Animoca Brands and NEOM Investment Fund Partner to Drive Web3 Development
Web3 games developer Animoca Brands has announced a new partnership with Saudi Arabia’s NEOM Investment Fund to drive Web3 development in the region. The collaboration aims to build Web3 enterprise service capabilities and deploy them globally, starting with advancements in emerging tech in Riyadh and the NEOM region. NEOM is a hyper-connected region in northwest Saudi Arabia that is being developed as a hub for innovation and emerging technologies.
Establishing a Hub within NEOM
The partnership between Animoca Brands and NEOM Investment Fund also includes the establishment of a hub within NEOM to support the local Web3 ecosystem. This initiative aligns with Saudi Arabia’s “Saudi Vision 2030” plan for economic, social, and cultural diversification. The CEO of NEOM Investment Fund, Majid Mufti, emphasized the importance of Web3 technology in revolutionizing global industries and becoming an integral part of NEOM’s tech stack.
$50 Million Investment Proposal
As part of the partnership, the NEOM Investment Fund plans to invest $50 million in Animoca Brands. Yat Siu, the co-founder and executive chairman of Animoca Brands, envisions the emergence of a new meta-nation within the Web3 ecosystem. He believes that with this partnership, NEOM has the potential to become the first region to fully harness the power of blockchain technology.
Rapid Adoption of Emerging Technologies in the Middle East
The Middle East region has been rapidly embracing emerging technologies in recent years. Alongside the NEOM project, Saudi Arabia has collaborated with Chinese universities to develop an Arabic-based artificial intelligence (AI) system. Additionally, OpenAI partnered with Dubai-based technology holding group G42 for Middle East expansion. These developments highlight the region’s commitment to technological advancements and innovation.
Hot Take: Animoca Brands and NEOM Investment Fund Partner to Drive Web3 Development in Saudi Arabia
Animoca Brands and NEOM Investment Fund have joined forces to accelerate Web3 development in Saudi Arabia. With a focus on building Web3 enterprise service capabilities, this partnership aims to deploy emerging technologies globally. NEOM, an innovative region in northwest Saudi Arabia, will serve as a living laboratory for testing these advancements. The establishment of a hub within NEOM will support the local Web3 ecosystem, aligning with Saudi Arabia’s diversification goals outlined in “Saudi Vision 2030.” This collaboration has the potential to revolutionize global industries and position NEOM as a leader in blockchain technology.
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