The competition will be held annually in Riyadh starting summer 2024, a statement from Saudi Crown Prince Mohammed bin Salman said, according to CNA.
Clubs will compete across games from various genres to become the ultimate Esports World Cup champion, the statement said.
Sports, e-sports and gaming have been part of the crown prince's transformation plan, known as Vision 2030, in which the government is pouring hundreds of billions of dollars to diversify the kingdom's economy and reduce its reliance on oil.
Saudi Arabia's Savvy Games Group, owned by sovereign wealth fund PIF, said last year it will invest 142 billion riyals (US$37.8 billion) in initiatives aimed at making Saudi Arabia a global hub for gaming.
Under the plan, the kingdom aims to set up 250 games companies locally, which will create 39,000 jobs, and raise the sector's contribution to Saudi GDP to 50 billion riyals by 2030.
"The Esports World Cup is the natural next step in Saudi Arabia's journey to become the premier global hub for gaming and esports, offering an unmatched esports experience that pushes the boundaries of the industry," the crown prince was quoted in the statement as saying.
The competition will help achieve Vision 2030 objectives by boosting tourism, creating jobs and providing entertainment for residents and visitors, he added.
The Kuwait College of Science and Technology (KCST) has signed a memorandum of understanding with Tengrai, a leading artificial intelligence firm based in Hungary. The agreement was formalized during a visit by Tengrai’s founder, W. Szabo Peter, and the Hungarian Ambassador to Kuwait, András Szabó, who were warmly received by Professor Khaled Al-Baqa’in, President of KCST.
Singapore and Hungary play a crucial role as they provide a platform and a meeting point for various countries and companies to share technology, exchange data, showcase their capabilities, and establish joint ventures, Bernard Yeung, Emeritus President of the Asian Bureau of Finance and Economic Research told us on the sidelines of the Budapest Eurasia Forum.
Japan’s Takeda Pharmaceuticals has reached a deal worth up to $2.2bn to develop an Alzheimer’s vaccine made by Swiss start-up AC Immune, as drug companies race to invest in potentially lucrative new treatments for the disease.