The Gamers8 festival is poised to offer massive prize money ©Gamers8

The Saudi Esports Federation is set to host an eight-week Gamers8 festival, with the event boasting a $15 million (£12.2 million/€14.3 million) prize pool.

The gathering, scheduled to be held between July 14 and September 8 in Riyadh, is due to feature six different esports competitions, a two-day summit for industry figures and other activities such as music concerts, magic shows and comedy.

While the full line-up is yet to be confirmed, competitors from Saudi Arabia’s Team Falcons and United Arab Emirates' YaLLa Esports and Nigma Galaxy appeared in the event’s announcement video.

The event has been organised by the Saudi Esports Federation and Gamers Without Borders, a charitable esports organisation.

"With an estimated 23.5 million gamers across the country, almost every home in the Kingdom of Saudi Arabia has someone with a deep passion for gaming," Prince Faisal bin Bandar bin Sultan Al Saud, the President of the Saudi Esports Federation, said.

"This passion for gaming has long been a source of pride for Saudis."

Saudi Arabia has grown to become a major esports player in recent years as a part of its growing investment in sport.

Prince Faisal is a Global Esports Federation (GEF) vice-president and Riyadh is due to hold the GEF's flagship Global Esports Games in 2023.

Saudi Arabia has been accused of sportswashing - using the staging of and involvement in sports events to improve the country's standing and mask concern over abuses of human rights - with its moves into epsorts, as well as traditional sports.

Riyadh is expected to host the eight-week long Gamers8 festival ©Getty Images
Riyadh is expected to host the eight-week long Gamers8 festival ©Getty Images

Homosexuality is illegal in Saudi Arabia, women's rights are severely restricted, as is free speech, and the country is leading a coalition which has carried out deadly airstrikes across Yemen since 2015 - which have all contributed to the sportswashing allegations.

The Saudi Public Investment Fund (PIF), the country’s sovereign wealth fund, recently added an 8.1 per cent stake worth around $1.05 billion (£852.5 million/€998.3 million) in Swedish gaming company Embracer Group.

The PIF also bought a 5.01 per cent stake worth $2.98 billion (£2.4 billion/€2.8 billion) in Japan’s Nintendo.

It also has stakes in United States-based companies Activision Blizzard, Electronic Arts and Take-Two Interactive as well as Japanese developers Capcon and Nexon and SNK.

Away form esports, the PIF is the majority owner of English football club Newcastle United and has offered major financial backing to the breakaway LIV Golf Enterprises.

Saudi Arabia is in line to host the 2023 World Combat Games, 2025 Asian Indoor and Martial Arts Games and the 2034 Asian Games.

The country is competing against Qatar, India and Iran to hold  men's football's 2027 Asian Cup, although the 2023 edition is also now up for grabs after China relinquished the hosting rights.

Saudi Arabia has hosted a Formula One Grand Prix in Jeddah on two occasions, as well as the 2019 boxing world heavyweight title rematch between Britain’s Anthony Joshua and American Andy Ruiz Jr.