NEOM development project in Saudi Arabia has partnered with Animoca Brands, a blockchain and gaming company, with the potential for a $50 million investment.
The NEOM Investment Fund and Web3 games developer Animoca Brands recently announced a partnership on Oct. 30 to promote the development of Web3 technology in Saudi Arabia and the region.
Animoca and NEOM will collaborate to develop Web3-related enterprise services.
Additionally, they will initially implement the Web3 services first in Saudi Arabia and the NEOM region, with the goal of expanding their global usage and promoting the development of new technologies in those areas.
NEOM is a region in northwest Saudi Arabia that is acting as a test bed for new technologies and ideas that could shape the future of society.
They envision it as deeply integrated with cutting-edge technologies and serving as a center for pioneering advancements.
The partnership between Animoca and NEOM is part of a broader initiative to make Saudi Arabia a more diverse and innovative economy, aligning with the “Saudi Vision 2030” plan. This plan aims to increase diversification economically, socially, and culturally.
Majid Mufti, the CEO of NEOM Investment Fund, commented on the development:
“Web3 technology and infrastructure development will not only be an important foundation of NEOM’s tech stack and architecture but also has potential to revolutionize global industries.”
The NEOM Investment Fund is also considering a direct investment of $50 million in Animoca Brands.
Yat Siu, the co-founder and the executive chairman at Animoca Brands, shared his vision for the Web3 ecosystem, envisioning it as the birth of a novel “meta-state.” Regarding the recent collaboration with NEOM, he emphasized:
“Now NEOM could well become the first region to fully harness the power of blockchain.”
Moreover, the Middle East has been making significant investments in technology and innovation in recent years.
Besides the Animoca partnership, it’s interesting to note that Saudi Arabia is making other significant investments in technology, such as its partnership with universities in China to develop an AI system that can process queries in Arabic.
OpenAI, known for creating the widely-used AI chatbot ChatGPT, revealed a new alliance on October 18th. This partnership is with G42, a technology holding group based in Dubai, with a primary focus on expanding its presence in the Middle East.
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