As an integral component of LEAP 2024, the initiative is a key element within the Gaming and Esports Financing Programme, established in collaboration with the Saudi Esports Federation.
Saudi Arabia's National Development Fund (NDF) and the Social Development Bank (SDF) are joining forces to establish two venture capital funds totaling $120 million, aimed at bolstering the gaming and esports sector in the country. The Gaming and Esports Financing Programme, developed in collaboration with the Saudi Esports Federation, will offer development financing to gaming and esports companies through equity investments, as per a statement on Wamda.
The two funds, managed by IMPACT46 and Merak Capital, are focused on providing equity investments to accelerate the growth of gaming and esports companies, foster local content development, and enhance the economic and social impact of the industry.
Merak Capital will oversee the first fund, a SAR 300 million ($80 million) initiative, to establish a gaming accelerator and nurture local talent, positioning Saudi companies as leaders in the sector. The second fund, managed by Impact46, aims to boost private sector investment in the local gaming and esports industry. Dr. Stephen Grove, Governor of NDF, highlighted the industry's global exponential growth, emphasizing the potential for substantial revenue and job opportunities. The initiative, launched as part of LEAP 2024, aligns with the Gaming and Esports Financing Programme, a collaborative effort with the Saudi Esports Federation. This reflects NDF's commitment to supporting Saudi Arabia's economic growth by promoting sectors like gaming, attracting local talent, and fostering economic development through financial backing.
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