The inaugural Electronic Sports World Cup recently launched in July in Riyadh, Saudi Arabia, marking a significant milestone in the realm of competitive gamingThe event has drawn an impressive audience, surpassing a million viewers during its first four weeks, accumulating a staggering 177 million hours of watch timeSuch numbers illustrate the immense popularity of esports and its solid foothold in modern entertainment culture.

Furthermore, Saudi Arabia's Economic and Planning Minister, Faisal Ibrahim, emphasized the kingdom’s progress towards its Vision 2030 initiative, declaring that more than half of the journey has been completedThis initiative focuses on diversifying the economy and enhancing human capital developmentSince the introduction of Vision 2030, the non-oil sector has shown robust growth, now accounting for an impressive 51% of the GDP.

As the second half of this vision unfolds, various Saudi authorities are intensifying their support for non-oil economic activities

The industrial and mineral resources sector is notably advancing, as the Ministry has initiated exploration operations in what it claims is the country’s largest mineralization area to dateThe government is granting five new exploration licenses, inviting both domestic and international mining corporations to partakeThe expansive mineralization area is an astounding 4,788 square kilometers, harboring essential resources such as copper, zinc, lead, gold, and silverThe Said Mountain mineralization area, located northeast of Jeddah and east of Medina, spans 2,892 square kilometers and involves three exploration licenses, while the Shawas River Valley’s Hajjar mine in Aseer covers 1,896 square kilometers with two exploration licenses.

To further encourage investment in this sector, the Ministry of Industry and Mineral Resources, in collaboration with the Ministry of Investment, introduced new incentives aimed at reducing the risk for exploration companies in their formative years

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These incentives include a generous support package of up to 7.5 million riyals for companies holding valid exploration licenses for less than five years, alongside permitting 100% foreign ownership and financing up to 75% of capital costs through the Saudi Industrial Development Fund.

In a push toward more sustainable transportation methods, the Kingdom hosted its first Global Electric Vehicle and Mobility Technology Forum on July 10-11. The conference addressed essential themes such as future mobility solutions, operational efficiencies, and sustainability within the automotive sectorThe Saudi Investment Ministry reported that the Saudi market accounts for over half of the Gulf Cooperation Council's automotive sales, indicating the vital role that the technology industry plays in the nation’s economyBy forging strategic partnerships with international firms, Saudi Arabia aims to manufacture over 600,000 electric vehicles annually, solidifying its commitment to innovative transportation.

On the entertainment and tourism front, Saudi Arabia is keenly positioning the esports industry as a new growth vector in its non-oil economy

The Electronic Sports World Cup kicked off on July 3 in Riyadh, spanning an eight-week duration and featuring over 20 game genres, with participation from more than 1,500 competitorsThe organizing body, the Electronic Sports World Cup Foundation, has already reported remarkable figures from the initial weeks, with over a million viewers engaging in approximately 177 million hours of viewingAdditionally, the International Olympic Committee has approved a proposal to host the inaugural Olympic esports event in Saudi Arabia in 2025, further driving the growth of the kingdom’s entertainment sectorIn 2022, Saudi Arabia launched a national strategy for gaming and esports as a comprehensive investment initiative aimed at developing the entire gaming and esports value chain, aspiring to boost the industry's GDP contribution to over 50 billion riyals and create 39,000 new job opportunities by 2030.

Saudi Arabia’s tourism industry continues to thrive, showcasing strong growth in recent years

Minister of Tourism Ahmad Al-Khateeb revealed that in 2023, the kingdom welcomed an impressive 109 million tourists, including 27 million international visitors, placing it 11th globally in terms of tourist numbersFor the first half of 2024, projections indicate that Saudi Arabia will host an additional 60 million tourists, with consumer spending anticipated to reach 150 billion riyals—a 10% increase compared to the previous yearAl-Khateeb emphasized that the development goal for the tourism sector is to elevate its GDP contribution from the current 5% to 10% by 2030, which translates into an anticipated economic impact of 600 to 700 billion riyals.

In the realm of clean energy, Saudi Arabia is adopting a more proactive stance toward energy transitionIn June, the kingdom launched a large-scale renewable energy resource census, aimed at identifying optimal locations for solar and wind energy projects across its vast landscape