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Saudi Arabia’s PIF Acquires Stakes in Nintendo

The Saudi sovereign fund continues to expand its investments in the global entertainment sector. (Asharq Al-Awsat)
The Saudi sovereign fund continues to expand its investments in the global entertainment sector. (Asharq Al-Awsat)
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Saudi Arabia’s PIF Acquires Stakes in Nintendo

The Saudi sovereign fund continues to expand its investments in the global entertainment sector. (Asharq Al-Awsat)
The Saudi sovereign fund continues to expand its investments in the global entertainment sector. (Asharq Al-Awsat)

Saudi Arabia’s Public Investment Fund (PIF) has taken a 5.01% stake in Nintendo Co, as the sovereign wealth fund increases its exposure to the Japanese video gaming industry.

The investment in the Kyoto-based group company was made for investment purposes, according to a filing to Japan’s Finance Ministry, making the PIF Nintendo’s fifth-largest shareholder.

Earlier this year, the PIF, which is chaired by Crown Prince Mohammed bin Salman, launched its own video game and e-sports company, Savvy Gaming Group (SGG), in an attempt to lead this sector domestically and internationally.

The $500bn funds have been building stakes in video game makers and e-sports over the past two years.

It disclosed stakes of more than five percent in two Japan-listed gaming firms: Capcom Co., the maker of the Street Fighter and Resident Evil franchises, and online games provider Nexon Co, Bloomberg reported.

To achieve its ambitious plans, Savvy acquired ESL, a leading global organizer of entertainment and e-sports events, and FACEIT, a top digital e-sports platform, and merged them to form the “ESL FACEIT Group.”

The new group aims to be a pioneer in the development of the gaming and e-sports industry locally and internationally. It will contribute to providing opportunities for development and for promoting diverse sources of economic income.

Launching SGG comes in line with PIF’s 2021-2025 strategy to drive innovation in strategic sectors, including the entertainment, leisure, and sports sectors.

It further contributes to providing development opportunities, as well as enhancing and diversifying the sources of income for the Saudi economy, in line with the objectives of the Kingdom’s Vision 2030.

Moody's assigned PIF an A1 long-term issuer rating and a stable outlook on all ratings. Fitch Ratings assigned PIF an 'A' credit rating and a stable outlook.

“Under the leadership of Prince Mohammed bin Salman, achieving a credit rating is an important step for PIF as we continue to grow our investment portfolio and achieve our objectives, having paved the way through PIF’s Strategy 2018-2020 and 2021-2025,” PIF Governor Yasir Al-Rumayyan commented on Twitter.

“The rating reflects PIF’s high-quality domestic and international portfolio, strong governance and financial profile, and its leading role in transforming Saudi Arabia’s economy in line with Saudi Vision 2030,” he added.

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Business

Indian Refiners Avoid Russian Oil in Push for US Trade Deal

An employee walks inside the premises of an oil refinery of Essar Oil in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File Photo
An employee walks inside the premises of an oil refinery of Essar Oil in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File Photo
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Indian Refiners Avoid Russian Oil in Push for US Trade Deal

An employee walks inside the premises of an oil refinery of Essar Oil in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File Photo
An employee walks inside the premises of an oil refinery of Essar Oil in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File Photo

Indian refiners are avoiding Russian oil purchases for delivery in April and are expected to stay away from such trades for longer, refining and trade sources said, a move that could help New Delhi seal a trade pact with Washington, according to Reuters.

The US and India moved closer to a trade pact on Friday, announcing a framework for a deal they hope to conclude by March that would lower tariffs and deepen economic cooperation.

Indian Oil, Bharat Petroleum and Reliance Industries are not accepting offers from traders for Russian oil loading in March and April, said a trader who approached the refiners.

These refiners, however, had already scheduled some deliveries of Russian oil in March, refining sources said. Most other refiners have stopped buying Russian crude.

A foreign ministry spokesperson said: “Diversifying our energy sourcing in keeping with objective market conditions and evolving international dynamics is at the core of our strategy” to ensure energy security for the world's most-populous nation.

Although a US-India statement on the trade framework did not mention Russian oil, President Donald Trump rescinded his 25% tariffs on Indian goods, imposed over Russian oil purchases, because, he said, New Delhi had “committed to stop directly or indirectly” importing Russian oil.

New Delhi has not announced plans to halt Russian oil imports.

India became the top buyer of discounted Russian seaborne crude after Russia invaded Ukraine in 2022, spurring a backlash from Western nations that had targeted Russia's energy sector with sanctions aimed at curtailing Moscow's revenue and making it harder to fund the war.

One regular Indian buyer is Russia-backed private refiner Nayara, which relies solely on Russian oil for its 400,000-barrel-per-day refinery. Sources said Nayara may be allowed to keep buying Russian oil because other crude sellers pulled back after the European Union sanctioned the refiner in July.

Nayara also does not plan to import Russian crude in April due to a month-long refinery maintenance shutdown, a source familiar with its operations said.

Nayara did not respond to an email seeking comment.

Indian refiners may change their plan and place orders for Russian oil only if advised by the government, sources said.

Trump's order said US officials would monitor and recommend reinstating the tariffs if India resumed oil procurement from Russia.

Sources said last month that India was preparing to cut Russian oil imports below 1 million bpd by March, with volumes eventually falling to 500,000–600,000 bpd, compared with an average 1.7 million bpd last year. India's Russian oil imports topped 2 million bpd in mid-2025.

The intake of Russian oil by India, the world's third-biggest oil consumer and importer, declined to its lowest level in two years in December, data from trade and industry sources show.

 

Business

IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
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IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA

The International Monetary Fund (IMF) and the Arab Monetary Fund (AMF) signed a memorandum of understanding (MoU) on the sidelines of the AlUla Conference on Emerging Market Economies (EME) to enhance cooperation between the two institutions.

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki, SPA reported.

The agreement aims to strengthen coordination in economic and financial policy areas, including surveillance and lending activities, data and analytical exchange, capacity building, and the provision of technical assistance, in support of regional financial and economic stability.

Both sides affirmed that the MoU represents an important step toward deepening their strategic partnership and strengthening the regional financial safety net, serving member countries and enhancing their ability to address economic challenges.

Business

Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
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Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

The Federation of Saudi Chambers announced the formation of the first joint Saudi-Kuwaiti Business Council for its inaugural term (1447–1451 AH) and the election of Salman bin Hassan Al-Oqayel as its chairman.

Al-Oqayel said the council’s formation marks a pivotal milestone in economic relations between Saudi Arabia and Kuwait, reflecting a practical approach to enabling the business sectors in both countries to capitalize on promising investment opportunities and strengthen bilateral trade and investment partnerships, SPA reported.

He noted that trade between Saudi Arabia and Kuwait reached approximately SAR9.5 billion by the end of November 2025, including SAR8 billion in Saudi exports and SAR1.5 billion in Kuwaiti imports.