On Monday, Saudi Arabia announced the launch of an annual Esports World Cup, which would include the world’s most recognised games and the most significant prize money ever seen in esports.
This yearly tournament, which is set to begin in Riyadh in the summer of 2024, will include teams competing in a range of game for the prestigious title of Esports World Cup winner, according to a statement from Saudi Crown Prince Mohammed bin Salman.
Sports, esports, and gaming have taken centre stage in the crown prince’s Vision 2030 agenda. This roadmap entails channelling hundreds of billions of dollars into non-oil businesses in order to diversify Saudi Arabia’s economic base. Saudi’s Savvy Games Group disclosed last year that they plan to spend 142 billion riyals (equal to $37.8 billion) to establish Saudi Arabia as a gaming centre on the global scale, with support from the sovereign wealth fund PIF.
In accordance with this ambition, Saudi Arabia wants to support the establishment of 250 local gaming firms, creating roughly 39,000 job opportunities, and increasing the gaming industry’s contribution to national GDP to 50 billion riyals by 2030.
The crown prince emphasised the importance of the Esports World Cup, saying that this event is a pivotal progression in Saudi Arabia’s journey to be the leading global centre for gaming and Esports, and that this goal is to provide an unprecedented esports spectacle that raises industry standards.
He further emphasised that this endeavour coincides with Vision 2030 aims by promoting tourism, creating jobs, and providing top-notch entertainment for both residents and visitors.
