Animoca Brands and NEOM Investment Fund Join Forces to Accelerate Web3 Development
Summary:
Web3 gaming firm Animoca Brands and NEOM Investment Fund from Saudi Arabia join hands to boost Web3 development in the region. Initially targeting Riyadh and NEOM region, the partnership plans to establish a hub within NEOM to nurture the local Web3 ecosystem and support Saudi's "Vision 2030" plan for economic, social, and cultural diversification. Furthermore, NEOM Investment Fund plans to invest $50 million in Animoca Brands. This partnership stems from the broader Middle East region's swift adoption of emerging technologies.
Animoca Brands, a Web3 gaming firm, and NEOM Investment Fund from Saudi Arabia, have disclosed a collaboration on October 30 to bolster Web3 development across the region. As per the disclosure, this deal will result in NEOM and Animoca coming together to enhance Web3 enterprise service capabilities. Although these Web3 services are envisioned for global application, they will initially be rolled out in Riyadh and the NEOM area to boost emerging technology advancements.
NEOM, located in the northwest of Saudi Arabia, is developing into a "living laboratory" as dubbed by the government, representing a future society. It is intended to become a deeply connected hub for emerging technology and innovation. As part of this, the collaboration with Animoca aims to create a center in NEOM to nurture the local Web3 ecosystem. This is in line with "Saudi Vision 2030" which is Saudi Arabia's comprehensive plan to diversify its economy, society, and culture.
Majid Mufti, NEOM Investment Fund's CEO, stated that "Web3 technologies and infrastructure development won't just serve as a crucial base for NEOM's tech stack and framework, but also possesses the potential to radically transform industries worldwide." NEOM Investment Fund also plans to invest $50 million in Animoca Brands.
Speaking about the Web3 ecosystem, Yat Siu, co-founder, and executive chairman of Animoca Brands, talked about "the birth of a new meta-nation." With the recent deal with NEOM, he expressed that "NEOM has the potential to become the first region to completely tap into the potentials of blockchain."
In recent times, the broader Middle East region has been quick to adopt emerging technologies. Saudi Arabia, besides its NEOM project, recently collaborated with Chinese universities to create an Arabic-based AI system to manage queries in its local language. On October 18, OpenAI, the creator of the popular AI chatbot ChatGPT, announced a partnership with Dubai's technology holding group G42 to expand in the Middle East.
Published At
10/30/2023 11:00:00 AM
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