TLDR:
Saudi Arabia’s National Development Fund (NDF) is investing $120 million in e-sports through two venture funds. One of the funds will focus on fostering local talent and e-sports leadership, while the other aims to attract private sector investment in the gaming industry. This investment underscores Saudi Arabia’s commitment to becoming a major player in the global e-sports arena.
Article Summary:
Saudi Arabia is investing heavily in the e-sports industry, with the NDF announcing two new venture funds totaling $120 million during the LEAP 2024 conference in Riyadh. The first fund, managed by Merak Capital, will focus on developing local talent and e-sports leadership. It will also establish a gaming accelerator to propel Saudi companies onto the global stage. The second fund, managed by IMPACT46, aims to attract private sector investment in the domestic gaming industry. While these investments highlight Saudi Arabia’s commitment to e-sports, they have also faced criticism from some who view them as a tactic to divert attention from human rights concerns through financial influence.
Despite this, Dr Stephen Grove, Governor of NDF, remains committed to the vision of supporting the gaming and e-sports industry, citing its significant revenue and job creation potential. The investment reflects Saudi Arabia’s desire not only to become a major player in e-sports but also to cultivate a sustainable domestic scene that fosters economic growth and job creation.
