Saudi Arabia’s Public Investment Fund has increased its stake in Nintendo to more than 6%
The PIF was also used to invest stakes of more than 5% in bothAnd last September, the prince announced that the PIF would launch a new Savvy Gaming Group strategy, which would include putting aside 50 billion riyals to acquire “a leading game publisher to become a strategic development partner”.The country’s Savvy Games Group claims it will invest a further $37.8 billion in the games industry
The PIF is reportedly central to the crown prince’s goal of making the Saudi economy less reliant on proceeds from oil. PIF’s continued investments in video game companies may raise concerns for some, given Saudi Arabia’s longstanding history of human rights abuses. The crown prince in particular has been accused of ordering the murder of journalist Jamal Khashoggi.
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