Nintendo’s shares increased by 3.9% after comments from Prince Faisal bin Bandar, a senior executive of Saudi Arabia’s Public Investment Fund (PIF), regarding potential investments in Japanese gaming companies.

This surge represents Nintendo’s largest stock gain in over a week, outperforming the broader market.

The PIF currently holds an 8.6% stake in Nintendo and is considering further investments not only in Nintendo but also in other gaming companies.

Prince Faisal expressed a preference for voluntary agreements in such investments.

The Saudi government’s interest in gaming reflects a strategic goal to establish the kingdom as a key player in the global gaming industry, aiming to diversify its economy away from oil dependence.

The sovereign wealth fund has allocated around $38 billion to transform Saudi Arabia into a major gaming hub with significant investments in Japanese and Korean content providers.