Saudi's NDF, SDF announce $120M investment in gaming and esports
The initiative, which was launched as part of LEAP 2024, is part of the Gaming and Esports Financing Programme and was set up in partnership with the Saudi Esports Federation.
Saudi Arabia's National Development Fund (NDF) and the Social Development Bank (SDF) are to set up two venture capital funds with a total of $120 million to boost the country's gaming and esports sector.
The Gaming and Esports Financing Programme, in collaboration with the Saudi Esports Federation, will provide development financing for gaming and esports companies through equity investments, according to a statement shared on Wamda.
IMPACT46 and Merak Capital will manage the two funds that will focus on equity investments in gaming and esports companies as development capital to accelerate growth, improve local content development, and enhance the industry's economic and social impact.
The first fund, a SAR300 million ($80 million) fund managed by Merak Capital, will establish a gaming accelerator and nurture local talent, positioning Saudi companies as leaders in the sector. The second, managed by , will boost private sector investment in the local gaming and esports industry.
“The gaming and esports industry has seen exponential growth globally, generating substantial revenue and job opportunities. With Saudi Arabia's young demographic and other attractive investment components, NDF and our partners are prioritising innovative financing solutions for this industry. We aim to ensure its financial sustainability and contribute to the Kingdom's economic diversification and job creation efforts,” said Dr Stephen Grove, Governor of NDF.
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The initiative, which was launched as part of LEAP 2024, is part of the Gaming and Esports Financing Programme and was set up in partnership with the Saudi Esports Federation.
This is part of the NDF's efforts to support Saudi Arabia's economic growth through the promotion of sectors such as the gaming industry, the attraction of local talent and the promotion of economic development through financial support.
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Edited by Kanishk Singh
