Saudi Arabia’s Public Investment Fund, a near-bottomless pit of money tasked with diversifying the nation’s economic system (and whitewashing their human rights file), has acquired a 5.01% stake in Nintendo.
The information was introduced in a submitting made with Japan’s Finance Ministry, Bloomberg reports. It follows similar investments made last year in Capcom, EA, Take-Two and Activision, together with almost complete ownership of SNK.
Bloomberg says this may make the Public Investment Fund the corporate’s “fifth-largest shareholder”. If that is the primary time you’ve encountered this type of cash, know that the PIF fucking sucks, as does the person operating it, Saudi Crown Prince Mohammed bin Salman. As Ian wrote just last month:
Saudi Arabia spent the final yr throwing cash across the online game business, with strategic investments in corporations like Activision Blizzard, Electronic Arts, Take-Two Interactive, Capcom, and Nexon. Like lots of Mohammed bin Salman’s dealings, these purchases fall throughout the Saudi Vision 2030 strategy established throughout his mid-decade rise to energy, which on paper is supposed to diversify the dominion’s oil-centric economic system.
In actuality, nonetheless, Saudi Vision 2030 is essentially a propaganda campaign centered on whitewashing Saudi Arabia’s atrocious human rights record. The regressive monarchy seemingly hopes that aligning itself with entertainment industries all over the world would possibly loosen the purse strings of companies cautious of investing within the oil-rich nation’s economic system, particularly with the murder of journalist Jamal Khashoggi and the ongoing, U.S.-backed Yemeni genocide nonetheless looming overhead.
Video video games aren’t the one leisure business within the PIF’s websites. Hollywood has been no stranger to Saudi cash in recent years, and sporting groups and competitions have likewise been a high precedence for the Crown Prince. A big-money purchase of Premier League side Newcastle last year went through despite widespread protests over the state’s human rights file, whereas PIF cash has also been spent on everything from horse racing to Formula 1.