Saudi Arabia to Host First-Ever Esports World Cup with $60 Million Bonanza

Saudi Arabia is set to make a significant mark on the global gaming industry this summer by hosting the inaugural Esports World Cup 2024 in Riyadh.

Saudi Arabia is set to make a significant mark on the global gaming industry this summer by hosting the inaugural Esports World Cup 2024 in Riyadh. The event will take place at Boulevard Riyadh City from July 4 to August 25, bringing together more than 2,500 players to compete for an unprecedented $60 million prize pool, the largest in esports history.

The Esports World Cup Foundation, a nonprofit organization established in 2023 and led by German esports entrepreneur Ralf Reichert, will oversee the event. The foundation, based in Riyadh, aims to position Saudi Arabia as a central hub in the global esports landscape.

Saudi Crown Prince Mohammed bin Salman, an avid gamer himself known for his interest in the Call of Duty series, has been a driving force behind this initiative. He has allocated $38 billion from the Public Investment Fund to develop the gaming sector. This ambitious plan includes attracting 250 gaming companies and studios to the kingdom and creating 39,000 video game-related jobs.

The kingdom’s strategy is built on a foundation of significant investments in major gaming companies such as Tencent, Nintendo, Activision Blizzard, and Ubisoft. These investments underscore Saudi Arabia’s commitment to becoming a key player in the international gaming arena.

In a move to further bolster the local gaming industry, Saudi Arabia’s National Development Fund and the Social Development Bank announced in March the creation of two venture capital funds worth a combined $120 million. These funds aim to support the growth of new esports companies within the kingdom.

Will Dalio, son of billionaire hedge fund manager Ray Dalio, is among the gaming executives drawn to the region. Dalio recently established a branch of his family office in Abu Dhabi and is using the location to expand his educational game development company, Endless Studios. Speaking on The National’s Business Extra podcast, Dalio highlighted the Gulf region’s active gaming community and the potential for local game development.

“There’s no creation here. We believe that should be bridged,” Dalio stated, emphasizing the need for the region to not only consume but also produce video game content.

As Saudi Arabia prepares to host the Esports World Cup 2024, the event is expected to significantly boost the kingdom’s presence in the global esports market and foster local talent and industry growth.