- Saudi Arabia’s National Development Fund (NDF) and the Social Development Bank (SDB) will jointly establish two venture capital funds with a combined value of $120 million, in an effort to boost the gaming and esports sectors in the kingdom.
- Launched during LEAP 2024, the initiative is a part of the Gaming and Esports Financing Programme and was created in association with the Saudi Esports Federation.
- The two funds, which will be managed by IMPACT46 and Merak Capital, will be concentrated on offering equity investments to gaming and eSports companies as development funding, with the goal of boosting local content production and speeding up growth.
Press release:
In an innovative move to bolster the gaming and esports industry within the Kingdom, the National Development Fund (NDF), in collaboration with the Social Development Bank (SDB), announced the signing of two agreements to establish two venture funds with a total size of SAR450 million ($120 million). The announcement was made during the LEAP 2024 technology conference in Riyadh, marking a significant step towards nurturing the thriving gaming and eSports industries.
Support authors and subscribe to content
This is premium stuff. Subscribe to read the entire article.
Login if you have purchased
