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

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

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The Saudi Arabian Public Investment Fund (PIF) has invested billions of dollars in a multitude of companies over the last few years, and through its Savvy Games Group subsidiary, the PIF has even made strategic acquisitions like the mobile mega-hit-maker Scopely.

In 2022, the PIF purchased 5% of Nintendo’s shares during the company’s 10-for-1 stock split, representing nearly 6.5 million shares worth $3 billion. Since then, the Saudi fund has bumped up its investment to purchase 8.5% of Nintendo’s total shares, which is about 11.45 million shares worth a purchasing $5.8 billion. Now the PIF could further increase its investments in Nintendo and buy up even more shares of the Japanese gaming giant.

In a recent interview with Kyodo NewsSaudi Prince Faisal bin Bandar bin Sultan Al-Saud spoke on more investment possibilities from the Middle Eastern country. Right now, the PIF is currently transferring its game-related assets to its Savvy Games Group subsidiary.

“There are always opportunities,” the Saudi Prince told Kyodo News at this year’s Tokyo Game Show event in regards to more share purchases of companies like Nintendo.

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Saudi Arabia PIF currently has 8.5% of Nintendo shares as per an annual report filed in June.

In September, Savvy Games Group CEO Brian Ward said that the subsidiary could make more acquisitions throughout the year and into 2025.

“On the game development and publishing side, we expect to be able to announce another major investment or acquisition, hopefully in a top team or publisher that can bring another great game to our portfolio,” Ward told publication Arab News.

The PIF currently owns 8.5% of Nintendo, nearly 9% of Koei Tecmo, around 9% of EA stockand in 2022, the PIF had invested $1 billion into the Embracer Group.