Saudis bet big on gaming with $38 billion in long-term investment
Saudi Arabia has “a lot of patient capital” when it comes to developing its games industry, according to Prince Faisal bin Bandar Al Saud, the Chairman of the Saudi Esports Federation.
“A lot of people tell me we notice a lot of the investment you’re doing in esports, but we don’t see a lot of the investments you’re making in gaming,” Prince Faisal told Arabian Business Gulf Insights.
“It’s because to build a games industry takes five to 10 years.”
The kingdom, which is currently hosting the Esports World Cup in Riyadh with a record-breaking $71.5 million prize pool, has earmarked $38 billion from the Public Investment Fund for building out the industry via its homegrown Savvy Games Group.
Esports sector to contribute $13.3 billion to Saudi GDP by 2030
Saudi Arabia’s push to become a regional center for gaming is paying off, with the esports sector expected to contribute $13.3 billion to the kingdom’s GDP by 2030, according to a new report from PwC Middle East and the Saudi Esports Federation.
Interest in esports is growing across the region, with gaming revenues for the Middle East and North Africa reaching $7.2 billion in 2023.
Saudi Arabia is preparing to host the first Olympic Esports Games from next year, after successfully holding its inaugural Esports World Cup at Riyadh’s Boulevard City over the past two months.
The event, in which an estimated 2,500 gamers competed for a prize pool of $62.5 million, concluded on Sunday with the Saudi Falcons team declared as champions.
