On October 6, Nintendo’s stock saw a notable increase, soaring by as much as 3.9% following reports that Saudi Arabia’s sovereign wealth fund is contemplating a larger investment in the gaming powerhouse.

After the market opened, shares of Nintendo climbed 3.86%, reaching ¥8,042 per share, marking their most substantial rise in over a week. The excitement was sparked by a report from Kyodo News, which revealed that the Public Investment Fund (PIF) of Saudi Arabia is eager to enhance its stake in Nintendo and similar firms. Faisal bin Bandar, the Vice Chairman of Savvy Games Group—one of PIF’s subsidiaries—noted the fund’s interest in supporting such initiatives within the gaming industry.

Saudi Arabia is strategically positioning itself as a key player in the global gaming sector as part of its efforts to diversify an economy that has long been dependent on oil. The kingdom is investing a staggering $38 billion to reshape its identity as a gaming hub, alongside investments in gaming content companies in both Japan and South Korea.

Moreover, Nexon, another gaming company with backing from the PIF, experienced a stock rise of up to 3% during the Japanese trading session, ultimately closing at an increase of 2.7% at ¥2,880 per share.

According to Bloomberg data, the PIF already holds a significant 8.6% stake in Nintendo, making it one of the company’s largest shareholders. The fund has poured billions into various gaming enterprises, including prominent names like Tencent, Activision Blizzard, and Kakao Entertainment. Additionally, a real estate project funded by the PIF is currently in the works, featuring a Dragon Ball-themed amusement park just outside of Riyadh.