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Saudi Arabia’s sovereign wealth fund has reduced its stake in Nintendo from 8.58% to 7.54%, according to a report by CNBC.
The news comes despite an earlier report from Kyodo News that the Public Investment Fund was looking to amp up its investments in Japanese video games companies.
Prince Faisal bin Bandar bin Sultan Al-Saud, who is the vice chairman at PIF subsidiary Savvy Games Group, previously said increasing its stake was “always a possibility” when asked about its plans.
“It’s important to keep the communication going so you get there in the right way,” he said. “We don’t want to rush into anything.”
He noted, however, that the fund does not plan to increase its stakes without the consent of its partners.
Vision 2030
Saudi Arabia has been increasing its investment in entertainment sectors like games and animation under Crown Prince Mohammed bin Salman. The moves are part of Saudi Arabia’s Vision 2030 plan, which aims to transform the country’s economy and diversify it, with the aim of reducing reliance on the oil industry.
Its investments the development of Qiddiya, an entertainment city near Riyadh featuring a stadium, a Formula One track, esports facilities, and a theme park based on “Dragon Ball”.
As well as a stake in Nintendo, PIF owns 8.97% of Koei Tecmo Holdings, according to Finance Ministry filings. It has also acquired stakes in other game developers, including Nexon and Capcom.
