The upcoming event- the International Olympic Committee (IOC) Esports World Championship in KSA is not just an event in the world of games but also a source of a huge economic benefit for the Kingdom. Organizing such a glamorous event is expected to have a multiplier effect on the economy in as much as several sectors would be impacted.
Therefore, one of the most perceivable single economic impacts of the IOC Esport World Championship in KSA is tourism. Numerous teams, players and fans, media personnel are expected to travel to Saudi Arabia for the event, and this will result in high occupancy in the hotels, restaurants, expenditure at local outlets among others. This will greatly enhance the consumption level to the speedy advancement of the hospitality industry which will in turn enhance job creation and increased revenues to the businesses.
The IOC Esports Games will also allow Saudi Arabia to strut the progress it has made in esports and its dedication to such an arena. KSA will ultimately gain the reputation of a leader on the international level with the emerging market for esports as well as attract additional investments from gaming companies, sponsors, and technology companies. Such investment may result in the creation of new esports infrastructure such as facilities for esports competitions, technology parks, and training academies hence putting Saudi Arabia in the heart of the esports industry.
During this championship, there will be more provisions for local talent development to meet the future challenges of the country. This has entailed setting up of esports academies, training centers, and competitive leagues. It not only increases the likelihood of success in the Kingdom’s tournament championship but also strengthens the domestic esports ecosystem. It can then in turn inject back into the economy in terms of employment opportunities, new setups, and demands for creations such as those in the gaming industry.
These effects of the host country are not restricted to the duration of the IOC Esports World Championship. When Saudi Arabia markets itself as a hub for esports the Kingdom will witness more development in related sectors including technology, media, and entertainment. Such diversification of the economy is in tune with Vision 2030 under which Saudi Arabia is actively in the process of weaning itself off oil and wants to turn it into a knowledge-based economy.
The economic impact of the IOC Esports World Championship on KSA is a multi-faceted advantage that includes, but is not, limited to tourism promotion, global investment attraction with the formulation of local talents, and long-term economic growth. Hence, as Saudi Arabia opens its arms to this opportunity of esports, the nation can benefit immensely from this blossoming business of the game.