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Animoca Brands and NEOM Partner to Drive Web3 Development in Saudi Arabia As a part of the partnership, NEOM Investment Fund will be infusing USD 50 million in Animoca Brands while Amimoca Brands will be working with NEOM on building Web3 enterprise service capabilities with global commercial applicability

By Paromita Gupta

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Animoca Brands, a gaming software and venture capital company, announced it was joining hands with Saudi Arabia's NEOM investment fund to drive regional Web3 initiatives. The strategic partnership aligns with the Saudi Vision 2030 plan.

"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 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," shares Yat Siu, Co-founder and Executive Chairman, Animoca Brands.

NEOM, an accelerator of human progress, is a new urban area planned by the Kingdom of Saudi Arabia, set to be built in the northwestern Tabuk Province. It is being built as a living laboratory, which is deemed to be "a place where entrepreneurship will chart the course for this New Future. It will include hyperconnected, cognitive cities, ports and enterprise zones, research centers, sports and entertainment venues and tourist destinations."

As per the official release, the two have also signed a Convertible Notes Financing Term Sheet, wherein the NEOM Investment Fund will be infusing USD 50 million in Animoca Brands.

"We are excited to partner with Animoca Brands to support the development of NEOM's digital infrastructure. Web3 technology and infrastructure development will not only be an important foundation of NEOM's tech stack and architecture but also have potential to revolutionize global industries. By partnering with a market-leading company like Animoca Brands, we hope to accelerate Web3 technology development and adoption," adds Majid Mufti, CEO, NEOM Investment Fund.

Additionally, as a part of the partnership, Animoca Brands will be working with NEOM on building Web3 enterprise service capabilities with global commercial applicability. It will be first deployed in Riyadh and the NEOM region.

Paromita Gupta

Entrepreneur Staff

Features Writer with Entrepreneur India

Covering news and trends in AI and Metaverse segments. An avid book reader running her personal blog on the side. You may reach me at paromita@entrepreneurindia.com. 
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