Saudi Arabia Bought Nintendo Shares

Saudi Arabia Bought Nintendo Shares

Known worldwide for its oil power, Saudi Arabia has started to invest in other platforms. Trying to reduce its dependence on oil, the country recently managed to attract attention by investing in game companies. The last move of Saudi Arabia was to buy shares in gaming companies. Saudi Arabia continues to make new investments in accordance with the strategic plan called “Saudi Vision 2030“.

The Public Investment Fund (PIF) has been increasing its stake in video game makers and esports firms for the past two years. Saudi Arabia, which has recently turned to the Japanese market, purchased shares worth over $3 billion in December 2020. Saudi Arabia continued to invest in game companies and started to turn to other popular sources other than oil. The Public Investment Fund, which is tasked with supporting and developing the country’s economy with different investments, bought 5.01% of Nintendo’s shares.

Nintendo Has Recorded Huge Profit

The 5.01% share purchased was soon the subject of discussion on the internet by many people. Saudi Arabia has previously bought shares of very large and popular companies such as; Activision Blizzard, Electronic Arts, Take-Two Interactive, Capcom, and Nexon. In this way, he continued to expand his wide range. The country continues to work uninterruptedly to develop an oil-dependent economy by investing in areas such as; health, education, infrastructure, entertainment, and tourism within the strategic framework.

Bloomberg says this will make the Public Investment Fund the company’s “Fifth-largest Shareholder.” You can enjoy the current game and technology news through our other social media accounts as well. And, finally, click here to read more gaming news.