Saudi Wealth Fund PIF Owns the Most Shares in Nintendo Outside Japan
- Publish date: Saturday، 18 February 2023
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Based on a business filing on Friday, the Saudi sovereign wealth fund PIF now owns 8.26% of the stock in the Japanese gaming company Nintendo, making it the largest outside investor in the sector.
As part of its aim to diversify Saudi Arabia's economy away from oil, the Kingdom's Public Investment Fund has previously invested billions in video gaming companies.
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The Public Investment Fund's stake in Kyoto-based Nintendo was disclosed in a filing to Japanese regulators on Friday. The business, well known for its Super Mario Brothers game device and trademark, has also seen Saudi Arabia slowly increase its investment over recent months.
The Saudi fund continues to hold more shares in the game firm than Nintendo does. Nintendo is worth $52 billion.
The Savvy Games Group, which is managed by PIF, seeks to develop 250 gaming businesses in Saudi Arabia and generate 39,000 employment. Over the next few years, Savvy Games intends to invest almost $38 billion in the gaming sector.
As per data from the Nasdaq Shares Market, the Saudi wealth fund already owns stock worth $2.9 billion in Activision Blizzard, $1.7 billion in Electronic Arts, and a $1.2 billion stake in Take-Two Interactive.
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