Saudi Arabia may buy more Nintendo shares, it already owns 8.5%, or $5.8 billion of shares

Saudi Arabia’s sovereign wealth fund could buy even more Nintendo shares, despite owning 8.5% of the company’s stock.

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The Saudi Public Investment Fund (PIF) has invested billions of dollars in numerous companies over the past few years, and through its subsidiary Savvy Games Group PIF made strategic acquisitions like mobile megahit creator Scopely.

In 2022, MTP bought 5% of Nintendo shares during the company’s 10-to-1 stock split, representing nearly 6.5 million shares worth $3 billion. The Saudi fund has since increased its investment, purchasing 8.5% of Nintendo’s total shares, representing approximately 11.45 million shares worth as much as $5.8 billion. Now MTP can further increase its investments in Nintendo and buy even more shares of the Japanese gaming giant.

In a recent interview with Kyodo NewsSaudi Prince Faisal bin Bandar bin Sultan Al-Saud spoke about greater investment opportunities from the Middle Eastern country. At this time, PIF is transferring its gaming assets to its subsidiary Savvy Games Group.

“There are always opportunities” the Saudi prince told Kyodo News during this year’s Tokyo Game Show in connection with larger purchases of shares of companies such as Nintendo.

Saudi Arabia PIF currently owns 8.5% of Nintendo shares, according to an annual report submitted in June.

In September, Savvy Games Group CEO Brian Ward said the subsidiary could make further acquisitions throughout the year and until 2025

“In terms of game development and publishing, we expect to be able to announce the next major investment or acquisition, hopefully with a top team or publisher that can bring another great game to our portfolio.” Ward told the publication Arabic news.

PIF currently owns 8.5% of Nintendo, almost 9% of Koei Tecmo, approximately 9% of EA sharesand in 2022, MTP invested $1 billion in the Embracer Group.