Animoca Brands and KACST Join Hands to Launch Web3 Hub in Saudi Arabia They will also lead joint research in Web3, blockchain, gaming, AI, and the metaverse; get into partnerships with local universities to educate youth in the same; and develop immersive experience labs that showcase the latest in gaming, technology, and digital innovation

Animoca Brands, a gaming software and venture capital company, has entered into a Memorandum of Understanding (MOU) with King Abdulaziz City for Science and Technology (KACST) to strategically drive the advancement of the Web3 ecosystem and gaming ecosystem in Saudi Arabia.

This collaboration will also see the two establish a physical Web3 Hub located in Riyadh to incubate Web 3 startups and blockchain technologies native to the region.

"Joining forces with KACST to establish the Web3 Hub and grow the Web3 and gaming ecosystem in Saudi Arabia is a pivotal step for us and the region. This strategic partnership aligns with Animoca Brands' overall vision of advancing adoption and development in the Web3 space," said Yat Siu, co-founder and executive chairman, Animoca Brands.

They will also lead joint research in Web3, blockchain, gaming, AI, and the metaverse; get into partnerships with local universities to educate youth in the same; and develop immersive experience labs that showcase the latest in gaming, technology, and digital innovation. Additionally, Animoca Brands will provide its tokenomics and Web3 economic consultancy services to projects and companies in KSA.

Furthermore, KSA will also provide office space to support the physical infrastructure needs of startups within the Web3 and gaming ecosystem.

"We are excited to join forces with Animoca Brands in building national capabilities for gaming, immersive experiences, and Web3 technologies. We seek to transform blockchain and digital innovation development by establishing the Web3 Hub and growing the Web3 ecosystem in Saudi Arabia," said Dr. Mariam Nouh, VP of Economies of the Future, KACST.