In the past couple of years, Saudi Arabia has been positioning itself to be a key player in the Middle Eastern region nation. This comes from the intersection of Web3 technologies and its forward-looking Vision 2030 initiative.
The Vision 2030 initiative aims to reduce its reliance on oil by adopting emerging technologies like blockchain and artificial intelligence (AI) while also making significant strides in the gaming sector. Although the nation has not yet made a substantial global impact in game and AI development, the consequences of its investments in the gaming sector have the potential to reach far beyond its borders.
Gaming in Saudi Arabia
Saudi Arabia is showing a growing amount of interest in the gaming industry, using technologies like Web3 and blockchain technologies. The country’s young and tech-savvy populace is driving the expansion of its gaming business, positioning it alongside the United Arab Emirates as a major participant in the Middle East gaming market.
Co-founder of Animoca Brands, Yat Siu, recently confirmed this new development. He emphasized that Saudi Arabia is focusing heavily on the potential of Web3 and is actively interacting with important industry players like Animoca and The Sandbox. Siu clarified that Saudi Arabia is adamant about Web3 gaming’s future, in which asset ownership can be safely confirmed using blockchain technology.
According to a study by the Boston Consulting Group, Saudi Arabia has a market share of 45% and a value of more than $1.8 billion in the Middle Eastern region. This firmly establishes it as a major international gaming powerhouse.
The kingdom established the Saudi Esports Federation in 2017 as part of a strategic plan that laid the foundation for its future in the gaming sector. This is an important agency that manages and supports the country’s growing gaming industry.
The Web3 Challenge and Potential
Web3 has created a lot of enthusiasm, but since no clear rules are controlling virtual assets and cryptocurrencies, it is unclear how Web3 will fit into Saudi Arabia’s gaming industry. Siu underlined that this is in contrast to nations like the United Arab Emirates, Japan, and Hong Kong, where regulations pertaining to cryptocurrency and Web3 are clearly established, underscoring the need for further regulatory clarity.
However, Siu remains positive about Saudi Arabia’s intentions. The country has shown a definite commitment by taking the initiative to understand best practices and learn from experts in the sector. Siu concluded that Saudi Arabia has a genuine and rather unusual ambition for advancement and leadership.
Saudi Arabia is not limiting its efforts to domestic activities in order to accomplish these aims. Rather, it is actively participating in conversations and gathering knowledge from international marketplaces to remain on the cutting edge of technical progress. The kingdom’s ultimate goal is to become a global center for the gaming sector, highlighting its unwavering dedication to innovation and the incorporation of cutting-edge technology as essential elements of Saudi Arabia’s comprehensive economic diversification plan.
It is an interesting development that Saudi Arabia is exploring Web3 as it moves on with its quest for economic diversification. Saudi Arabia is able to have a substantial impact on the global digital scene because of its commitment to Web3 and blockchain.