Saudi Arabia Reduces Stake in Nintendo Amid Speculation of Expansion

The Public Investment Fund cut its Nintendo shares despite earlier reports of potential increased investment in Japanese gaming companies.

Saudi Arabia's Public Investment Fund (PIF) decreased its stake in Nintendo from 8.58% to 7.54%, as confirmed by a Japanese regulatory filing.
Prince Faisal bin Bandar bin Sultan Al-Saud, vice chairman of PIF's Savvy Games Group, mentioned the possibility of increasing investments in Japanese gaming firms, emphasizing the need for partner consent.
Nintendo's shares rose by approximately 4% after initial reports suggested the PIF might increase its investment in the company.
Saudi Arabia has been investing heavily in the gaming sector as part of its Vision 2030 plan to diversify its economy away from oil dependency.
The PIF is transferring its holdings in gaming companies to its subsidiary, Savvy Games Group, to create synergies and further its gaming industry ambitions.