True Gamers, an eSports clubs operator based in the UAE, has secured a $45 million agreement to establish 150 facilities in Saudi Arabia, seeking to tap into the kingdom’s profitable gaming industry.
The franchise contract between True Gamers and Nawaf Albishri, the CEO of Saudi Arabian venture capital firm Falak, aims at launching the first boutique-style club in Jeddah within the forthcoming six months.
Albishri, who also serves as the CEO of the Saudi Arabian medical centres Thanaya and Quality, believes that the deal will strongly appeal to the Saudi gaming community, which boasts around 21 million gamers which is about 58% of the total population.
Last year, Saudi Arabia made significant progress in the gaming world, announcing its plan to annually host the Esports World Cup in Riyadh starting from the summer of 2024, as it positions itself as a centrepiece for worldwide gaming and esports contests.
In December, the announcement was made concerning the plans of Saudi’s Qiddiya City to initiate the world’s first all-inclusive gaming and esports district. This project aims to reinforce Saudi Arabia’s status as a global epicentre for the prospering gaming and esports market.
The kingdom forecasts that by 2030, the gaming sector will contribute 50 billion Saudi Arabia riyals ($13.3 billion) to the national GDP as part of its Vision 2030 initiative.
(Written by Bindu Rai, edited by Daniel Luiz)
bindu.rai@lseg.com