UPDATE
Despite an earlier report, the Saudi Public Investment Fund (PIF) he reduced his stake in Nintendo from 8.58% to 7.54% Despite this, it is still one of Nintendo's largest shareholders.
ORIGINAL NEWS
Saudi Arabia is planning to increase its stake in Nintendo, according to the deputy chairman of the state investment fund's (PIF) gaming entity. The deputy president also stated that the fund is considering buying shares in other Japanese gaming companies.
The goal of these investments is to strengthen the country's entertainment industry, by transitioning from an oil-based economy. Currently, PIF owns an 8.58% stake in Nintendo and 8.97% in Koei Tecmo Holdings Co., as well as a stake in Nexon Co. and Capcom Co. Currently, PIF is transferring its shares in Japanese companies to its gaming company, Savvy Games Group.
In addition, plans include promoting the localization of video games in cooperation with Japanese partners. Saudi Arabia is actively developing the entertainment industry, including games and animation. For example, the entertainment city of Qiddiya is being created, which will include a stadium, a Formula 1 track and the first theme park dedicated to Dragon Ball.
Source: 80 BGN
