Saudi Arabia’s Public Funding Fund turned the biggest outdoors shareholder of Nintendo on Friday, within the newest transfer by the Gulf state to decrease its reliance on oil. From a report: The sovereign wealth fund now owns 8.3% of the Kyoto-based video games firm, in keeping with a submitting, increase a place that stood simply above 6% initially of the yr. That places PIF forward of Japan’s Authorities Pension Funding Fund and behind solely Nintendo’s personal holding, in keeping with knowledge compiled by Bloomberg. Below Crown Prince Mohammed bin Salman, Saudi Arabia is making a concerted push to interrupt into the video games and esports trade. Most notably, it arrange Savvy Video games Group beneath the PIF umbrella with a $38 billion finances and longtime trade veterans in cost. Savvy this week revealed its first foray into China’s video games sector with a $260 million funding in a Tencent-backed aggressive gaming organizer.
