Saudi Arabia’s Public Funding Fund (PIF) has taken 5.1 per cent funding stake in Nintendo, a transfer that may make the Saudi fund the fifth largest shareholder of Nintendo, based on Bloomberg.

The PIF, headed by Saudi Arabian Crown Prince Mohammed bin Salman, has been proactively investing in video games firms, together with greater than $3 billion in Digital Arts, Activision Blizzard, and Take-Two Interactive.

The Saudi fund has additionally made appreciable investments in Capcom and Nexon in 2022, along with its 33 per cent stake in SNK.

Beforehand, it was reported that the Crown Prince hopes the PIF will assist to shift Saudi Arabia away from its financial dependence on oil.

A Nintendo spokesperson instructed Bloomberg that the corporate discovered of the funding following information experiences and wouldn’t touch upon particular person shareholders.