Revolutionizing Gaming and Blockchain: Saudi Arabia and South Korea’s Impact on Industry Growth:
The gaming sector and blockchain technology are undergoing a remarkable transformation, fueled by the collaborative efforts of two global powerhouses: Saudi Arabia and South Korea. Their partnership is revolutionizing the industry and driving unprecedented growth in various sectors. Saudi Arabia’s Ministry of Investment has inked an initial agreement with Wemade, a leading South Korean video game developer.
This pivotal agreement follows Wemade’s active participation in the esteemed Saudi-Korea Investment Forum in Seoul, where meetings were held with high-ranking Saudi officials, including Investment Minister Khalid Al-Falih. Saudi Arabia is thrilled by Wemade’s progress and eagerly looks forward to supporting their expansion by connecting them with strategic partners in the sector. Notably, Wemade has gained significant acclaim globally for its blockchain gaming platform, Wemix, as well as the legendary Legend of Mir series video games. This has captured millions of users worldwide.
Wemade’s Progress: The Growth Of Blockchain, Gaming, and E-Sports Hub in Saudi Arabia
Wemade’s advancements mark a significant stride towards fulfilling Saudi Arabia’s ambition of establishing itself as a prominent gaming and e-sports hub, aligned with its national gaming and e-sports strategy. In pursuit of this goal, the Saudi Ministry collaborates with international companies to streamline investment and expansion endeavors within the kingdom. Embracing the comprehensive 2030 Vision, which aims to diversify the nation’s economy beyond energy, the ministry actively fosters business opportunities for foreign entities. Together, they will pave the way for a thriving gaming ecosystem and open new avenues for economic growth and diversification.
Wemade Solutions for Saudi Blockchain and Gaming industry growth
In a notable collaboration, Wemade joined forces with Nine66, backed by the Public Investment Fund, in February. Together, they embark on a journey of exploration, venturing into diverse initiatives such as training programs, educational content creation, game localization, and regional event sponsorship. With the rising demand for games and the increasing growth of blockchain technologies in Saudi Arabia, Wemade remains dedicated to showcasing its capabilities and providing innovative solutions that cater to the evolving needs of the market. Wemade firmly believes that their partnership with the Saudi ministry will not only yield mutual benefits but also generate new opportunities within the global game industry, fostering growth and innovation.
$6.8 Billion Projection: Saudi Arabia’s Gaming Consumption by 2030
A recent study conducted by YouGov reveals the immense potential for growth in Saudi Arabia’s gaming industry, the largest economy in the Arab world. With e-sports taking the lead, the industry is projected to grow 250 percent by 2030. This growth trajectory signifies a remarkable surge, with the industry’s contribution to Saudi Arabia’s GDP expected to increase around 50-fold compared to 2022. Projections indicate that gaming consumption in the kingdom will reach an impressive $6.8 billion by 2030, reflecting a compound annual growth rate of 22 percent. These figures underscore the thriving landscape and significant economic impact of the gaming industry in Saudi Arabia.