PIF mulls raising stakes in Japanese gaming companies 

Saudi Arabia’s Public Investment Fund is mulling to increase stakes in Japanese gaming companies to transform the kingdom into a mega-gaming hub. 

The sovereign wealth fund is looking to raise its stakes in Nintendo and other companies. 

"There are always opportunities," Prince Faisal bin Bandar bin Sultan Al-Saud, vice chairman of Savvy Games Group told Kyodo News, a Japanese news agency. 

PIF owns 8.58% of Nintendo - the developer of Super Mario Bros. video game series - after initially acquiring a 5% stake in 2022. The fund also holds a nearly 9% stake in Koei Tecmo Holdings.

The fund has also taken stakes in game software developers such as Nexon and Capcom, the maker of the Street Fighter and Resident Evil franchises.

PIF-owned Savvy Games also acquired mobile games studio Scopely for $4.9bn last year. 

Saudi Arabia has been increasing investments in entertainment businesses such as games and animation in a bid to steer its economy from hydrocarbons. It is constructing Qiddiya, an entertainment city which will host a stadium, a racing track, e-sports facilities and the world’s first dedicated Dragon Ball theme park.

The vice chairman said that Savvy Games sees economic opportunity in promoting localization of video games in collaboration with Japanese partners, leveraging their intellectual property. 

However, the fund has no intention of raising its stakes without its partners' consent, he added.