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Saudi Arabia continues to invest in the video game industry and now owns 5.01% of Nintendo, through its Public Investment Fund.
According to Bloomberg, the country is now the fifth largest shareholder of Nintendo, according to a report filed with the Japanese Ministry of Finance, the Saudi fund made the purchase for investment purposes.
“Saudi Arabia has been stepping up its efforts to create its own content industry, and this series of investments in Japanese game companies is probably a way to learn from Japan,” Toyo Securities’ Hideki Yasuda told Bloomberg.
This investment in the industry giant comes just over a month after Saudi Arabia took over almost all of SNK Corporation, the Japanese video game company, owning 96.18% of the company’s shares.
The investment fund also invested in Capcom in February this year, in addition to Nexon, holding a 5% stake in each company.
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