Saudi Arabia’s Public Investment Fund bought more shares in Nintendo, increasing its stake to own 6.07% of the gaming giants, according to Reuters. The PIF already owned 5.01% of Nintendo.
PIF also owns sizable stakes in companies like Capcom, Nexon, Koei Tecmo, Activision, EA, and others. The investment fund is investing money in video game companies in search of a high return, thanks to the predicted growth in the video game market.
PIF is making these investments through its Savvy Gaming Group (SGG) division. The Saudi government’s investments in the video game industry have been controversial, in part due to Saudi Arabia’s stance on human rights.
In 2018, American journalist Jamal Khashoggi, who has criticized the Saudi Arabian government, walked into the Saudi consulate in Istanbul and never left. The CIA later concluded that Saudi Crown Prince Mohammed bin Salman had ordered Khashoggi killed.
In 2022, the Embracer Group received $1 billion from the Saudi government and championed the move, saying the group supports Embracer’s “vision, strategy and leadership”.
It’s worth noting that PIF also owns parts of Microsoft, Disney, Uber, Google, and Amazon, among several other companies. The group also supports the controversial LIV Golf series and is rumored to be announcing the WWE takeover soon.
This article is a translation of the writing by Eddie Makuch to the website GameSpot.
Want to know more about the news? Don’t forget to follow ADNEWS on social networks and stay on top of everything!
The post Saudi Arabia now owns 6% of Nintendo appeared first on ADNEWS.
