In a recent groundbreaking partnership, Saudi Arabia’s NEOM and Animoca Brands have united to significantly advance Web3 technologies across the region. This collaboration comes with a proposed investment of $50 million, set to fast-track the ambitious initiative. The partnership is a part of Saudi’s broader Vision 2030 strategy, which aims at economic diversification and nurturing innovation.
NEOM, described as a “living laboratory” for emerging technologies, holds the promise of a new future society that is hyper-connected and a crucible for innovation. On the other hand, Animoca Brands, a reputed Web3 games developer, brings to the table its extensive expertise in the domain. The duo aims to establish a dedicated hub within NEOM to foster the local Web3 ecosystem, which will eventually have a global outreach.
Majid Mufti, the CEO of NEOM Investment Fund, expressed that Web3 technology and infrastructure development would not only be a crucial aspect of NEOM’s tech infrastructure but also hold the potential to revolutionize global industries. The sentiment resonates with Yat Siu, the co-founder and executive chairman of Animoca Brands, who envisions the emergence of a new meta-nation with the advent of Web3 ecosystem.
The partnership is already creating ripples in the tech community, with NEOM poised to become the first region to fully leverage the blockchain’s capabilities. This venture is expected to provide a significant boost to the emerging tech landscape in Riyadh and the broader NEOM region, making them the torchbearers of technological advancements in the Middle East.
Recent years have seen a rapid acceleration in the adoption of emerging technologies in the Middle East. Apart from the NEOM project, Saudi Arabia has also engaged in partnerships with Chinese universities to develop Arabic-based artificial intelligence systems. Furthermore, the region caught global attention when OpenAI, a leading developer of AI technologies, announced its expansion into the Middle East, thereby bolstering the region’s standing in the global tech arena.
Source: https://cointelegraph.com/news/saudi-neom-animoca-web3-development-50-million-investment
Image: https://unsplash.com/photos/one-of-the-biggest-mosques-of-the-saudi-capital-city-56dXY4ZxVp4
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