Shares in Nintendo Co. rose as much as 3.9 percent after it was said that Saudi Arabia's Public Investment Fund may increase its stakes in the Kyoto-based video game giant and other Japanese gaming companies.

As news wires initially went out from Kyodo News, this occurs after an announcement by vice chairman for the subsidiary, PIF named Savvy Games Group, Prince Faisal bin Bandar. Concerned that the companies might come in and help PIF consider having more investments on the field, said Prince Faisal.
The management of its asset now approximately reaches a total of about $760 billion. There is PIF's pre-existing interest in Nintendo 8.6%.

With efforts to diversify Saudi's economy beyond oil, a mass bet on the gaming sector has been placed in line with the sovereign wealth fund's attempt to put its name on the map of countries that are likely to develop into a global gaming center.
The sovereign wealth also invested in other firms whose prime business is gaming and other entertainment firms, for example, Tencent Holdings, Activision Blizzard now known by the name of its sole owner, Microsoft and finally Kakao Entertainment.

"It's of note that the Saudis are doing this as part of national policy," said Ryoutarou Sawada, a senior analyst at Tokai Tokyo Intelligence Laboratory, according to a report by Bloomberg. "We expect this kind of interest to spread."

The investment of PIF in Nintendo is in line with the objectives of the company towards widening its reach globally.

Other gaming companies that are partially owned by Saudi said that they posted gains. The company, Nexon Co., advanced 3%, while Capcom Co. and Koei Tecmo Holdings Co. both added 2% and 2.8%, respectively.
The kingdom has been actively luring gaming and technology firms to base themselves in the Middle East as part of its more extensive campaign, with billions invested in tourism and content creation.

Other attractions include a theme park outside Riyadh that exhibits characters from the Japanese popular Manga series Dragon Ball.