The Saudi Social Development Bank increased the size of its financing portfolio by 158 million riyals, to become 458 million riyals, achieving a growth of 53%.
This increase benefited more than 30 clients from various economic activities, including e-sports clubs, game development, game publishing, and e-gaming centers.
The bank signed financing contracts with a total value of 70 million riyals, of which 45 million riyals were allocated to support the development of innovative digital games by financing the Digital Game Company for Information Technology, while 25 million riyals were allocated to the Virtual Reality Solutions Company for Information Technology to support the manufacture of computers dedicated to electronic games.
The Social Development Bank also announced an increase in the budget of the financing portfolio it manages in cooperation with the National Information Technology Program (NTDP), to reach 898 million riyals, which enhances its commitment to supporting the growth of the technology and innovation sector in the Kingdom.
The bank signed financing contracts worth more than 10 million riyals, including 7.6 million riyals for “Hawasat Technology” company and 2.5 million riyals for “Global Cloud Technology” company, intending to enable technology companies to innovate and expand in their fields.
The Social Development Bank also announced a partnership with Microsoft to leverage the capabilities of cloud computing and artificial intelligence.
This partnership aims to improve the efficiency of the Social Development Bank’s internal operations, in addition to providing innovative financing solutions to entrepreneurs and enhancing the bank’s digital infrastructure.
A report issued by PWC indicated that the gaming industry in the Kingdom of Saudi Arabia has developed significantly, becoming a dynamic sector that contributes to innovation and shapes the future of the Kingdom. The value of the gaming and e-sports market is expected to reach $13.3 billion by 2030.
The report indicated that the Kingdom has invested more than $38 billion in this sector, as the National Gaming and Esports Strategy (NGES), which was announced in 2022, seeks to create 39,000 local jobs by 2030, including diverse fields such as game development and event management.
The Kingdom’s investments in modern infrastructure and hosting of global tournaments contribute to strengthening its position as a global hub for eSports.
