In an official publication, the Hong Kong-based gaming company Animoca Brands inked a partnership agreement with NEOM Investment Fund. The October 30 report demonstrated that Animoca and NEOM plan to push for the adoption of Web3 in the Middle East.
Under the partnership agreement, Animoca developers have been tasked to build a distinctive Web3 enterprise that blends with the primary objective of `NEOM.
NEOM Investment Partners with Animoca Brands
The report confirmed that the proposed Web3 services will be launched in phases. Firstly, the Web3 services will be introduced to the Kingdom of Saudi Arabia technology sector.
Based on the slow growth of the Saudi economy, the two partners plan to introduce Web3 services to emerging technologies in major towns such as the Saudi Capital, Riyadh, and NEOM. The report revealed that the NEOM is located in the NorthWest region of the Kingdom of Saudi Arabia.
Currently, the Saudi government has invested in rebuilding the infrastructure and establishing advanced technologies to create a living laboratory in NEOM. According to the government report, the NEOM will become a hub for innovation connected to emerging technologies.
The partnership report demonstrates that Animoca will support NEOM to establish a hub that will support the expansion of the Web3 ecosystem. Besides fostering the development of Web3, NEOM and the Animoca team plan to support the attainment of Saudi Vision 2030, which seeks to build a better future for the residents.
The primary objective of the Saudi Vision 2030 is to support the diversification of the economy, culture, and social sectors. A statement from the chief executive of NEOM, Majid Mufti, revealed that the Web3 sector and tech development have massive capabilities to revolutionize global industries.
Saudi Arabia Adopts Web3 Technologies
The CEO explained the proposed integration of Web3 services on the NEOM infrastructure and tech stack. Mufti argued that based on the partnership agreement, the NEOM team will invest approximately $50 million in Animoca Brands.
Elsewhere, the co-founder of Animoca Brand, Yat Siu, described the proposed Web3 development as “the emergence of a new meta-nation.” The executive anticipates the collaboration with NEOM will lead to establishing a blockchain-powered region.
The executive noted that NEOM will become the first region to tap into the opportunities in blockchain technology. The CEO was pleased to partner with forward-thinking investment company NEOM, which seeks to boost the well-being of the community.
Middle East Adopts Emerging Technologies
Lately, the Kingdom of Saudi Arabia partnered with a local university in China to develop an artificial intelligence-oriented system that formulated queries in the Arabic language.
The efforts made by the Saudi government aim at coping with tech development in the Middle East. Last month, the OpenAI team partnered with G42 to support Dubai in adopting the emerging technologies.
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