Saudi Arabia to host Esports World Cup in 2024
Saudi Arabia on Monday revealed plans for conducting an annual Esports World Cup featuring the world's most popular games and boasting the largest prize pool in the history of esports. The very first event is scheduled for the summer of 2024, announced Saudi Crown Prince Mohammed bin Salman. Competing clubs are set to battle it out across various gaming genres to claim the title of Esports World Cup champion.
Vision 2030 and gaming investments
The Esports World Cup is a component of the crown prince's Vision 2030 strategy, which seeks to diversify Saudi Arabia's economy and lessen its dependence on oil. The kingdom's Savvy Games Group, backed by the sovereign wealth fund PIF, last year declared its intention to invest $37.8 billion (approximately Rs. 3.14 lakh crore) in efforts to establish Saudi Arabia as a major gaming center.
Esports World Cup's impact
The plan involves founding 250 local gaming firms, generating 39,000 jobs, and increasing the industry's contribution to Saudi GDP to SAR 50 billion (around 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 bin Salman. He also noted that the tournament would help promote tourism, create employment opportunities, and offer entertainment to both residents and tourists.
