Connect with us

Hi, what are you looking for?

Technology

Saudi Arabia buys a 5% stake in Nintendo

In context: Nintendo has become the latest gaming company to attract investment from the government of Saudi Arabia. While this may alarm some after the country’s near-total acquisition of SNK, this is only one of Saudi Arabia’s several other gaming-related investments.

This week, Saudi Arabia’s Public Investment Fund (PIF) bought five percent of Nintendo. By Bloomberg’s estimates, this makes it Nintendo’s fifth-largest shareholder. Nintendo said it only learned of the investment from news reports and declined to comment on individual shareholders.

The PIF is a $500 billion fund that is part of Saudi Arabia’s domestic economic policy. The oil-rich country wants to invest over a trillion dollars in technology and other sectors by the middle of this decade. Video game companies are part of that plan.

Last year, the PIF spent Billions on shares of Electronic Arts, Activision Blizzard, and Take-Two Interactive and now owns single-digit percentages of each company. On January, it acquired esports group ESL Gaming, and in February it purchased around five percent of Capcom and Nexon. Most famously, that same month the PIF took 96 percent of SNK.

Saudi Arabia may be attempting to learn from game companies to incorporate gaming into its sizable internal development ambitions. The PIF is part of the kingdom’s “Vision 2030” plan which also involves building a city-state along the Red Sea, called Neom. In February, Neom inked a deal with MBC group to build the Middle East’s first AAA game studio there.

Advertisement. Scroll to continue reading.

Click to comment

Leave a Reply

Latest

Top Stories

FTX founder Sam Bankman-Fried and Alameda Ventures made recent headlines for bailing out a handful of CeFi crypto platforms this week, but what exactly...

Top Stories

Although Bitcoin is struggling to form a bottom, altcoins are on a roll and the current price action could benefit UNI, XLM, THETA and...

Top Stories

Ethereum’s native token Ether (ETH) has declined by more than 35% against Bitcoin (BTC) since December 2021 with a potential to decline further in...

Top Stories

The company enables artists and collectors to create, purchase and resell NFTs via blockchain-enabled transactions. Source link

Technology

Interested in learning what’s next for the gaming industry? Join gaming executives to discuss emerging parts of the industry this October at GamesBeat Summit...

Top Stories

Bitcoin (BTC) made the most of weekend volatility on June 26 as a squeeze saw BTC/USD reach its highest in over a week. BTC/USD...

Advertisement

You May Also Like

Uncategorized

Introductions get a lot of attention. I’ve explored the topic of how to write them even though as a reader, I always skip them....

Online Business Success

The internet is now our nervous system. We are constantly streaming and buying and watching and liking, our brains locked into the global information...

SEO Guide

There are all kinds of pictures of the world on the internet, but to find one of these specific pictures that you want to...

Online Business Success

You can think of link building in many ways. I like to call it tedious, painful, and a test of patience. It’s also necessary...

Advertisement