TapTechNews on October 6, according to a report by Kyodo News of Japan, Prince Faisal bin Bandar, vice chairman of Savvy Games Group, a subsidiary of the Saudi sovereign wealth fund, said in an interview that the fund is considering increasing its holdings in Nintendo and other Japanese game companies' shares.
TapTechNews learned from the report that it owns 8.58% of the shares of game developer Nintendo and 8.97% of the shares of Koei Tecmo Holdings Co., Ltd., and the fund has also invested in game software developers such as Nexon Co. and Capcom.
In recent years, Saudi Arabia has been increasing its investment in entertainment businesses such as games and animations. Crown Prince Mohammed bin Salman, who serves as the chairman of Savvy, is seeking to shift its economic focus away from the volatile oil industry.
The country is building an entertainment city named Qiddiya in the southwestern part of Riyadh, which includes stadiums, a Formula One racetrack, esports facilities, and the world's first theme park dedicated to the globally popular anime and manga series Dragon Ball.
The vice chairman also revealed that Savvy Games sees business opportunities in cooperating with Japanese partners to promote the localization of videos and games, such as leveraging their intellectual property rights.