Saudi Arabia's Public Investment Fund has acquired a five percent stake in Nintendo.

In recent years, the Public Investment Fund has spent billions acquiring stakes in various video game companies, including Capcom, EA, Activision, and Take-Two.

And now, in a filing made with Japan's Finance Ministry, it's been confirmed that the investment vehicle for the Saudi state has bought a 5.01 percent in Nintendo.

The move means that the Public Investment Fund is now the fifth-largest shareholder of Nintendo, according to Bloomberg.

The overarching ambition behind the fund is to ensure that the Saudi economy isn't as reliant on oil in the coming decades.

In 2021, meanwhile, Nintendo of America president Doug Bowser insisted the company is always considering "how technology can enhance gameplay experiences".

Bowser responded to reports of upgraded hardware by discussing the company's general philosophy to new technology.

He said: "We are always looking at technology and how technology can enhance gameplay experiences. It’s not technology for technology’s sake.

"It’s how specifically can technology enhance a gameplay experience. And then where do you apply that technology? Do you want to apply it on current existing hardware or platforms, or do you want to wait for the next platform? And then what’s the right gameplay experience with that?

"There’s a host of factors that goes into it, and it’s something we’re always looking at."