Nintendo's Share Price Rose as Saudi Fund Considers Increasing Stake in Japanese Game Companies

TapTechNews October 7th news, Nintendo's share price rose sharply by 3.9% on Monday, after a senior official of the Saudi sovereign wealth fund said that it is considering increasing its stake in Japanese game companies.

According to Kyodo News Agency, The Public Investment Fund (PIF) of Saudi Arabia is considering pouring more funds into Nintendo and its peers.

The Saudi government is eager to shape the country as a player in the global game industry and diversify its investment portfolio to reduce its reliance on oil. The country is investing 38 billion US dollars (TapTechNews note: currently about 268.788 billion Chinese yuan) and hopes to become the next center of the video game industry and has been investing in content providers in Japan and South Korea.

According to data compiled by Bloomberg, PIF is already one of the largest shareholders of Nintendo, with a stake of 8.6%. The fund has also made billions of dollars of investments in other game companies, including Tencent Holdings Limited, Activision Blizzard Inc. and Kakao Entertainment Corp. A real estate developer supported by the PIF is also developing a theme park outside Riyadh, which features characters from the fictional world of the popular Japanese manga and anime series Dragon Ball.