Saudi Arabia, which is trying to reduce its dependence on oil, also invests in game companies and buys shares from game 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 invests in gaming companies
The Public Investment Fund, tasked with diversifying Saudi Arabia’s country’s economy with different investments, purchased 5.01% of Nintendo’s shares. Saudi Arabia bought stakes in the gaming industry last year, making strategic investments in companies like Activision Blizzard, Electronic Arts, Take-Two Interactive, Capcom and Nexon.
In the strategic framework they call “Saudi Vision 2030”, Saudi Arabia continues to take initiatives to further revive the oil-dependent economy by investing in areas such as health, education, infrastructure, entertainment and tourism. He said the Public Investment Fund’s Nintendo purchase was made for investment purposes. Bloomberg says this will make the Public Investment Fund the company’s “fifth largest shareholder.”
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