Saudi Arabia Becomes Largest Outside Shareholder of Nintendo

Saudi Arabia's Public Investment Fund became the largest outside shareholder of Nintendo on Friday, in the latest move by the Gulf state to lower its reliance on oil. From a report: The sovereign wealth fund now owns 8.3% of the Kyoto-based games company, according to a filing, building up a position that stood just above 6% at the start of the year. That puts PIF ahead of Japan's Government Pension Investment Fund and behind only Nintendo's own holding, according to data compiled by Bloomberg. Under Crown Prince Mohammed bin Salman, Saudi Arabia is making a concerted push to break into the games and esports industry. Most notably, it set up Savvy Games Group under the PIF umbrella with a $38 billion budget and longtime industry veterans in charge. Savvy this week revealed its first foray into China's games sector with a $260 million investment in a Tencent-backed competitive gaming organizer.

Read more of this story at Slashdot.