Saudi Arabian Crown Prince Mohammed bin Salman announced on Monday, October 24th, the launch of the Esports World Cup, in a statement.
The tournament will be held annually in Riyadh starting summer of 2024.
The event's debut is anticipated to bring the objectives outlined in Saudi Arabia's National Gaming and Esports Strategy to life.
It will also act as a platform to help the gaming and esports industry and strengthen Saudi Arabia's status as a center for worldwide esports.
By 2030, the strategy hopes to add more than SR50 billion to the sector's share of the Kingdom's gross domestic product (GDP) and provide 39,000 additional job opportunities.
The Esports World Cup Foundation, a nonprofit organization established to foster greater cooperation among esports stakeholders, was also introduced by the crown prince.
These developments were announced during “The New Global Sports Conference” in the Saudi capital.
“The Esports World Cup is the natural next step in Saudi Arabia’s journey to becoming the premier global hub for gaming and esports, offering an unmatched esports experience that pushes the boundaries of the industry,” said the crown prince in a press statement.
He added: “The competition will enhance our progress toward realizing the Vision 2030 objectives of diversifying the economy, growing the tourism sector, creating new jobs in various industries, and providing world-class entertainment for citizens, residents, and visitors alike.”