Saudi Arabia Reduces Stakes in Japanese Video Game Company, Nintendo

Saudi Arabia has invested billions of dollars in the gaming sector as part of the kingdom’s Vision 2030 plan

Saudi Arabia’s Public Investment Fund (PIF) has sold 17.3 million shares of Nintendo Co. This has reduced the ownership stake of Nintendo from 8.58% to 7.54%.

According to a filing to Japan’s Finance Ministry, From August 21 to October 1, Saudi Arabia’s PIF sold the shares of the Super Mario Bros. franchise. This has reduced its ownership in the company from 8.58% to 7.54%.

The value of Nintendo’s shares rose the day after the reporting by Kyodo News that Saudi Arabia’s PIF will increase its stakes.

Nintendo Shares Rose by 4.4% Amid Reduction of Saudi Arabia’s PIF Stakes

Nintendo’s shares saw a significant surge of 4.4% after Saudi Arabia’s PIF reduced stakes in the company. Nintendo's stock prices closed down by 0.6%, closely matching the performance of the Nikkei 225 Stock Index.

Prince Faisal bin Bandar bin Sultan al-Saud, vice chairman at Savvy Games Group said, “It’s important to keep the communication going so you get there in the right way. We don’t want to rush into anything.”

Saudi Arabia Invested Billions on the Gaming Sector

In recent years, Saudi Arabia has invested billions of dollars in the gaming sector. The investment was made as part of the kingdom’s Vision 2030 plan to diversify and expand the Saudi economy. The aim is to boost the country as an e-sports and gaming hub.

According to Bloomberg, Saudi Arabia’s PIF had around $760 billion in assets under management at the end of last year. Nintendo is one of the biggest shareholders.