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Al Mayadeen's correspondent: Two were martyred in an initial toll of the Israeli drone strike that targeted the al-Asira neighborhood in the city of Baalbek, eastern Lebanon
Al Mayadeen's correspondent: An Israeli drone strike targeted the al-Asira neighborhood east of Baalbek, eastern Lebanon
Sheikh Naim Qassem to the pager attack survivors: You are the greatest resistance. Know that 'Israel' will fall because it embodies aggression, crime, and occupation; victory is truly yours
Sheikh Qassem to the pager attack survivors: The value of what you are doing despite your wounds is immense, and here you are, treading the path of the Master of Nation's Martyrs and the leaders
Sheikh Qassem to the pager attack survivors: You are moving forward with insight deeper than sight itself. The enemy sought to eliminate your role in the battle, yet you remain steadfast and continue the fight
Hezbollah Secretary-General Sheikh Naim Qassem to the pager attack survivors one year later: You are healing from your wounds and rising above them. You have successfully passed the test
Palestinian media: Reports of stabbing operation in occupied al-Quds.
Israeli media: Sirens blare in Arava in South, near Ramon Airport.
Egyptian PM Mostafa Madbouli: Egypt is targeted in plans to redraw regional map
AEOI Chief Mohammad Eslami: Our presence in IAEA General Council and fact-checking helped in preventing unilateral rhetoric that aims to portray Iran as an unregulated country

KSA invests billions into e-gaming to diversify its economy

  • By Al Mayadeen English
  • Source: Agencies
  • 17 Feb 2023 16:14
  • 1 Shares
2 Min Read

In an attempt to turn Saudi Arabia into a gaming hub, Crown Prince makes investments worth billions in the e-sports industry,

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  • The Nintendo logo is displayed at the Nintendo Tokyo store in Tokyo, Japan, Nov. 19, 2019. (REUTERS)
    The Nintendo logo is displayed at the Nintendo Tokyo store in Tokyo, Japan, Nov. 19, 2019. (REUTERS)

Japanese multinational video game company Nintendo has witnessed a recent major stake purchase.

With Crown Prince Mohammad Bin Salman attempting to make his way into the games and esports industry, Saudi Arabia has become the largest outside shareholder of Nintendo, with its stake in the company rising from the 6% it had at the beginning of the year to 8.3%, according to Bloomberg.

A Nintendo representative announced that the latest Nintendo stake purchase was made solely for investment purposes, and that the company does not comment on shareholders.

The Crown Prince's wish to turn his Kingdom into a sports hub started with PIF-owned Savvy Games, with a plan to invest 142 billion riyals or $38 billion in E-sports to diversify the economy of the world's biggest oil exporter.  The Saudi Prince also intends to buy stakes in the Chinese gaming company Tencent Holding Ltd, worth $260 million, Bloomberg reported.

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A consultant who works with Japanese companies exporting pop culture content to the Middle East, Akira Akatoriya said, "The Nintendo purchase, as well as investments in game companies around the world, is part of Saudi Arabia’s long-term project to become less reliant on oil."

This could be possible due to OPEC's decision to slow down oil production due to its sharp decrease in demand back in 2020 when Covid-19 hit. The decision to decrease oil production to 2 million barrels per day still stands today, with the full support of Saudi Arabia, as they refer to the decision to be "unanimous" by members of the alliance of oil exporters. 

Read more: OPEC+ fails to produce required amount of oil under deal: IEA

Saudi Arabia's wealth fund investments for 2030 include building strategic economic partnerships while bringing home cutting-edge technology with the help of PIF's renewable energy, data analysis, and entertainment content.

In return, PIF plans to construct a futuristic city in northwestern Saudi Arabia, planning to market it as the region's first gaming hub.

Read next: Foreign Affairs: The world in the eyes of Saudi Arabia

  • Gaming
  • Nintendo
  • Video games
  • investment
  • Saudi Arabia

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