Monday February 26th, 2024

NEOM Partners With Animoca to Advance Web3 Development

The agreement will see the NEOM Investment Fund invest USD 50 million in Hong Kong-based game software company Animoca.

NFTYScene Team

Animoca Brands, a Hong Kong-based game software company, and Saudi Arabia’s NEOM, slated to be the most technologically advanced city in the kingdom, have inked a strategic partnership focused on accelerating the MENA region’s blossoming web3 industry.

As part of the multi-pronged agreement, NEOM Investment Fund will invest USD 50 million in Animoca via a convertible note worth USD 25 million, and secondary market share purchases of USD 25 million.

The deal aims to support Saudi Arabia's Vision 2030 goals of establishing regional web3 capabilities. Animoca will partner with NEOM on further developing related enterprise solutions globally, with plans to establish a NEOM-based hub to nurture the local ecosystem through Animoca's subsidiaries, partners and investment portfolio.