Saudi wealth fund becomes biggest outside Nintendo investor
Associated PressDUBAI, United Arab Emirates — A Saudi sovereign wealth fund now holds 8.26% of the stock in the video game maker Nintendo, making it the largest outside investor in the Japanese gaming outfit, a company filing said Friday. The investment comes as part of efforts by the kingdom’s Public Investment Fund to diversify Saudi Arabia’s economy away from oil, including billions already spent on video game firms. However, the purchase of Nintendo and other gaming stocks entangles the video game companies into the politics surrounding Saudi Arabia and its assertive 37-year-old crown prince. Already, the Saudi wealth fund holds stock worth $2.9 billion in Activision Blizzard, $1.7 billion in Electronic Arts, $1.2 billion stake in Take-Two Interactive, according to data from the Nasdaq Stock Market.
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