Saudi Arabia has recently taken her investment into social activities and economy diversification plan with the announcement and launching of the annual Esports world cup which will be held in Riyadh starting from the summer of 2024.
While further details are due to be announced in the first few months of 2024, here are few important things you need to know about the Esports world cup.
Significantly, the Esposrt initiative joins a long list of other investments which the Kingdom has pumped billions of dollars into in the bid to build a virile multidimensional approach to economic growth and sustainablity.
Saudi is known for its dependence on oil as its source of revenue, but the country under the auspices of Crown Prince Mohammed Bin Salman has intensified effort to diversify its economy with high-profile investments in the likes of football , golf and boxing amongst other things.
The new Esports World Cup is part of the Saudi Arabia’s National Gaming and Esports Strategy which aims to increase the sector’s contribution to the country’s gross domestic product (GDP) by more than SR50 billion (US$13.3 billion) and create over 39,000 jobs by 2030.
It will also boast the largest prize pool in esports history and will see teams compete across games from various genres to become champion.
The Esports industry has a large pool of enthusiasts within the young demographic and passionate fanbase across the globe. The sector has been projected to reach a whooping 5.74billlion dollars in value by 2030
In addition to unveiling the Esports World Cup on Monday, October 23, Crown Prince Mohammed bin Salman also announced the establishment of the Esports World Cup Foundation.
The non-profit organisation that aims to increase collaboration between esports stakeholders will have former ESL FACEIT Group chairman Ralf Reichert served as its chief executive.
“The Esports World Cup is the natural next step in Saudi Arabia’s journey to become the premier global hub for gaming and esports, offering an unmatched esports experience that pushes the boundaries of the industry,” bin Salman said.
“The competition will enhance our progress toward realising the Vision 2030 objectives of diversifying the economy, growing the tourism sector, creating new jobs in various industries, and providing world-class entertainment for citizens, residents, and visitors alike.”
Teams to compete across popular titles from various genres in the world cup that is expected to offer record prize pool.
The launching of the Esports world cup was witnessed by FIFA President Gianni Infantino Al Ittihad soccer star, Cristiano Ronaldo and Roberto Mancini, Saudi Arabia National team Coach.
Saudi is intentional about esports and this is evident by the establishment of the ESL FACEIT Group to initiating a $45m esports festival and acquire stakes in prominent game developers as the Esports World Cup replaces the Saudi Esports Federation’s Gamers8 festival.
In 2022, the government-owned Savvy Games Group unveiled an ambitious $38bn investment strategy in esports and gaming