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Nintendo shares rise on Saudi Public Investment Fund report

Nintendo shares rise on Saudi Public Investment Fund report
Saudi Arabia’s Public Investment Fund is considering raising its stakes in Nintendo and other Japanese gaming companies. Shutterstock
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Updated 07 October 2024
AFP
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Nintendo shares rise on Saudi Public Investment Fund report

Nintendo shares rise on Saudi Public Investment Fund report
  • Nintendo’s shares jumped 4.44% to end at 8,087 yen
  • Kingdom has built up a stake of 8.6% in Nintendo as part of a $38-billion push
Updated 07 October 2024
AFP
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TOKYO: Nintendo shares jumped more than four percent Monday after a top official of Saudi Arabia’s sovereign wealth fund was quoted as saying it was mulling hiking its stake in the Japanese gaming giant.

Riyadh has built up a stake of 8.6 percent in Nintendo as part of a $38-billion push into gaming under Crown Prince Mohammed bin Salman’s Vision 2030 program to diversify away from oil.

It also has stakes in “Resident Evil” maker Capcom, Activision Blizzard, Electronic Arts, and Scopely, the US mobile games company behind “Monopoly Go!.”

“There are always opportunities,” Prince Faisal bin Bandar bin Sultan, vice-chair of Saudi Arabia’s Savvy Games — a subsidiary of the Public Investment Fund — told Kyodo News in an interview published Saturday.

He added, however, that the fund had no intention of raising stakes without the consent of the firms concerned.

“It’s important to keep the communication going so you get there in the right way,” he said. “We don’t want to rush into anything.”

Nintendo’s shares jumped 4.44 percent Monday to end at 8,087 yen ($54.48).

Saudi Arabia aims to create 250 gaming companies and studios on its soil, 39,000 game-related jobs, be in the top three of professional gamers per capita and to produce a blockbuster “AAA” game by 2030.

Savvy has already bought esports tournament organizer ESL Gaming and platform FaceIt. Riyadh last year hosted the eSports World Cup that saw 2,500 gamers battle for $60 million in prize money.

“There’s a lot we want to do to get it done and to reach our targets at 2030,” Prince Faisal told AFP in an interview in May.

“But we also want to make sure that we are taking the time to study things, to look at things. And make sure we’re making the right steps and not just throwing cash out there to see what hits,” he had said.

Topics: Saudi Arabia Saudi Arabia's Public Investment Fund (PIF) Nintendo PIF Japan main

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Saudi EXIM Bank’s H1 credit facilities surge 44% to $6.29bn

Saudi EXIM Bank’s H1 credit facilities surge 44% to $6.29bn
Updated 14 sec ago
Nirmal Narayanan
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Saudi EXIM Bank’s H1 credit facilities surge 44% to $6.29bn

Saudi EXIM Bank’s H1 credit facilities surge 44% to $6.29bn
Updated 14 sec ago
Nirmal Narayanan

RIYADH: Saudi Arabia’s Export-Import Bank boosted credit facilities by 44 percent in the first half of the year, reaching SR23.61 billion ($6.29 billion), as the state lender stepped up efforts to accelerate non-oil export growth. 

Export financing disbursements rose 26.2 percent to SR8.87 billion in the six months to June, while credit insurance coverage surged 58.8 percent to SR14.74 billion, the Saudi Press Agency reported. 

The growth supports the bank’s mandate to help double the Kingdom’s industrial exports from SR254 billion in 2022 to SR557 billion by 2030, and SR892 billion by 2035, in line with the National Industrial Strategy. 

“The leap achieved by the bank in the credit facilities provided during this year reflects the extent of the tireless efforts and strategic plans that seek to achieve all economic development goals,” said Saad bin Abdulaziz Al-Khalb, CEO of Saudi EXIM Bank. 

He added that the bank’s progress since its inception underscores its role in building a diversified and sustainable national economy. 


The lender launched the “Bridges Initiative” to align with the Kingdom’s industrial transformation to speed up access to industrial inputs and enhance export competitiveness. The program is expected to expand opportunities for Saudi non-oil exports and introduce more flexible financing solutions. 

“Among the achievements made during this period is the bank’s obtaining its first credit rating from Fitch International with an A+ rating, which reflects the bank’s creditworthiness and commitment to the highest standards of efficiency and transparency,” said Al-Khalb.

Fitch Ratings assigns an A+ rating to entities with an exceptionally strong capacity to meet financial commitments and a low expectation of default risk. The agency cited the bank’s strategic importance as a government-owned entity and its central role in export financing, guarantees, and insurance. 

Saudi EXIM Bank, affiliated with Saudi Arabia’s National Development Fund, is working to diversify the Kingdom’s economic base by enhancing the efficiency of the national non-oil export system, bridging financing gaps, and reducing export risks. 

On the sidelines of the African Development Bank Group’s annual meetings in Cote d’Ivoire in May, the bank signed four agreements to strengthen trade and investment ties across the continent. 

The deals were signed by Al-Khalb with Africa50, the Ghana Export-Import Bank, Blend International Ltd., and Guinea’s Ministry of Planning and International Cooperation, according to SPA. 

