Why Saudi Arabia Is Betting Big on Esports
Saudi Arabia is pressing ahead with the 2024 Esports World Cup in Riyadh despite regional instability from the Iran war and a broader strategic drawdown in state-funded sports spending. The event is part of a larger economic diversification effort aimed at reducing reliance on oil and appealing to the country's young population. While some traditional sports events have been canceled due to cost and geopolitical tensions, esports is being prioritized for its mass youth appeal and potential for long-term value creation.
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On July 6, some 2,000 of the world’s top gamers will descend on the Saudi capital Riyadh for the third annual Esports World Cup, where they will lock horns at 24 different video games—including TEKKEN, Call of Duty, and League of Legends—in pursuit of $75 million in prize money.At least, that is still the hope of tournament organizer Ralf Reichert, who’s determined to forge ahead with the event despite the turmoil wrought by the Iran war, which has already forced a slew of high-profile postponements and cancellations across the Kingdom. “It's definitely made our lives harder,” Reichert, CEO of the Esports World Cup Foundation, tells TIME. “People obviously are more hesitant to book their travel.
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