Saudi Arabia invests $488m in gaming and eSports industries
Staff, 2023-03-16 06:28:37,
According to a report by Statista Research, the eSports market is projected to generate global revenue of $1,624.00 million in 2023, while the overall gaming market is expected to reach $482.30 billion in revenue by 2027. These impressive numbers signify the rapid growth of the gaming and eSports industry worldwide.
Saudi Arabia has also been making strides in the gaming and eSports sector, as evidenced by the government’s approval of $488 million in funding to enhance the industry. The country is aiming to become a major player in the global gaming and eSports market. Arabwinners.com reports that the funding was provided by the Social Development Bank, Saudi Federation for Electronic Sports, and the National Development Fund. This move aligns with the National Gaming and eSports Strategy introduced by Prince Mohammed bin Salman last year, indicating a serious commitment to the development of the industry in Saudi Arabia.
Strategic plans for generating revenue
Abdullah Alswaha, Minister of Communications and Information Technology, stated that around $6.4 billion in Saudi investments will go to cutting-edge technologies. And an astonishing $488 million of Saudi investments have already been given to the gaming and eSports industry hub to enhance economic growth and industrial expansion. The investments will also bring in foreign capital and broaden the range of global markets available to Saudi businesses. The financial boost will assist in creating new…
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