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Nintendo is the latest target of Saudi Arabia’s gaming investment

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Saudi Arabia now owns 5.01% of Nintendo, making it the Kyoto company’s fifth-largest shareholder, according to a Bloomberg report.

The Financial Times calculates the Saudi investment to be worth $2.98 billion. The purchase was made by the Public Investment Fund, a sovereign wealth fund that makes investments on behalf of the kingdom.

The PIF is controlled by Saudi Arabia’s controversial crown prince and effective ruler, Mohammed bin Salman. A Nintendo spokesperson told Bloomberg that it had learned about the investment from news reports and would not comment further.

This is just the latest, most high-profile, and largest in a series of investments made by Saudi Arabia’s PIF in the video game industry, which has had a particular focus on Japanese firms (due in part to the weak yen).

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