Saudi Arabia's sovereign wealth fund acquired 5% of Nintendo shares


May 18, Fineko/ Saudi Arabia's sovereign wealth fund Public Investment Fund has acquired a 5% stake in Japan’s Nintendo, specializing in the production of video game consoles and video game development.

ABC.AZ reports that this deal makes the Saudi fund the 5th largest shareholder of Nintendo. The purchase was made for investment purposes.

According to Toyo Securities’ analyst Hideki Yasuda, "Saudi Arabia is striving to build its own video game industry, and investments in Japanese gaming companies are probably designed to help the kingdom adopt the experience of Japanese developers in this area."