NEOM Invests $50 Mln In Animoca Brands For Web3 Development

With a vision of boosting Web3.0 gaming development in Saudi Arabia, NEOM Investment Fund announced a partnership with Animoca Brands.

The partnership between NEOM and Web3 games developer Animoca was announced on October 30, on the official website and social media handles of the NEOM Investment Fund. The collaboration will work to build Web3 services with enhanced capabilities in the region.

The strategic partnership is a part of the Saudi Vision 2030 plan, confirmed the official announcement.

Animoca to have NEOM’s $50 million for Web3.0 Development:

With a $50 million investment from NEOM, Animoca will establish new enterprise service capabilities, aligned well with global commercial applicability. According to the announcement, this partnership, working for the advancement of Web3, will be a major boost to Riyadh and NEOM, making technological support and advancements.

The development came at a time when the greater Middle East region is actively accelerating its adoption of emerging technologies.

In recent times, Saudi Arabia signed several partnership deals, under the Saudi Vision 2020 plan, just to give a positive push in terms of Web 3.0, artificial intelligence (AI), and technological growth.

Speaking specifically about the NEOM-Animoca partnership, the $50 million investment in Animoca will be around $50 million, $25 million will be via the issuance of convertible notes at a conversion cap price of A$4.50 per share, whereas the remaining $25 million will be invested in purchasing the company’s shares on the secondary market.

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Founders express excitement about the new partnership:

Majid Mufti, the CEO of NEOM Investment Fund, expressed positivity about the partnership and said, the strategic partnership will bring Web3 technology and infrastructure development, as a foundation base of NEOM’s tech stack and architecture. In addition, the investment and development by Animoca will also enhance the potential to revolutionize global industries in Saudi’s NEOM, he added.

According to Mufti, the strategic plan will accelerate the Web 3.0 industry and make its adaptation easy for the people.

Meanwhile, Yat Siu, the co-founder and executive chairman of Animoca Brands, commented that they are honored to be a part of Saudi’s 2030 plan and help to strengthen the Web3 industry.  He said the excitement is doubled as they will not only boost Web 3.0 technology but will work for one of the world’s most ambitious projects seeking to use innovation and technology to redefine, “live, work, and play”.

It is to be noted, that the partnership between Animoca and NEOM Investment Fund is subject to various conditions before the definite documents will be signed.

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