As reported by GamesIndustry.biz, which acquired the information from BRHM and Trading View, the Saudi Arabia Public Investment Fund has increased its stake in Nintendo yet again, now raising its ownership to 7.08% by investing more money into the Japanese console manufacturer.
Saudi Arabia first invested into Nintendo back in May 2022, when it purchased a 5% stake in the company. This percentage had stayed static for several months, so many assumed it would remain that way as just another one of Saudi Arabia's attempts to diversify its capital. However, it's now clear the country is interested in owning more and more of Nintendo, to which extent it's still unknown.
It was a bit more than a month ago when BRHM reported that the Saudi Public Investment Fund had increased its Nintendo stake from 5% to 6%. Nintendo has been a staple in the console gaming industry since its inception. They have an unyieldingly loyal fanbase and, for the most part, have only become more successful over time. So, it makes sense that the Saudi PIF, which is clearly looking to insert itself into the gaming industry, wants to keep raising its Nintendo shares.
Saudi Arabia has made several other major investments in the video game space. It has similar-sized stakes in both Capcom and Nexon, and it owns about 8% of Embracer Group, the mega-conglomerate parent company of Gearbox, Deep Silver, THQ, Saber Interactive, and more. However, this has only been the beginning of its expansion.
GamesIndustry.biz previously reported back in September 2022 that Savvy Games Group, a company 100% owned by the Saudi government, had set aside a bit over $13 billion to acquire a "leading game publisher." There was also $18 billion in the books for "minority investments in existing companies," which is exactly what it's doing with Nintendo.
Some gamers may find the news a bit disconcerting as the Saudi Arabia government's social laws and policies differ greatly from most western countries, particularly when it comes to the treatment of women and LGBTQ individuals. It's worth noting that Nintendo doesn't have a say in what entities invest in it, as its shares are publicly available via the stock market.
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