this year.

The fund first acquired a 5.01% stake in Nintendo in May 2022. As of 2024, the fund owns 8.58% of Nintendo.

Nintendo previously claimed that it was unaware of the deal when PIF bought an initial stake in the company and first learned of the Saudi investment through news reports.

PIF, which has made a number of investments in the video game industry in recent years, is said to be central to Crown Prince Mohammed bin Salman’s goal of making the Saudi economy less dependent on oil revenues.

In December 2020, the fund acquired more than $3 billion in shares of Call of Duty maker Activision Blizzard, FIFA publisher Electronic Arts, and Rockstar parent company Take-Two.