Saudi Social Development Bank backs esports and game development with $122m

The Saudi Social Development Bank (SDB) has increased funding in the esports and game development sectors to SAR 458m ($122m).

As reported by Waya Media, the SDB increased its financing portfolio by 53% from SAR 300 million ($80m). It’s managed by the SBD in partnership with the Saudi Esports Federation (SEF) under the supervision of the National Development Fund (NDF). 

The expanded financing portfolio has supported over 30 clients across esports clubs, game development, publishing, and gaming centres.

Moreover, the SDB has also signed SAR 70m ($18.5m) in financing agreements, including SAR 45m ($12m) for Lobah Digital to develop games and SAR 25m ($6.6m) for Virtual Reality Solutions to boost PC game production.

Beyond gaming 

In addition to its support for gaming and esports, the SDB has also partnered with the National Technology Development Program (NTDP) to increase its technology sector financing portfolio to SAR 898m ($239m) to bolster support for the tech industry beyond gaming. 

Earlier this month, Saudi-based mobile games studio Spoilz secured a strategic investment to boost new IP development, partnerships, local talent training, and monetisation. 

The investment was part of the National Development Fund’s (NDF) efforts to drive innovation and growth in Saudi Arabia’s games industry in collaboration with the SDB and the SEF.