Saudi Arabia’s Public Investment Fund has reportedly increased their stake in Nintendo for the second time in a month according to Trading View. Its stake in Nintendo increased to 7.08% from its 6.07% stake in January. Saudi Arabia first purchased Nintendo stock in May 2022 at 5.01%. Nintendo claimed to Reuters that it was initially unaware of the purchase, only learning of it through news outlets.
In recent years, Saudi Arabia has made efforts to grow their influence within the video game industry. The country has taken stock in some of the biggest companies and developers in the industry including Activision Blizzard, Electronic Arts, Take Two, Capcom, Nexon, and Embracer Group. Additionally, it acquired the majority of the developer SNK, known for Samurai Shodown, King of Fighters, and Fatal Fury.
Crown Prince Mohammed Bin Salman announced the Savvy Gaming Strategy Group strategy in September 2022, an initiative to diversify Saudi Arabia’s economy and become a strategic development partner within the gaming industry. Saudi Arabia plans to put aside 50 billion riyals or $13.3 billion for this endeavor.
While this is an innovative way for a country to diversify its economy previously known for its reliance on oil, others around the world are growing concerned. Saudi Arabia is notorious for its record of human rights abuses including the ongoing criminalization of LGBTQ people within the country. Most notably, the crown prince has been accused of ordering the murder of Washington Post journalist Jamal Khashoggi by the CIA.
Many fear how Saudi Arabia might influence future games produced within the companies and developers it holds a stake.