This ambitious goal is fuelled by a perfect storm of government investment, strong leadership support, and strategic initiatives.
The National Development Fund has significantly increased its financial commitment to the sector, ballooning from SR300m ($80m) in 2022 to SR1.09bn ($291m) by 2023.
Saudi gaming and esports industry
This influx of capital will provide loans, property financing, and business accelerators. This comprehensive support aims to empower local talent, create a stimulating environment for the industry, and target promising gaming projects.
The Saudi leadership has shown strong interest in the gaming and esports sector. This backing has helped solidify the Kingdom’s position as a prominent player in the global esports scene.
Saudi Arabia has launched the National Gaming and Esports Strategy to achieve its vision. This comprehensive plan is being spearheaded by a collective of 20 government and private entities.
The strategy outlines a roadmap for success, including launching business incubators, hosting major gaming and esports events, establishing educational academies, and developing clear regulations for the industry.
The ultimate goal is transforming the gaming and esports sector into a significant contributor to the Kingdom’s economy. The plan aims to generate SR50bn ($13.3bn) directly and indirectly to the GDP.
This economic boom is expected to create more than 39,000 new jobs in various fields, including development, publishing, and infrastructure.
Saudi Arabia hopes to become one of the top three nations in terms of the number of professional esports players.
With its rapidly growing gaming market, which reached SR3.75bn ($1bn) in 2023 and is projected to hit SR10bn ($2.67) by 2026, Saudi Arabia is well on its way to becoming a force to be reckoned with in the world of gaming and esports.
Gaming and e-sports have evolved from mere entertainment to becoming a significant source of economic growth.
The recognition of their importance was evident when they were recognised by the Olympic Games in 2018, marking a significant milestone in their global acceptance.
Gaming encompasses various activities across different programs and platforms, including video games, computer games, and others.
The gaming sector has emerged as a major market in Saudi Arabia, with a significant revenue impact on trade and consumption.
The gaming market in the Kingdom is valued at SR3.75bn ($1bn).
The Social Development Bank is currently processing financing applications to support the gaming and e-sports sector, covering 60 per cent of the budget approved by the National Development Fund.
In collaboration with the Saudi Esports Federation, the bank is working on providing solutions to promote this important economic field.
The fund aims to make Saudi Arabia a global leader in gaming and e-sports by supporting talent development, fostering emerging e-sports clubs, and enabling professional competition in international tournaments.
This aspiration will contribute to the national GDP and create diverse and appealing job opportunities for those interested in pursuing a career in this field.
Furthermore, Saudi Arabia has introduced the “Ignite” program to boost the digital content and media sector and aim for global leadership by 2030.
Additionally, the Kingdom plans to host the annual Esports World Cup from the summer of 2024 onwards as part of its commitment to Saudi Vision 2030 goals.
This event is expected to be the largest and most significant of its kind globally, further establishing Saudi Arabia as a global hub for e-sports.
The Saudi gaming market continues to grow due to various factors, including increasing interest in modern technologies, widespread internet and smartphone usage, advancements in e-gaming technology, rising popularity of online gaming, Saudi Arabia’s ambition to become a global gaming and e-sports hub, and efforts by local companies to develop innovative games for Saudi gamers.
The future of gaming looks promising with the rise of virtual reality (VR) and augmented reality (AR), reflecting the rapid technological advancements and the growing demand for immersive gaming experiences.
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