- Saudi Social Development Bank Increases its Financing Portfolio to 458 Million SAR
- The increase in the financing portfolio supports more than 30 clients in the eSports industry.
- The growth of the portfolio positions Saudi Arabia as a leading hub for digital gaming investments, bolstering its economy.
The Saudi Social Development Bank has increased the size of its financing portfolio by 158 million SAR, bringing the total to 458 million SAR, achieving a growth rate of 53%.
More than 30 clients from various economic sectors, including eSports clubs, game development, game publishing, and eSports gaming centers, have benefited from this increase.
The bank signed financing contracts totaling 70 million SAR, with 45 million SAR allocated to support the development of innovative digital games through financing “Lama Digital Information Technology Company,” while 25 million SAR was designated for “Virtual Reality Solutions Information Technology Company” to support the production of gaming-specific computers.
The bank also announced an increase in the financing portfolio it manages in collaboration with the National Technology Development Program (NTDP), bringing its value to 898 million SAR, further strengthening its commitment to supporting the growth of the tech sector and innovation in the Kingdom.
The bank signed financing contracts exceeding 10 million SAR, including 7.6 million SAR for “Tech Computing Company” and 2.5 million SAR for “Global Cloud Technology Company,” aimed at enabling tech companies to innovate and expand in their fields.
Additionally, the Saudi Social Development Bank announced a partnership with Microsoft to leverage the capabilities of cloud computing and artificial intelligence.
The partnership aims to improve the efficiency of the bank’s internal operations, provide innovative financing solutions for entrepreneurs, and enhance the bank’s digital infrastructure.
A report issued by PwC highlighted the significant development of the gaming industry in Saudi Arabia, noting that it has become a dynamic sector contributing to innovation and shaping the Kingdom’s future.
The digital gaming and eSports market is expected to reach 13.3 billion USD by 2030.
The report also noted that Saudi Arabia has invested over 38 billion USD in this sector, with the National Gaming and eSports Strategy (NGES), announced in 2022, aiming to create 39,000 local jobs by 2030, covering areas such as game development and event management.
Additionally, Saudi Arabia’s investments in modern infrastructure and hosting global tournaments position the Kingdom as a global hub for eSports.
