Animoca Brands, a prominent Web3 games developer, and Saudi Arabia's NEOM Investment Fund have unveiled a strategic partnership aimed at advancing Web3 development in the region. The collaboration will focus on creating Web3 enterprise service capabilities, with a global application, but initial deployment will support emerging technology advancements in Riyadh and the NEOM region of Saudi Arabia.
NEOM, a forward-thinking project in northwest Saudi Arabia, is envisioned as a "living laboratory" for pioneering a future society driven by emerging technologies and innovation. Animoca's partnership with NEOM will establish a hub dedicated to supporting the local Web3 ecosystem, aligning with Saudi Arabia's broader "Saudi Vision 2030" plan to enhance economic, social, and cultural diversification.
Majid Mufti, CEO of NEOM Investment Fund, emphasized the significance of Web3 technology and infrastructure development for NEOM, indicating its potential to revolutionize global industries. As part of this collaboration, NEOM Investment Fund is considering an investment of $50 million in Animoca Brands.
Yat Siu, co-founder and executive chairman of Animoca Brands, envisions the emergence of a "new meta-nation" within the Web3 ecosystem. With the partnership with NEOM, he anticipates that NEOM could become the first region to fully harness the potential of blockchain technology.
The Middle East region has shown rapid adoption of emerging technologies, and this partnership signifies another step toward fostering innovation and technological advancement in the area. Saudi Arabia has recently collaborated with Chinese universities to develop an Arabic-based artificial intelligence system, while OpenAI has also initiated a partnership for Middle East expansion, indicating a growing interest in tech innovation in the region.