Saudi Arabia’s NEOM Investment Fund to Invest $50 Million in Animoca Brands
The NEOM Investment Fund, the strategic investment arm of Saudi Arabia’s NEOM megaproject, has announced its plan to invest $50 million in crypto gaming investment company Animoca Brands. The investment will be split into two parts, with $25 million being invested through the issuance of convertible notes, and the remaining $25 million used to purchase Animoca Brands’ shares on the secondary market. The partnership aims to promote the development of web3 infrastructure in the NEOM region, aligning with Saudi Vision 2030.
Accelerating Web3 Technology Development and Adoption
NEOM Investment Fund CEO Majid Mufti expressed his belief in the potential of web3 technology to revolutionize global industries. By partnering with Animoca Brands, a market-leading company, NEOM hopes to accelerate the development and adoption of web3 technology. In return, Animoca Brands plans to provide web3 enterprise service capabilities in both the NEOM region and Riyadh, the capital of Saudi Arabia. It also intends to establish a hub within NEOM to foster the growth of the local web3 ecosystem.
Pioneering Blockchain Technology in Urban Planning
Animoca Brands Executive Chairman Yat Siu commended NEOM for its forward-thinking approach in incorporating blockchain technology into its ambitious urban planning megaproject. Siu believes that NEOM has the potential to become the first region to fully harness the power of blockchain and contribute to the growth of the web3 ecosystem. NEOM is a $500 billion smart city project located on the Red Sea coast of Saudi Arabia, featuring various futuristic designs and aims to diversify the country’s economy away from oil dependency.
Hot Take: Transforming Saudi Arabia’s Economy Through Innovation
The partnership between NEOM and Animoca Brands signifies Saudi Arabia’s commitment to embracing cutting-edge technologies and fostering innovation. By investing in web3 infrastructure, the country aims to position itself at the forefront of technological advancements and attract investment and tourism. NEOM’s ambitious megaproject serves as a testament to the transformative power of blockchain technology, offering immense potential for economic diversification and sustainable development. As Saudi Vision 2030 continues to unfold, collaborations like this will play a crucial role in shaping the future of the region and propelling it towards becoming a global leader in technology-driven initiatives.
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