- Initial rollout will focus on bolstering developing technology in Riyadh and the NEOM area.
- There is a proposed $50M investment in Animoca Brands from the NEOM Investment Fund.
On October 30th, NEOM Investment Fund of Saudi Arabia and Web3 games producer Animoca Brands announced a new agreement to propel Web3 growth within the area.
Moreover, as stated in the announcement, Animoca will be collaborating with NEOM to develop Web3 business service capabilities. Although the worldwide applicability of the proposed Web3 services is the ultimate goal, initial rollout will focus on bolstering developing technology in the Saudi capital of Riyadh and the NEOM area.
Technological Epicenter
Furthermore, NEOM in Saudi Arabia is being developed as a “living laboratory” for a potential future civilization. Also, it is planned to be a technological epicenter with cutting-edge connectivity.
The CEO of NEOM Investment Fund, Majid Mufti stated:
“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.”
Moreover, as part of Saudi Arabia’s larger “Saudi Vision 2030” ambition for expanded economic, social, and cultural diversity, the Animoca alliance aims to set up a center inside NEOM to promote the local Web3 ecosystem.
There is a proposed $50 million investment in Animoca Brands from the NEOM Investment Fund. Also, one aspect of Animoca Brands’ co-founder and executive chairman Yat Siu’s goal for the Web3 ecosystem is “the emergence of a new meta-nation.”
The use of cutting-edge technology in the Middle East as a whole has increased dramatically in recent years. The chief environment officer at the future $500 billion mega business and tourist project, Richard Bush, revealed that Saudi Arabia’s NEOM would be a worldwide model for becoming green and will place the Kingdom on the map for making the ideal of sustainable living into a reality.
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