NEOM and Animoca Brands forge $50 million Web3 partnership
In a groundbreaking collaboration, Saudi Arabia's NEOM
development project has joined forces with Animoca Brands, a leading blockchain
and gaming company, with the potential for a substantial $50 million investment.
The NEOM Investment Fund and Web3 game developer, Animoca
Brands, announced their partnership on October 30th, with a shared mission to
advance Web3 technology in Saudi Arabia and the broader region.
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Their collaboration aims to foster Web3-related enterprise
services and, in an exciting initiative, roll out these services initially
within Saudi Arabia and the NEOM region. The ultimate goal is to expand the
global utilization of Web3 technologies and drive innovation in these areas.
NEOM, situated in northwest Saudi Arabia, is envisioned as a
testbed for cutting-edge technologies and visionary ideas that could shape the
future of society. It is designed to be deeply intertwined with
state-of-the-art technologies and a hub for pioneering advancements.
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This strategic partnership between Animoca and NEOM is part
of a broader effort to diversify and innovate Saudi Arabia's economy, aligning
with the "Saudi Vision 2030" plan, which seeks diversification across
economic, social, and cultural aspects.
Majid Mufti, CEO of the NEOM Investment Fund, underlined the
significance of Web3 technology and infrastructure development, describing it
as not only a foundational element of NEOM's tech ecosystem but also as having
the potential to revolutionize global industries.
Moreover, the NEOM Investment Fund is actively considering a
direct investment of $50 million in Animoca Brands.
Yat Siu, co-founder and executive chairman at Animoca
Brands, offered his visionary perspective on the Web3 ecosystem, likening it to
the birth of a new "meta-state." Discussing the recent collaboration
with NEOM, he emphasized the potential for NEOM to become a pioneering region
fully harnessing the power of blockchain.
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It's worth noting that the Middle East has been making
significant strides in technology and innovation. In addition to the Animoca
partnership, Saudi Arabia has made notable investments in technology, including
collaborations with Chinese universities to develop an Arabic-language AI
system.
Notably, OpenAI, renowned for creating the widely-used AI
chatbot ChatGPT, recently unveiled a strategic alliance with G42, a technology
holding group based in Dubai, demonstrating a strong commitment to expanding
its presence in the Middle East.
Source: https://cryptotvplus.com/
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