Saudi Arabia’s sovereign wealth fund Public Investment Fund (PIF) is no stranger to gaming investments. It has invested in video game developers and e-sports over the past three years to diversify its portfolio.
It holds a $2.9 billion stake in Activision Blizzard, a $1.9 billion stake in Electronic Arts, and a $1.4 billion stake in Take-Two Interactive. It has also taken stakes in video game companies Nexon, Capcom, and Koei Tecmo.
In a recent development, PIF has raised its stakes in Nintendo once again. Its stake in the Kyoto-based company has risen from 6.07% to 7.1%. This fresh investment follows PIF’s acquisition of a 5% stake in Nintendo in May 2022, which it then boosted to 6.07% in January 2023.
These investments fall in line with Saudi Arabia’s long-term games strategy. The country is aiming to become the global gaming hub, and as part of this strategy has set aside $13 billion to acquire a leading games publisher, alongside other investments made through the PIF’s subsidiary Savvy Games Group.
The PIF-owned Savvy Gaming Group plans to invest 37.8 billion in initiatives to make the kingdom a global hub for gaming. The company’s strategy is to invest in the electronic games industry and esports over a long timeline, including local and international programs and infrastructure.
Last June, it acquired about 100 million shares in Embracer Group, a Swedish video game and media holding company, elevating it to the second-largest stakeholder.
To become a center for the gaming sector by 2030, the National Gaming and Esports Strategy was launched, which aims to have 30 competitive games made by local companies.