Saudi Arabia has announced the launch of the Esports World Cup, an annual event that will include the most popular games in the world and have a prize pool of $10 million, according to reports.
Expected to be the largest global event of its kind, the Esports World Cup will “serve as a platform that supports the gaming and esports sector, consolidating Saudi Arabia’s position as a hub for global esports.”
The launch of the new tournament is part of the National Gaming and Esports Strategy. The tournament, along with the larger strategy for gaming and Esports, aims to increase the sector’s contribution to the Kingdom’s gross domestic product by more than SR50 billion ($13.3 billion) by 2030.
Crown Prince Mohammed bin Salman made the announcement at a launch event, and said the first event would take place next summer, in 2024.
The Crown Prince also announced the establishment of the Esports World Cup Foundation. This is a nonprofit organization to increase collaboration between esports stakeholders. The foundation will work to develop the esports ecosystem in Saudi Arabia and the wider region. It will also focus on education, training, and talent development.
Saudi Arabia has already invested heavily in the Esports and gaming sector. Saudi Arabia invested $8 billion in the gaming industry in the last year, mainly through purchasing shares in leading global companies. This amount is part of the $38 billion budget that the kingdom has earmarked for becoming an international gaming center.
