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Saudi Arabia is set to host the Esports World Cup in Riyadh annually, kicking off in the summer of 2024, as the kingdom establishes itself as a hub for global gaming and esports competitions.
Launched by Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister of Saudi Arabia, the announcement also coincided with the establishment of the Esports World Cup Foundation, a non-profit organisation that aims to drive collaboration between stakeholders in the sector.
The tournament is expected to help accelerate the realisation of the National Gaming and Esports Strategy set by Saudi, which aims to increase the sector’s contribution to the kingdom’s GDP by more than 50 billion Saudi Arabian riyals ($13.33 billion) by 2030 and create 39,000 new job opportunities.
“The competition will enhance our progress towards 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,” said the Crown Prince in a statement.
The tournament will include the most popular games in the world across all genres and have the ‘largest prize pool in esports history’, a statement read, adding that the indoor tournament is also planned as a key attraction to help bolster Saudi tourism during the summer.
Gaming revenues in the Middle East and Africa (MEA) are expected to reach $7.2 billion in 2023, with Saudi Arabia emerging as a key player, according to the Global Games Market Report by video game and gamer data firm Newzoo.
The report also attributed the growth of the industry in the region to companies such as Saudi Arabia’s Savvy Games Group, which has dedicated nearly $8 billion to acquire and establish ownership in global games brands. The company also boasts a substantial $38 billion fund to facilitate future ventures in the sector.
(Writing by Bindu Rai, editing by Seban Scaria)