Web3 game developer Animoca Brands and Saudi Arabia's NEOM investment fund have joined forces in a partnership aimed at fostering Web3 growth in the Middle East. Under this agreement, Animoca will collaborate with NEOM to establish Web3 enterprise services capabilities, with plans for global adoption. The primary deployment will initially support emerging technology advancements in Riyadh, the Saudi capital, and the NEOM region.
NEOM is a visionary project in northwestern Saudi Arabia, designed to serve as a "living laboratory" for a future society built around emerging technology and innovation hubs. As part of Saudi Arabia's ambitious "Saudi Vision 2030" initiative to enhance economic, social, and cultural diversity, Animoca Partners intends to create a hub within NEOM to bolster the local Web3 ecosystem.
Majid Mufti, CEO of NEOM Investment Fund, expressed the importance of Web3 technology and infrastructure development, which is expected to be a foundational element of NEOM's technological framework. This development also has the potential to drive global industry transformation.
NEOM Investment Fund has proposed a $50 million investment in Animoca Brands. Yat Siu, Animoca Brands co-founder and executive chairman, envisions the development of a new Web3 ecosystem, likening it to the emergence of a "new meta-state." This partnership with NEOM is expected to position the region as a pioneer in harnessing the power of blockchain technology.
The Greater Middle East region has demonstrated a growing commitment to adopting emerging technologies. Besides the NEOM project, Saudi Arabia has partnered with Chinese universities to develop Arabic-based artificial intelligence (AI) systems for local language queries. Additionally, OpenAI, the creator of the popular AI chatbot ChatGPT, has recently partnered with Dubai technology holding group G42 to expand its presence in the Middle East.
