In a significant stride toward advancing the Web3 landscape, Animoca Brands, a well-established developer specializing in Web3 gaming, has formed a strategic partnership with the NEOM Investment Fund of Saudi Arabia. This partnership, announced on October 30, seeks to invigorate the development of Web3 technologies within the region. Animoca Brands will work closely with NEOM to establish Web3 enterprise services.
Animoca Brands and NEOM will foster advancement in Web3
The partnership between the firms will primarily concentrate on fostering advancements in emerging technologies within Riyadh, the capital of Saudi Arabia, and the NEOM region. NEOM, a visionary project situated in the northwest of Saudi Arabia, aspires to be a pioneering “living laboratory” for shaping a futuristic society. The ambitious government vision for NEOM revolves around integrating state-of-the-art technologies, envisioning the region as a dynamic hub for global innovation. The collaborative efforts between Animoca and NEOM aim to set up a center within NEOM dedicated to nurturing the local Web3 ecosystem.
This strategic initiative resonates deeply with Saudi Arabia’s overarching “Saudi Vision 2030” plan, designed to facilitate comprehensive economic, social, and cultural diversification. Majid Mufti, the CEO of NEOM Investment Fund, emphasized the crucial role of Web3 technology within NEOM’s technological framework. He highlighted the potential for Web3 to revolutionize global industries and position NEOM at the forefront of technological advancement. As part of this collaboration, the NEOM Investment Fund has proposed a substantial investment of $50 million in Animoca Brands.
Embracing innovation in the Web3 sector in Saudi Arabia
Yat Siu, the co-founder and executive chairman of Animoca Brands, envisions the emerging Web3 ecosystem as the genesis of a new meta-nation. Siu’s vision resonates strongly with the partnership’s potential, indicating NEOM’s pivotal role as a region well-positioned to leverage the full potential of blockchain technology. The Middle East region has been making remarkable strides in embracing and advancing emerging technologies. In addition to the NEOM project, Saudi Arabia has entered into collaborations with Chinese universities to develop an Arabic-based artificial intelligence (AI) system capable of processing queries in the local language.
This initiative reflects the country’s commitment to advancing the frontiers of technological innovation. In a separate development on October 18, OpenAI, renowned for the creation of the popular AI chatbot ChatGPT, announced a partnership with G42, a Dubai-based technology holding group. This strategic collaboration aims to expand OpenAI’s footprint in the Middle East, underlining the region’s growing significance in the global tech landscape. The convergence of Animoca Brands and NEOM, alongside Saudi Arabia’s proactive embrace of emerging technologies, represents a broader trend in the region.
The collective efforts to nurture Web3 technologies and artificial intelligence underscore the region’s proactive positioning at the forefront of technological innovation and advancement. The collaboration between Animoca Brands and NEOM Investment Fund, in addition to other regional initiatives, signifies the region’s ambition not just to embrace but to lead the way in leveraging technology for societal progress and economic diversification. This concerted effort underscores the region’s commitment to becoming a global leader in technological innovation.
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