The Public Investment Fund of Saudi Arabia, a never-ending cash mine tasked with diversifying the country’s economy (and glossing over its human rights record), earned a 5.01% stake in Nintendo.
The news was announced in a filing filed with the Japanese Ministry of Finance. Bloomberg reports. It follows similar investments were made in Capcom, EA, Take-Two, and Activision last yearalong with almost full ownership of SNK
Bloomberg says this would make the Public Investment Fund the “fifth-largest shareholder” in the company. If this is your first time coming across this kind of money, you know the PIF sucks, as does the man running it, Saudi Crown Prince Mohammed bin Salman. As Ian wrote just last month:
Saudi Arabia has spent the last year throwing money into the video game industry strategically investments in companies like Activision Blizzard, Electronic Arts, Take-Two Interactive, Capcom and Nexon. Like many of Mohammed bin Salman’s deals, these purchases fall under the Saudi Vision 2030 strategyfounded during his rise to power in mid-decade, intended on paper to diversify the kingdom’s oil-centric economy.
In reality, however, the Saudi Vision 2030 is largely one propaganda campaign focused on whitewashing Saudi Arabia horrific human rights record. The regressive monarchy seems to be hoping for that Targeting the entertainment industry around the world could ease the purse strings of companies reluctant to invest in the oil-rich country’s economy, particularly the Murder of journalist Jamal Khashoggiand the ongoing US-sponsored genocide in Yemen still hovers overhead.
Video games aren’t the only entertainment industry on the PIF sites. Saudi money has been no stranger to Hollywood in recent years, and sporting teams and competitions are also top priorities for the crown prince. A The big-money purchase of Premier League club Newcastle last year was carried out despite widespread protests on the state’s human rights record while PIF funds was also spent on everything from horse racing to Formula 1.