Nintendo on the Rise: Saudi Arabia's Investment Plans Boost the Stock Market

Nintendo's shares rose by up to 3.9% after it was reported that Saudi Arabia's state investment fund is considering expanding its stakes in Japanese gaming companies. This development was reported by Kyodo News and has caused Nintendo's stock to rise more than the overall market. Prince Faisal bin Bandar, vice chairman of the PIF subsidiary Savvy Games Group, stated to the media that he is keen for the companies involved to view such a move positively. Saudi Arabia pursues the ambitious goal of transforming the kingdom into a significant player in the global gaming industry, aiming to shift away from its dominant reliance on oil. The country plans to support this strategic change with an investment of $38 billion and has already invested in Japanese and Korean content providers. Nexon's stock, in which PIF is also involved, rose by as much as 3% on Monday morning in Tokyo. According to Bloomberg data, PIF is already one of Nintendo's largest shareholders with an 8.6% stake. The fund has also made multi-billion-dollar investments in other gaming giants such as Tencent and Activision Blizzard. It is supported by a real estate developer, who is constructing a theme park outside of Riyadh with PIF's help. This park is set to bring to life characters from the popular Japanese manga and animation series Dragon Ball.