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Saudi Arabia’s NEOM partners with Animoca, eyes $50m deal

saudi-arabias-neom-partners-with-animoca-eyes-50m-deal
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Saudi Arabia’s NEOM partners with Animoca, eyes $50m deal

Animoca will develop web3 solutions and establish a hub in Saudi Arabia following the partnership with NEOM Investment Fund.

Metaverse and blockchain gaming venture capital firm Animoca Brands has entered into a strategic partnership agreement with the NEOM Investment Fund, with potentially singing a multi-million deal.

According to a press release seen by crypto.news, Saudi Arabia’s fund is exploring investing as much as $50 million in Animoca Brands. $25 million will help issue the convertible notes at a conversion cap price of A$4.50 (around $2.85) per share. The remaining $25 million will be used for buying out Animoca’s shares on the secondary market.

Under the agreement, Animoca will develop web3 solutions “with global commercial applicability, which will be deployed to support technology advancements in Riyadh and the NEOM region.” Animoca will also establish a web3 hub in NEOM, a $500 billion futuristic city that will cover 263,000 hectares in the north-west of the Kingdom of Saudi Arabia.

“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.”

NEOM Investment Fund CEO Majid Mufti

Animoca Brands co-founder Yat Siu says NEOM “could well become the first region to fully harness the power of blockchain.” The firm is planning to establish a web3 hub in the city.

The news comes shortly after NEOM’s investment subsidiary included Animoca Brands among other firms in its investment list in a bid to establish businesses and create a “thriving economy in NEOM.”

NEOM is a $500 billion valued futuristic smart city, which Saudi Arabia is building in a desert bordering the Red Sea from scratch. A key percentage of the city is expected to be completed by 2030. It is planned that NEOM will include a floating industrial complex, enterprise hubs, tourist areas, and sports venues.