Topics: Saudi EXIM Bank

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Education spending drives Saudi POS transactions to $3bn as other sectors slump

Education spending drives Saudi POS transactions to $3bn as other sectors slump
Updated 52 min 42 sec ago
Miguel Hadchity
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Education spending drives Saudi POS transactions to $3bn as other sectors slump

Education spending drives Saudi POS transactions to $3bn as other sectors slump
  • Pharmacies and medical supplies saw largest decrease
  • Total POS value stood at SR13.6 billion despite a 12.3% weekly drop
Updated 52 min 42 sec ago
Miguel Hadchity

RIYADH: Saudi Arabia’s point-of-sale transactions remained above the $3 billion mark for the second week in a row due to a 32.5 percent increase in spending on education in the week ending Aug. 9.

The sector recorded SR251.79 million ($67.09 million) in transactions despite a 3.2 percent dip, reaching 161,000. It was the only one to see a positive change during the monitored period.

The total POS value stood at SR13.6 billion with a 12.3 percent weekly drop, underscoring the resilience of consumer activity across the Kingdom, according to data from the Saudi Central Bank, also known as SAMA. 

The subcategory of pharmacies and medical supplies saw the largest decrease, dropping by 24.7 percent to SR278.94 million. Spending on freight transport and courier services ranked next, falling 23.8 percent to SR48.68 million. 

Food and beverages, the sector with the biggest share of total POS value, recorded a 17.8 percent decrease to SR1.93 billion. In comparison, the restaurants and cafes sector saw a 7.9 percent decrease, totaling SR1.75 billion and claiming the second-largest share of this week’s POS.

Spending on transportation ranked third despite a 14.5 percent decline to SR1.04 billion.

The top three categories accounted for approximately 34.4 percent of the week’s total spending, amounting to SR4.71 billion.

The smallest decline was seen in the hotels sector, which decreased by 1 percent to SR349.97 million, followed by expenditure on medical services, which saw a 6.6 percent dip to SR474 million.

Spending on apparel, clothing, and accessories saw a 10.7 percent dip to SR998.90 million, and recreation and culture decreased by 13.4 percent to settle at SR345.58 million.

Geographically, Riyadh dominated POS transactions, with expenses in the capital reaching SR4.58 billion, a 9.8 percent decrease from the previous week. 

Jeddah followed closely with a 9.7 percent dip to SR1.91 billion, while Dammam ranked third, declining 9.2 percent to SR634.68 million.

Al-Qatif saw the smallest decrease, down 3 percent to SR92.35 million, followed by Abha with a 5.5 percent drop to SR285.04 million.

Hail recorded 3.99 million deals in transaction volume, down 12.6 percent from the previous week, while Tabuk reached 4.49 million transactions, falling 10.5 percent.

Topics: PoS point of sale Saudi Pos

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Oil Updates — prices steady as market awaits inventory data, US-Russia meeting

Oil Updates — prices steady as market awaits inventory data, US-Russia meeting
Updated 13 August 2025
Reuters
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Oil Updates — prices steady as market awaits inventory data, US-Russia meeting

Oil Updates — prices steady as market awaits inventory data, US-Russia meeting
Updated 13 August 2025
Reuters

SINGAPORE: Oil prices were little changed on Wednesday as investors awaited US inventory data, while eyeing an upcoming meeting between US President Donald Trump and Russian President Vladimir Putin.

Brent crude futures dipped 3 cents, or 0.05 percent, to $66.09 a barrel at 9:11 a.m. Saudi time, while US West Texas Intermediate crude futures edged down 8 cents, or 0.13 percent, at $63.09. Both contracts settled lower on Tuesday.

Trump and Putin are due to meet in Alaska on Friday to discuss ending Russia’s war in Ukraine that has shaken oil markets since February 2022.

Oil investors are in a “wait-and-see mode” ahead of the meeting, said ING commodity strategists.

“The outcome could remove some of the sanction risk hanging over the market,” the ING strategists added.

Investors also awaited further cues after an industry report showed US crude stockpiles climbed last week.

Crude inventories in the United States, the world’s biggest oil consumer, rose by 1.52 million barrels last week, market sources said, citing American Petroleum Institute figures on Tuesday. Gasoline inventories dropped while distillate inventories gained slightly.

Should the US Energy Information Administration data later on Wednesday also show a decline, it could indicate that consumption during the summer driving season has peaked and refiners are easing back their runs. The driving season typically runs from the Memorial Day holiday at the end of May to the Labor Day holiday in early September.

Analysts polled by Reuters expect the EIA report to show crude inventories fell by about 300,000 barrels last week. Outlooks issued by OPEC and the EIA on Tuesday pointed to increased production this year, which also weighed on prices. But both expect output in the US, the world’s largest producer, to decline in 2026, while other regions will increase oil and natural gas production.

US crude production will hit a record 13.41 million barrels per day in 2025 due to increases in well productivity, though lower oil prices will prompt output to fall in 2026, the EIA forecast in a monthly report.

