Saudi Arabia is still one of Nintendo’s largest shareholders, but contrary to the recent rumours, is not intending to increase its stake in Nintendo. In fact, the contray has happened: as reported by CNBC, the Saudi Arabia’s Public Investment Fund (PIF) has reduced its stake.
It previously owned 8.58% of Nintendo’s shares, but it has been cut to 7.54%, according to a Japanese regulatory filing.
The rumour about Saudi Arabia raising its stakes on Nintendo was based on an interview with Prince Faisal bin Bandar bin Sultan Al-Saud, Savvy Games Group’s vice chair, published by Kyodo News, saying it was a possibility.
But later on, Kyodo News updated the story, removind specific mentions to Nintendo: apparently, what the vice chairman had said was that “it was a possibility”, referring to possible additional and new investment in Japanese gaming companies as a whole, not specifically Nintendo.
The country ruled by Crown Prince Mohammed bin Salman has been investing large quantities in entertainment and sports ventures, including movies, video games and theme parks, in an attempt to diversify the country’s economy and make it less oil-dependent.
Saudi Arabia’s first acquisition in Nintendo happened in 2022, when they bought 5.01% of the company. It was raised to 8.58% this year, but has now been reduced to 7.54%. Apparently, Nintendo wasn’t aware of Saudi Arabia’s first acquisition in 2022 and found out from the news.
In the Kyodo News interview, the Savvy Games chairman (the country’s publc gaming company) said “It’s important to keep the communication going so you get there in the right way. We don’t want to rush into anything.”