Exciting news for Nintendo fans! Shares of the Japanese game company surged by 3.9% following reports that Saudi Arabia’s sovereign wealth fund is considering increasing its investments in the gaming industry. The Public Investment Fund (PIF) of Saudi Arabia is contemplating injecting more capital into Nintendo and other Japanese game companies, as reported by Kyodo News.
Prince Faisal bin Bandar, the vice chairman of PIF subsidiary Savvy Games Group, expressed his support for this potential move, highlighting the Saudi government’s interest in developing the kingdom as a global gaming industry player. With a $38 billion bet on the country’s gaming potential, Saudi Arabia aims to diversify its portfolio away from oil dependency by investing in Japanese and South Korean content providers.
This collaboration could usher in a new era for the gaming industry, with Saudi Arabia positioning itself as a long-term investor willing to navigate the industry’s volatility. Nintendo’s stock saw its largest surge in over a week, showcasing investor excitement and confidence in the company’s future prospects.