Saudi Arabia’s Public Investment Fund has been revealed to be considering increasing its stake in Nintendo and other gaming companies.
Speaking in an interview with Japanese news agency Kyodo News, Prince Faisal bin Bandar bin Sultan Al Saud, vice chairman of PIF’s gaming division, revealed a desire to expand but said there was no urgency for further investment and that any increase shares will be made in a “friendly” way.
PIF currently owns 8.58% of Nintendo and is the largest outside investor in the company.
It has minority stakes in video game companies Nexon (10.53%), Keoi Tecmo (8.99%) and Capcom (6.60%). It also owns 96% of King of Fighters and Fatal Fury creators SNK.
Increased investment in gaming entities is part of Saudi Arabia’s drive to reduce its dependence on oil exports, the country’s main source of wealth.
It initially took a 5% stake in Nintendo in 2022, to increase the stake to 6% the following year.
