Saudi Arabia is strategically positioning itself as a major player in the global video game arena, according to a report by Le Monde.
Riyadh 2024 e-sports World Cup
Already recognised for ventures into luxury hotels and high-profile football acquisitions, the kingdom, led by Crown Prince Mohammed Bin Salman or “MBS,” recently unveiled plans to host an e-sports World Cup in Riyadh in 2024.
This ambitious move follows Saudi Arabia’s successful hosting of the Gamers8 competition in the summer of 2023, boasting a record-breaking total prize pool of $45 million (€41.4 million).
MBS considers the World Cup as the “natural next step” in establishing Saudi Arabia as a global hub for video games and e-sports.
Saudi earmarks $38 billion for the gaming industry
Backing this vision is the Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, which earmarked a substantial $38 billion in September 2022 for investments in the gaming industry.
Part of the Vision 2030 plan to reduce dependence on oil revenues, this initiative aims to attract or develop 250 video game companies, create nearly 40,000 jobs, and contribute 1% to the country’s GDP by the decade’s end.
Saudi Arabia’s foray into the gaming sector is integral to a broader strategy to diversify the national economy and embrace emerging industries.
The significant investment by the sovereign wealth fund underscores the kingdom’s commitment to becoming a dominant force in the global video game landscape.
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