Saudi Arabia’s NEOM to Invest $50M in Animoca Brands for Web3 Expansion
In Brief
Saudi Arabia’s NEOM Investment Fund announced it intends to invest US$50 million in Hong Kong’s Animoca Brands.
Saudi Arabia’s NEOM Investment Fund today revealed plans to invest US$50 million in Hong Kong’s Animoca Brands. Animoca Brands is a leader in digital property rights for the open metaverse. The strategic collaboration received backing from Saudi Arabia’s sovereign wealth fund, a component of Crown Prince Salman Jr.’s ambitious US$500 billion initiative.
Animoca Brands has forged a Strategic Partnership Memorandum of Understanding with NEOM, aiming to fuel Web3 projects in accordance with the Saudi Vision 2030 blueprint.
NEOM Investment Fund said it plans to invest US$25 million by issuing convertible notes with a cap price set at A$4.50 per share. This structure mirrors the strategic funding round Animoca Brands announced in September 2022. The investment strategy also involves buying the company’s shares on the secondary market for the remaining US$25 million.
We are proud to enter into a Strategic Partnership MoU with @NEOM to drive regional #web3 initiatives. Together, we will build Web3 enterprise service capabilities that could be applied to support tech advancements in Riyadh and the NEOM region. 🇸🇦 pic.twitter.com/yT1gw7lbR7
— Animoca Brands (@animocabrands) October 30, 2023
Partnering to Bolster Web3 Growth
Through this partnership, the two entities will pool their strengths to create robust Web3 enterprise service solutions. These solutions are expected to have a worldwide commercial impact. Riyadh and the NEOM area will benefit from these technological developments, marking a major step forward for the region.
Animoca Brands will spearhead a slew of Web3 projects, including establishing a hub in NEOM. This hub will nurture the local Web3 ecosystem using resources from Animoca Brands, its subsidiaries, and its broad investment portfolio.
The implementation of the Convertible Notes Financing agreement awaits the fulfillment of specific prerequisites. Majid Mufti, CEO of NEOM Investment Fund, shared his enthusiasm.
Our collaboration with Animoca Brands is a strategic move to strengthen NEOM’s digital foundation. We see Web3’s potential as transformative for global industries.
Mufti said
Echoing the sentiment, Yat Siu, co-founder and executive chairman of Animoca Brands, said, “Aligning with NEOM, an epitome of innovation and visionary projects, is an honor.” He added, “We’ve always seen the Web3 ecosystem as a groundbreaking ‘meta-nation’. NEOM could set the benchmark by fully utilizing blockchain technology.”
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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
More articlesNik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
