In a step towards becoming a global hub for e-sports, Saudi Arabia has announced construction of an e-sports city of its own that will be built at a cost of USD 500 million, situated within its capital, Riyadh.

Gulf giant Saudi Arabia is soon to have an e-sports city of its own. With investment of USD 500 million to the project that is dedicated solely to the gaming industry, the E-sports City will be constructed within Riyadh and is supposed to be completed by next year, according to a press statement.

The statement says that the E-sports City is expected to attract major teams as well as players from around the world. In addition, it will give homegrown talents a platform to hone their skills and compete on the world stage. A number of e-sports competitions, including the World Cyber Games, will be held there, with seating for 20,000 spectators. The development was recently announced by Mohammed Al Qahtani, the CEO of Saudi Arabia Holding, one of the Kingdom’s major private equity firms.

“For e-sports makers, the city provides a new platform to showcase their skills and compete on the global stage. The city will host a variety of e-sports events, including the World Cyber Games, which is one of the largest e-sports tournaments in the world. The E-sports City is a significant development for the e-sports industry in Saudi Arabia. It is a sign of the country’s commitment to developing the industry and becoming a global hub for e-sports,” says Al Qahtani.

The statement adds that a new wealth fund in Saudi Arabia aims to support the expansion of the entertainment, tourist, and events industries, including the horse racing and auto racing industries. Mohammed bin Salman bin Abdul Aziz Al-Saud, Crown Prince and Prime Minister, who also serves as the fund’s head, announced the creation of the Events Investment Fund (EIF).

It adds that by 2030, EIF will design, fund, and manage the construction of more than 35 venues. The Kingdom’s economic diversification efforts will be supported by EIF’s efforts to establish the Kingdom as the global hub in these numerous event sectors, to develop a sustainable infrastructure for the implementation of an ambitious national events schedule, and to generate sustainable financial returns. EIF assets include indoor arenas, art galleries, theatres and conference centres, horse-racing tracks, auto racing tracks and other event facilities across the Kingdom, with the aim of delivering its first asset by 2023.