Saudi Arabia’s Public Investment Fund (PIF) has upped its stake in Nintendo to 7.08 percent. Per Trading View, the fund backed by deputy prime minister and crown prince Mohammed bin Salman Al-Saud recently upped its stake in the game publisher and developer.
Salman’s involvement in PIF has drawn scrutiny from observers, given he was allegedly linked to the murder of Washington Post journalist Jamal Khashoggi and has been accused of torturing human rights activists.
It’s a small increase from the 6 percent stake it had in January of this year, which itself was a small boost from the original 5.01 percent from May 2022. That initial May 2022 stake turned Saudi Arabia into Nintendo’s fifth-largest shareholder.
Throughout 2021 and 2022, PIF invested into several big-name video game companies. In addition to Nintendo, it acquired shares in Take-Two Interactive, Electronic Arts, and Activision Blizzard said to be worth $3 billion overall. During summer 2022, it acquired $1 billion (or 8.1 percent) worth of shares in the Embracer Group.
Around this time in 2022, PIF acquired stake in both Capcom and Nexon. The funds were said to be more than 5 percent for both companies, and according to PIF’s website, were done for “positive and sustainable change” to drive Saudi Arabia’s economic transformation.
When Nintendo was asked about the original investment from PIF last year, it said it would not comment on individual shareholders. At time of writing, the console maker has yet to speak on this newest investment.