Just two days after purchasing more shares in Nintendo, the Saudi Arabia Public Investment Fund increased its stake once more into the Japanese company. Saudi Arabia’s PIF increased its stake in Nintendo to 8.26%.
According to Bloomberg, the Saudi Arabia Public Investment Fund is now the largest outside shareholder of Nintendo as it commits to diversifying an oil-dependent economy. Specifically, PIF’s recent investments place the fund above Japan’s Government Pension Investment Fund and behind Nintendo’s own holdings. This stake purchase was made for investment purposes only with Saudi Arabia gaining confidence in Nintendo and its future prospects.
PIF’s latest purchase is the fourth consecutive acquisition of stakes in Nintendo since May 2022. The fund initially acquired 5.01% of stakes in Nintendo before acquiring another 1.06% of stakes this past January. On February 15, the fund increased its stake in Nintendo to 7.08%.
“The Nintendo purchase, as well as investments in game companies around the world, is part of Saudi Arabia’s long-term project to become less reliant on oil,“ said Akira Takatoriya, a consultant who works with Japanese companies exporting pop culture content to the Middle East.
“I think PIF is not even done and wouldn’t be surprised if it continues to increase its stake in Nintendo going forward,” Tokyo-based industry consultant Serkan Toto said.
Lastly, Nintendo and Saudi Arabia’s Public Investment Fund did not respond to a request for comments regarding the stake purchase.
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