Saudi Crown Prince Mohammed bin Salman announced today, Monday, the launch of the World Cup of Esports, the largest event of its kind in the world, which will be organized by the Kingdom in Riyadh annually, starting from the summer of 2024. This tournament will serve as an important platform to elevate the gaming and esports sector, which is witnessing increasing growth, and will solidify the Kingdom's position as a leading destination for major sports and global competitions. The Crown Prince also announced the establishment of the World Cup of Esports Foundation, a non-profit organization that will oversee the organization of the tournament and act as a driving force to elevate this sector to a new level of collaboration among all partners and stakeholders in the gaming and esports ecosystem to harness its true potential and enhance the growth and sustainability of the sector.
This announcement was made during the "New Global Sports Conference," hosted by the Kingdom. Bin Salman stated: "The World Cup of Esports is the natural next step in the Kingdom’s journey to becoming the world’s number one hub for gaming and esports, as it will offer an unparalleled experience that surpasses what is conventionally known in the sector," emphasizing that "the tournament will contribute to enhancing our commitment to achieving the objectives of Saudi Vision 2030, including economic diversification, boosting the tourism sector, creating job opportunities in various fields, and providing high-level entertainment for citizens, residents, and visitors alike."
This tournament will be a major contributor to achieving the strategic goals of the gaming and esports sector, contributing to more than 50 billion Riyals to the GDP by 2030, creating 39,000 new job opportunities in the sector, and transforming Riyadh into the capital of electronic gaming. The tournament is set to take place in indoor venues, accompanied by numerous activities and events, providing a unique opportunity to attract a new segment of visitors interested in the gaming sector and invigorate the tourism sector in Riyadh during the summer, which will in turn enhance hotel occupancy rates, typically experiencing a 16% decline in the summer, alongside an 18% decrease in tourism spending during this period.
The tournament offers an opportunity to offset the noticeable decline in spending in restaurants and cafes, which is around 13% in the summer, and a 9% drop in overall consumer spending during the same season. The launch of the World Cup of Esports by the Kingdom reaffirms its ongoing efforts to achieve a better future for the sector and continues its achievements in entertainment and sports events, culminating in the significant success of the "Gamers' Season" in its first and second editions, especially since the majority of the Kingdom's population is composed of youths who show great interest in electronic games.
The tournament will provide a stimulating environment that supports the growth of the sector ecosystem and enables its sustainability. It will include the most popular games globally across various formats, offering monetary prizes that are among the highest in the history of esports. A new and innovative tournament format will be adopted to crown the best club in the world across all participating games, which will in turn help in the development and sustainability of esports clubs. The World Cup of Esports Foundation will reveal more details related to the tournament and the participation mechanism early next year.
