Saudi Arabia is set to make a massive investment of $38 billion towards developing a gaming hub in the Kingdom. This marks a significant step for the country’s Vision 2030 plan, which aims to diversify the country’s economy and create new industries to reduce its reliance on oil.
The gaming hub, known as the Qiddiya Entertainment City, will span over 334 square kilometers and is expected to become one of the largest entertainment and gaming centers in the world. The development will include several theme parks, a safari, a water park, sports facilities, and hotels.
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The investment is being led by the Saudi Arabia Public Investment Fund (PIF), which has been actively investing in several industries to support the country’s economic growth. The PIF’s recent investments include tech companies such as Uber and SoftBank, as well as infrastructure projects such as the high-speed railway connecting Mecca and Medina.
The gaming industry is rapidly growing worldwide, with revenues expected to reach $196 billion by 2022. By investing in a gaming hub, Saudi Arabia aims to tap into this lucrative industry and create new job opportunities for its citizens.
The Qiddiya Entertainment City is expected to create over 17,000 jobs, with 50% of those being held by Saudi nationals. Additionally, the development is expected to contribute significantly to the country’s GDP, with estimates suggesting it could add up to $3 billion to the economy annually.
Through its Public Investment Fund, wants to become a big player in the $184 billion global gaming market.
Furthermore, the gaming hub is expected to attract visitors from all over the world, as Saudi Arabia aims to diversify its tourism sector. The Kingdom has already taken significant steps towards opening up its tourism industry, with the launch of tourist visas in 2019 and the development of several tourist destinations.
Saudi Arabia’s investment of $38 billion towards developing a gaming hub marks a significant step towards the country’s Vision 2030 plan. The Qiddiya Entertainment City is expected to create new job opportunities and contribute significantly to the country’s GDP, while also attracting visitors from all over the world. The gaming hub is a testament to Saudi Arabia’s commitment to diversifying its economy and creating new industries to support its long-term growth.
