Animoca Brands Partners with Saudi Arabia's NEOM Investment Fund to Drive Web3 Development

According to Cointelegraph, Web3 games developer Animoca Brands and Saudi Arabia's NEOM Investment Fund announced a partnership on October 30 to promote Web3 development in the region. The collaboration will involve Animoca working with NEOM to build Web3 enterprise service capabilities, which are intended to be applied globally but will first be deployed in Riyadh and the NEOM region. NEOM, a region in northwest Saudi Arabia, is being developed into a 'living laboratory' for a future society, with a focus on emerging technology and innovation.The partnership aims to establish a hub within NEOM to support the local Web3 ecosystem, as part of Saudi Arabia's broader 'Saudi Vision 2030' plan for increased economic, social, and cultural diversification. Majid Mufti, CEO of NEOM Investment Fund, stated that Web3 technology and infrastructure development has the potential to revolutionize global industries. The NEOM Investment Fund is also proposing a $50 million investment in Animoca Brands.Yat Siu, co-founder and executive chairman of Animoca Brands, envisions the Web3 ecosystem as 'the emergence of a new meta-nation.' With the new partnership, Siu believes NEOM could become the first region to fully harness the power of blockchain. The Middle East has been rapidly adopting emerging technologies in recent years, with Saudi Arabia partnering with Chinese universities to develop an Arabic-based artificial intelligence system and OpenAI collaborating with Dubai-based technology group G42 for Middle East expansion.