Saudi Arabia is investing a significant sum of money, up to half a billion dollars, to construct a dedicated gaming city in Riyadh. The project, known as Esports City, is set to be completed by next year. The announcement was made by Mohammed AlQahtani, CEO of Saudi Arabia Holding Co, a prominent private equity firm in the country.
Esports City aims to become a global hub for the gaming industry, attracting renowned esports teams and players from around the world. It will also serve as a platform for local talent to develop their skills and compete on an international level. The city will feature a capacity of 20,000 spectators and host a diverse range of esports events, including the prestigious World Cyber Games tournament.
AlQahtani emphasized that the city offers esports professionals a new avenue to showcase their abilities and compete globally. The inclusion of prominent events like the World Cyber Games further underscores the significance of Esports City.
In addition to the gaming venture, Saudi Arabia has launched a new wealth fund called the Events Investment Fund (EIF). Led by Crown Prince Mohammed bin Salman bin Abdulaziz Al-Saud, the EIF aims to foster growth in the entertainment, tourism, and events sectors. It plans to develop over 35 venues by 2030, including indoor arenas, art galleries, theaters, conference centers, horse-racing tracks, and auto-racing tracks. The goal is to position Saudi Arabia as a global hub for various event sectors and generate sustainable financial returns to support the country's economic diversification efforts. The EIF's first asset is expected to be delivered by 2023.