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Saudi Arabia is investing $38 billion into Esports in 2024
The esports scene is set to explode in the Middle East next year, as Saudi Arabia bumps up their investment in the industry to 142 billion Riyals, approximately $38 billion. Yes, you read that right, Billion.
The new investment will fall under the "Esports World Cup" project that Saudi Arabia intends to launch next year.
Saudi Arabia has been investing in Esports for years
When people think of Esports, the first thought is unlikely to be the Middle East. Yet for the last few years, Saudi Arabia has focused its efforts into expanding their tourism, with Esports receiving a lot of attention.
The Saudi Esports Federation has worked with Gamer8 to have an all-year competitive Esport circuit. Nearly every gaming title has been featured in their league, including Counter-Strike: Global Offensive, Tekken, PUBG, Fortnite, Rocket League, and Dota 2.
Gamer8 has become the premiere event of the year for these Esport titles, eclipsing all other events. The Dota 2 International has been the highlight of the competitive scene for over a decade, yet its prize pool paled in comparison to what Saudi Arabia offered.
This year alone, The International 12 (TI12) has a prize pool of $3 million, while Riyadh Masters 2023 featured a $15 million prize for competitors.
Why is Saudi Arabia investing in Esports?
In an interview with Fox News, the crown prince of Saudi Arabia, Prince Mohammed bin Salman, and the driving force of their Esports project answered questions about their vision for 2030.
Professional gaming is booming right now and Saudi Arabia does not wish to miss the boat. Prince Mohammed bin Salman believes that there is no better investment right now than Esports.
"Esports is one of the most important things happening globally. It's one of the most growing industries in the planet, it grows by 30 percent every year. The return on investment every year we have 15 to 25% of profit, so it's really amazing and we don't want to miss that."
Making tournaments and catching viewer's eyes isn't the only goal for this giant investment.
Saudi Arabia aims to create local jobs by opening around 250 gaming companies. This is expected to yield 39,000 jobs for the country.
While no information has been released regarding tournaments next year, we're willing to bet they will feature some pretty incredible prize pools.
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Featured Image Source: ESL
