Popular metaverse company, Animoca Brands has collaborated with NEOM to drive regional web3 initiatives in Saudi Arabia. The web3 firm made the announcement today via an official blog post. Animoca Brands in the post referred to the collaboration as a “Strategic Partnership Memorandum of Understanding” that aligns with the Saudi Vision 2030 plan.
As part of the collaborative effort, the firm will join forces with NEOM to build a web3 enterprise to support technology advancements in Riyadh the financial hub of Saudi Arabia. More so, the support for technological advancements will extend to other jurisdictions within NEOM. According to the announcement, the web3 enterprise service capabilities will be equipped with global commercial applicability.
Further, Animoca Brands indicated that there are plans to introduce a host of Web3 initiatives. Also, the firm established that it is working alongside its new partner to set up a hub in an effort to promote the local web3 ecosystem in Saudi Arabia. Animoca Brands intends to leverage the hub and introduce extensive capabilities from its subsidiaries, partners, and “a broad portfolio of investments.”
Meanwhile, the strategic partnership also comes with a $50 million investment into Animoca Brands by NEOM. As announced, half of the investment will be injected into the web3 firm through the issuance of convertible notes at “a conversion cap price of A$4.50 per share. Accordingly, the injection of the remaining part of the investment will see NEOM purchase Animoca Brands shares on the secondary market.
How Top Executives of Animoca Brands and NEOM Reacted to the Collaboration
The CEO of NEOM Investment Fund, Majid Mufti provided more insights into the partnership. The CEO expressed his excitement at the collaboration, indicating that it will support the development of NEOM’s digital infrastructure. Mufti revealed that the company will not only focus on web3 technology and infrastructure development.
He divulged that the firm will extend its efforts to revolutionize global industries. Likewise, Majid Mufti stated that the partnership with Animoca Brands will help accelerate web3 technology advancement and adoption. The executive chairman of Animoca Brands, Yat Siu also reflected on the strategic collaboration with NEOM.
Consequently, in his submission, Yat Siu described NEOM as one of the most ambitious projects in the world aiming to use “technology to redefine how we live, work, and play.” Lastly, the executive chairman said NEOM is on the verge of becoming the first region to fully embrace blockchain technology.