Saudi PIF raises stake for third time in Nintendo to 7.1%
The investments are in line with Saudi Arabia's strategy for creating a gaming hub in the country.
Saudi Arabia's sovereign wealth fund Public Investment Fund (PIF) raised its stake in Kyoto-based gaming company Nintendo from 6.07% to 7.1%.
This followed PIF's acquisition of a 5% stake in the company in May 2022.
The investments are in line with Saudi Arabia's strategy for creating a gaming hub in the country, according to Fast Company.
PIF's subsidiary Savvy Games Group plans to invest $37.8 billion in initiatives to boost the country's electronic games industry and esports over a long timeline, including local and international programs and infrastructure, the report said. Savvy was launched by Saudi Crown Prince Mohammed bin Salman in September 2022.
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PIF has also raised stakes in other gaming companies like Activision Blizzard, Electronic Arts, Nexon and others.
According to Boston Consulting Group, Saudi Arabia's gaming consumption market is expected to be worth $6.8 billion by 2030 and grow at a compound annual growth rate (CAGR) of 22% by 2030. In September last year, the Saudi Crown Prince also unveiled the National Gaming and Esports Strategy outlining a comprehensive investment programme for the industry in a bid to boost the growth of the sector by 2030.
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Edited by Akanksha Sarma
