Saudi Arabia Reveals $120m Fund

Investments

13 March 2024 06:06

Saudi Arabia's National Development Fund (NDF) and the Social Development Bank (SDB) have established two venture funds. The announcement was made at the LEAP 2024 technology conference in Riyadh last week, with the funds totaling $120m.

According to release, these funds are part of the Gaming and Esports Financing Programme, designed to offer equity investments to gaming and esports companies to support their growth and increase their contribution to the economy and society.

Saudi Arabia has been making strides within the esports and gaming industry. The country is aiming to establish itself as the main player in the esports world. Through Esports World Cup Foundation there will be more than a 10 tournaments with substantial prize pools.

Tags: Saudi Arabia

Share: