Saudi Arabia to
increase cooperation with China in esports
The rapid growth of
China's esports sector will continue to attract Saudi investment in the coming
years, creating significant opportunities for gaming companies and talents from
both countries, according to Prince Faisal bin Bandar bin Sultan, Chairman of
the Saudi Esports Federation (SEF) and the Arab Esports Federation.
The gaming and esports
industry in Saudi Arabia is experiencing substantial growth, aligning with the
country's Vision 2030 and its goals for economic diversification and long-term
prosperity. Prince Faisal highlighted that Vision 2030 has opened up new
sectors, including gaming and esports, which are benefiting the nation.
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China, as the world's
largest single-country market for esports, has attracted significant investment
from Chinese tech giants in the gaming sector. Prince Faisal noted that China's
booming gaming industry has given rise to several world-class gaming companies
that continue to invest heavily in new games and platforms.
Saudi Arabia's
National Gaming and Esports Strategy, launched in 2022, aims to cater to a
massive community of around 23.5 million gaming enthusiasts. The sector is
expected to contribute over 50 billion Saudi riyals annually to the kingdom's
economic prosperity by 2030.
In February, Saudi
Arabia's Savvy Games Group invested $265 million in VSPO, a Chinese esports
startup specializing in tournaments, venues, and production. This investment
has positioned Savvy as VSPO's single largest equity holder. Prince Faisal
emphasized the progress made in building a thriving esports ecosystem in Saudi
Arabia, with the establishment of gaming communities and spaces for gamers to
connect and collaborate.
With the opportunities
presented by the Belt and Road Initiative and Saudi Vision 2030, the potential
for business cooperation between China and Saudi Arabia is expected to expand,
covering areas such as 5G, esports, trade in services, new energy vehicle
production, and smart-city development, according to Sun Fuquan, Vice-President
of the Chinese Academy of Science and Technology for Development.
Source: https://www.chinadaily.com.cn/
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