Saudi Arabia Wealth fund raises Nintendo stake to 6%

Saudi Arabia’s Public Investment Fund has bought more shares of Nintendo, increasing its holdings to over 6%. In the last 3 years, the Saudi Arabia’s Public Investment Fund has invested a significant amount in various video game companies and e-sports firms. In February 2021, it invested over $3 billion in major companies such as Activision Blizzard, Electronic Arts, and Take-Two. The strategic investments of Saudi Arabia are to diversify the economy of the kingdom and are all part of the “Saudi Vision 2030” program, whose primary objective is to divert and prosper its economy. This includes a wide range of business sectors. From 2019 to 2021, Saudi Arabia has organized more than 2000 huge events including 1750 for entertainment purposed, 50 sports and 56 cultural events attended by over 46 million visitors. The kingdom also reached 7th place worldwide in the ‘Government Spending Efficiency’ index issue by The World Economic Forum.

news source: / image source: Pixabay 

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