Saudi Arabia Boosts Its Holdings in Nintendo

February 17, 2023 Update: The Public Investment Fund of Saudi Arabia has once again increased its stake in Nintendo, marking the second enhancement this week. According to reports from AP, the PIF now possesses 8.26% of the Japanese gaming giant, solidifying its position as the largest external investor. Originally reported on February 15, 2023: New information has surfaced indicating that Saudi Arabia has further expanded its stake in Nintendo. A Twitter account based in Saudi Arabia, BRHM, disclosed that the nation's Public Investment Fund currently owns 7.08% of the company behind Mario, a figure also confirmed by Trading View. The Fund had previously acquired a 5.01% stake in Nintendo in May 2022 and increased it to 6.07% the preceding month. Over the past two years, Saudi Arabia has been actively investing in the gaming sector, with its subsidiary Savvy Games Group purchasing a $1 billion stake in Embracer Group and allegedly allocating $13 billion for the acquisition of a major gaming publisher. Additionally, the PIF has obtained stakes in Capcom and Nexon, while the Electronic Gaming Development Company, a subsidiary of the Mohammed bin Salman Foundation owned by the Saudi Crown Prince, holds 96% of SNK. These investments have sparked controversy due to Saudi Arabia's human rights concerns, including the criminalization of homosexuality, which can lead to severe punishments.