Saudi Arabia Announces $15 Million Esports Festival

The Saudi Esports Federation has launched a new event, the Gamers8 Festival, which takes place in Riyadh this summer, with the US $ 15 million (AUD$21 million) in prize money being divided among six esports events.

Along with esports, the festival will host events, shows and futuristic experiences in both virtual and physical worlds.

It will also feature over 1,000 activities and attractions, including concerts featuring international artists, comedy, and magic shows..

According to the announcement, athletes from Team Falcons, YaLLa Esports and Nigma Galaxy will take part, with most teams being located in the Middle East.

The announcement comes after Saudi Arabia committed to the esports industry through the investment company, Savvy Gaming Group (SGG), which was purchased by Saudi Arabia’s Public Investment Fund (PIF).

SGG recently purchased tournament organisers, ESL Gaming, and esports platform, FACEIT, for a combined US$1.5 billion (AUD$2 billion) to create the ESL FACEIT Group.

The PIF, which is reportedly worth US$500 billion (AUD $723 billion), also acquired a five per cent stake in-game developer and publisher, Nintendo.

Before their Nintendo investment, Saudi Arabia acquired stakes in Activision Blizzard, which is part of the Microsoft buyout, video game publisher, Electronic Arts and developer, Take-Two.