Saudi Arabia’s sovereign wealth fund is considering a move to increase its stake in Nintendo.

That’s according to a new interview, in which the firm discussed the Saudi Arabia Public Investment Fund’s plans for growth.

Prince Faisal bin Bandar bin Sultan Al-Saud, the group’s vice chair said in an interview with Kyodo News that “there are always opportunities” for further investment.

“It’s important to keep the communication going so you get there in the right way,” he said. “We don’t want to rush into anything.”

The PIF is involved in sports, theme parks, film, video games, and other entertainment mediums. The PIF was one of the main bodies behind the Esports World Cup which took place 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 has previously claimed that when the PIF bought its initial stake in the company, it was unaware of the transaction and first learned about the Saudi investment from news reports.

The PIF, which has made a series of investments in the video games industry in recent years, is reportedly central to Crown Prince Mohammed bin Salman’s goal of making the Saudi economy less reliant on proceeds from oil.

In December 2020, the fund acquired over $3 billion worth of stock in Call of Duty maker Activision Blizzard, FIFA publisher Electronic Arts, and Rockstar’s parent company Take-Two.

Posted: Oct 10, 2024 9:54 am
Related Forum: Gaming Discussion

Source: https://www.videogameschronicle.com/news/saudi-arabia-is-considering-a-larger-stake-in-nintendo/