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Saudi Arabia Hosts the First Esports World Cup, With the Richest Prize Pool in Gaming History



Saudi Arabia Hosts the First Esports World Cup, with the Richest Prize Pool in Gaming History

(CTN News) – According to a statement from Saudi Crown Prince Mohammed bin Salman, Saudi Arabia has announced intentions to launch an annual Esports World Cup, which will feature some of the world’s most popular games and offer the highest prize pool in esports history.

This competition is set to become an annual event in Riyadh beginning in the summer of 2024. Participants from various clubs will compete in a variety of game genres for the title of Esports World Cup winner.

Sports, esports, and gaming have all been essential parts of Saudi Crown Prince Mohammed bin Salman’s grandiose transformation plan, Vision 2030. This strategic strategy entails significant investments in the hundreds of billions of dollars to diversify the Saudi economy and reduce its reliance on oil.

eSports World Cup

Savvy Games Group, a subsidiary of Saudi Arabia’s sovereign wealth fund Public Investment Fund (PIF), earlier declared its intention to invest 142 billion riyals (about $37.8 billion) in projects aimed at establishing Saudi Arabia as a worldwide gaming hub.

As part of this strategy, the country intends to build 250 domestic gaming enterprises and USDT betting sites, creating 39,000 jobs, and increasing the gaming sector’s contribution to Saudi GDP to 50 billion riyals by 2030.

As the crown prince puts it, “The World Cup is the natural next step in Saudi Arabia’s journey to become the premier global hub for gaming and esports, offering an unmatched esports experience that pushes the boundaries of the industry.”

Furthermore, this competition matches Vision 2030 objectives, which include increased tourism, employment growth, and entertainment options for both locals and visitors.

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