Saudi Arabia’s NEOM to Invest US$50 Million in Animoca Brandsby Fintech News Hong Kong October 31, 2023
Metaverse ecosystem builder Animoca Brands and Saudi Arabia’s NEOM Company have announced a strategic partnership to drive Web3.0 development in the region.
NEOM is a special economic zone in the north west of the Kingdom of Saudi Arabia with more than 3,600 staff – from 97 countries – already living and working here onsite.
As part of the partnership, NEOM Investment Fund will invest US$50 million in Animoca Brands. The two companies will also work together to build Web3.0 enterprise service capabilities that can be used in Riyadh and the NEOM region.
The two companies plan to establish a hub within NEOM to nurture the local Web3.0 ecosystem and bring in capabilities from across Animoca Brands and its subsidiaries, partners, and portfolio of investments.
Majid Mufti, CEO of NEOM Investment Fund said,
“We are excited to partner with Animoca Brands to support the development of NEOM’s digital infrastructure. Web3.0 technology and infrastructure development will not only be an important foundation of NEOM’s tech stack and architecture, but also has potential to revolutionize global industries.
By partnering with a market-leading company like Animoca Brands, we hope to accelerate Web3 technology development and adoption.”
Yat Siu, Co-founder and Executive Chairman of Animoca Brands said,
“We are honored and excited to partner with and receive investment from NEOM, one of the world’s most ambitious projects seeking to use innovation and technology to redefine how we live, work, and play.
We have always referred to the growth of the Web3.0 ecosystem as the emergence of a new meta-nation, and now NEOM could well become the first region to fully harness the power of blockchain.”