The Organization of the Petroleum Exporting Countries’ monthly report said global oil demand will rise by 1.38 million bpd in 2026, up 100,000 bpd from the previous forecast. Its 2025 projection was left unchanged.

The White House on Tuesday tempered the expectations for a quick Russia-Ukraine ceasefire deal, which may lead investors to reconsider an end to the war soon and any easing of sanctions on Russian supply, which had been supporting prices.

“Trump downplayed expectations of his meeting with President Putin ... However, expectations of additional sanctions on Russian crude continue to fall,” ANZ senior commodity strategist Daniel Hynes wrote in a note. 

Topics: Oil Updates  oil prices

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Closing Bell: Saudi main index closes in red at 10,770

Closing Bell: Saudi main index closes in red at 10,770
Updated 12 August 2025
Nirmal Narayanan
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Closing Bell: Saudi main index closes in red at 10,770

Closing Bell: Saudi main index closes in red at 10,770
  • Parallel market Nomu lost 91.69 points to close at 26,144.11
  • MSCI Tadawul Index edged down 0.26% to 1,391.13
Updated 12 August 2025
Nirmal Narayanan

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Tuesday, shedding 21.98 points, or 0.20 percent, to close at 10,769.66. 

The total trading turnover on the main index reached SR4.08 billion ($1.09 billion), with 94 stocks advancing and 159 declining. 

The Kingdom’s parallel market Nomu also fell, losing 91.69 points to close at 26,144.11, while the MSCI Tadawul Index edged down 0.26 percent to 1,391.13. 

The best-performing stock on the main market was Red Sea International Co., whose share price jumped 9.96 percent to SR45.72. BAAN Holding Group Co. rose 4.98 percent to SR2.32, while Astra Industrial Group gained 4.71 percent to SR149. 

The share price of Methanol Chemicals Co. dropped by 9.92 percent to SR10.62. 

On the announcements front, Saudi Electricity Co. reported a net profit attributable to common shares of SR1.86 billion after deducting profit attributable to Mudaraba instruments for the second quarter, up 113 percent from SR0.87 billion a year earlier. 

The company’s net profit before Mudaraba payments stood at SR6.25 billion, compared to SR5.24 billion in the same quarter of 2024, reflecting a 19.26 percent increase. 

The utility’s share price slipped 0.61 percent to SR14.61. 

First Milling Co. announced it had completed the acquisition of a 100 percent stake in Jeddah-based Al Manar Feed Co. in a deal valued at SR77 million. In a Tadawul filing, the company said the acquisition aligns with its strategy to boost feed production capacity. 

With the purchase, First Milling Co. will add a daily production capacity of 450 tonnes in the feed segment, bringing its total feed output to 1,350 tonnes per day. 

The company’s share price rose 0.28 percent to SR53.20. 

Topics: TASI Tadawul Closing Bell MSCI 30 Tadawul Index NOMU Saudi Stock Exchange (Tadawul) Tadawul All Share Index (TASI)

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OPEC projects global oil demand to rise by 1.38m bpd in 2026

OPEC projects global oil demand to rise by 1.38m bpd in 2026
Updated 12 August 2025
Reuters
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OPEC projects global oil demand to rise by 1.38m bpd in 2026

OPEC projects global oil demand to rise by 1.38m bpd in 2026
  • Supply growth from producers outside OPEC+ is trimmed, signaling a tighter market outlook
Updated 12 August 2025
Reuters

LONDON: OPEC on Tuesday raised its forecast for global oil demand next year and trimmed its forecast for growth in supply from the US and other producers outside the wider OPEC+ group, pointing to a tighter market outlook.

The outlook for higher demand and a drop in supply growth from outside OPEC+ would make it easier for OPEC+ to proceed with its plan to pump more barrels to regain market share after years of cuts aimed at supporting the market.

World oil demand will rise by 1.38 million barrels per day in 2026, the Organization of the Petroleum Exporting Countries said in a monthly report, up 100,000 bpd from the previous forecast. This year’s expectation was left unchanged.

In the report, OPEC also increased its forecast for world economic growth slightly this year to 3 percent as President Donald Trump’s administration signs some trade deals and the economies of India, China and Brazil outperform expectations.

“Economic data at the start of the second half of 2025 further confirm the resilience of global growth, despite persistent uncertainties related to US-centered trade tensions and broader geopolitical risks,” OPEC said in the report.

Oil supply from countries outside the Declaration of Cooperation — the formal name for OPEC+ — will rise by about 630,000 bpd in 2026, OPEC said, down from last month’s forecast of 730,000 bpd.

OPEC's report said it now expects US output of tight oil, another term for shale, to decline by 100,000 bpd in 2026, versus last month’s outlook for flat output year on year.

“The 2026 forecast assumes sustained capital discipline, additional drilling and completion efficiency gains, weaker momentum in drilling activities and increased associated gas production in key shale oil regions,” OPEC said.

OPEC’s report also showed that in July, OPEC+ raised crude output by 335,000 bpd, a further increase reflecting its decisions this year to increase output quotas.

Topics: OPEC OPEC+ Shale Outlook

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