Riyadh – Sharikat Mubasher: Saudi’s Public Investment Fund (PIF) further shrank its stake in Japan-based Nintendo Co., lowering it from 5.26% to 4.19%.

The fund's investment in the games company remains purely financial, according to Reuters.

The PIF first began investing in Nintendo in May 2022. At the time, it purchased 5.01% of the Japanese gaming titan's available shares. Saudi Arabia, via its Savvy Games Group division, then went on to become Nintendo's largest stakeholder in 2023 when it increased its shares to 8.26%. 

The country's continued acquisitions have all been in the pursuit of making Saudi Arabia a "global hub" for both gaming and esports.

The PIF then reduced its stake in Nintendo multiple times in recent months, with the most recent cut in November, when it decreased its stake from 6.29% to 5.26%.