RIYADH: Saudi Arabia’s National Development Fund on Wednesday approved a grant worth SR300 million ($79.8 million) to finance the gaming and esports sector in cooperation with the Saudi Esports Federation and the Ignite program.
It is the first phase of the NDF’s initiatives to support the promising sector, said Najlaa Aljami, finance programs executive director at NDF.
Aljami was speaking at the Next World Forum in Riyadh on Wednesday.
Products and financing solutions will be announced by the end of 2022, the official added.
The program aims to provides financing solutions to entrepreneurs in the gaming sector through banks and other institutions affiliate with the NDF.
In a statement, Stephen Groff, governor of NDF, revealed that the program comes as the first of several initiatives NDF is developing to support and empower the sector, with the goal of expanding its economic impact on the non-oil sector to serve the economic diversification in Saudi Arabia.
He also affirmed that the program seeks to improve the quality of life, as well as the experience of players in the Kingdom, the position of Saudi Arabia internationally, and provide new opportunities.
The Next World Forum – Gaming & Esports Unleashed is hosted by the Saudi Esports Federation. The forum brings together a host of speakers from across the gaming and esports industries, along with featuring a series of activations, bilateral meetings, and investment opportunities.
