Chief executive of Saudi Arabia Holding Company Mohammed AlQahtani said the site, set to be located in the capital city, would have a capacity of 20,000 spectators and would host a variety of esports events including the World Cyber Games.

"The city is part of [the] Saudi Vision 2030 plan, which aims to diversify the country's economy away from oil," AlQahtani wrote on LinkedIn.

"The plan also includes a focus on developing the country's gaming industry, which is already worth an estimated $1 billion (£786 million/€916 million).

"The e-sports city is expected to attract major e-sports teams and players from around the world.

"It will also provide a platform for local talent to develop and compete on the global stage.

"The city is scheduled to be completed in 2024.

"The development of the e-sports city in Saudi Arabia presents a number of opportunities for investors and e-sports makers.

"For investors, the city represents a chance to get involved in a growing industry with a large potential audience.

"The global e-sports market is expected to be worth $1.6 billion (£1.25 billion/€1.4 billion) by 2023, and Saudi Arabia is one of the fastest-growing markets in the world.

"For e-sports makers, the city provides a new platform to showcase their skills and compete on the global stage. 

"The city will host a variety of e-sports events, including the World Cyber Games, which is one of the largest e-sports tournaments in the world."

From 2000 to 2013, the World Cyber Games ran annually but stopped before two editions in 2019 and 2020.

It has previously taken place in South Korea, the United States, Singapore, Italy, Germany, and China but Saudi Arabia's proposed future hosting will be the first time it has been staged in the Kingdom.

The development is the latest in Saudi Arabia's conquest to become an esports leader.

It has spent almost $8 billion (£6.2 billion/€7.3 billion) in the last 18 months acquiring and building stakes in gaming companies.