Banking & Finance Saudi sovereign fund raises Nintendo stake to 8.26% By Reuters February 19, 2023 REUTERS/Mario Anzuoni A view of merchandise during the grand opening of Super Nintendo World at Universal Studios Hollywood in Universal City, Los Angeles, California, on February 15, 2023 Saudi Arabia’s Public Investment Fund (PIF) raised its stake in Nintendo Co to 8.26 percent from 7.08 percent, a regulatory filing showed, the second stake increase disclosure in a week following one on Wednesday. The sovereign fund first acquired a five percent stake in the company in May 2022 and increased it to 6.07 percent in January 2023. The third increase took place in early February, with its stake reaching 7.08 percent. PIF has been expanding its investments in the Japanese gaming giant as well as Sweden’s Embracer and China’s VSPO. Saudi Crown Prince Mohammed bin Salman in September last year laid out a SAR142 billion ($37.8 billion) strategy for Savvy Games Group, with the aim of making Saudi “the ultimate global hub for the games and esports sector by 2030”. The company plans to invest across four programmes that aim to make the kingdom a global hub for gaming by 2030. Savvy’s initiatives include SAR70 billion to take several minority stakes in companies that support Savvy’s game development agenda and SAR50 billion to acquire a leading game publisher to become a strategic development partner. Another SAR20 billion will be invested in mature industry partners who bring expertise to Savvy’s portfolio, and SAR2 billion will target industry disruptors to grow early-stage games and esports firms.