On October 23, Saudi Arabia announced plans to hold an annual Esports World Cup containing the world’s most popular titles and the largest prize pool in esports history. According to Saudi Crown Prince Mohammed bin Salman, the first event will take place in the summer of 2024. Competing clubs will compete across multiple game genres for the title of Esports World Cup champion.
Gaming Investments and the Vision 2030
The Esports World Cup is part of Crown Prince Mohammed bin Salman’s Vision 2030 agenda, which aims to diversify Saudi Arabia’s economy and reduce its reliance on oil. Last year, the kingdom’s Savvy Games Group announced its desire to invest $37.8 billion (Rs. 3.14 lakh crore) in attempts to build Saudi Arabia as a major gaming center, funded by the national wealth fund PIF.
The impact of the 3rd Esports World Cup
The strategy calls for the establishment of 250 domestic gaming enterprises, the creation of 39,000 jobs, and an increase in the industry’s contribution to Saudi GDP of 50 billion riyals (Rs. 1.1 lakh crore) by 2030. “The Esports World Cup is the natural next step in Saudi Arabia’s journey to become the premier global hub for gaming and esports,” said the Crown Prince of Saudi Arabia. He also stated that the event would help promote tourism, create jobs, and provide entertainment for both residents and tourists.