Animoca will develop web3 solutions and establish a hub in Saudi Arabia following the partnership with NEOM Investment Fund.
<a href="https://crypto.news/tag/metaverse/" rel="noopener noreferrer nofollow">Metaverse</a> and blockchain gaming venture capital firm Animoca Brands has entered into a strategic partnership agreement with the NEOM Investment Fund, with potentially singing a multi-million deal.
According to a press release seen by crypto.news, Saudi Arabia’s fund is exploring investing as much as $50 million in <a href="https://crypto.news/tag/animoca-brands/" rel="noopener noreferrer nofollow">Animoca Brands</a>. $25 million will help issue the convertible notes at a conversion cap price of A$4.50 (around $2.85) per share. The remaining $25 million will be used for buying out Animoca’s shares on the secondary market.
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Under the agreement, Animoca will develop web3 solutions “with global commercial applicability, which will be deployed to support technology advancements in Riyadh and the NEOM region.” Animoca will also establish a <a href="https://crypto.news/tag/web3/" rel="noopener noreferrer nofollow">web3</a> hub in NEOM, a $500 billion futuristic city that will cover 263,000 hectares in the north-west of the Kingdom of Saudi Arabia.
<blockquote class="wp-block-quote">
 “Web3 technology and infrastructure development will not only be an important foundation of NEOM’s tech stack and architecture, but also has potential to revolutionize global industries.” <cite>NEOM Investment Fund CEO Majid Mufti</cite>
</blockquote>
Animoca Brands co-founder Yat Siu says NEOM “could well become the first region to fully harness the power of blockchain.” The firm is planning to establish a web3 hub in the city.
The news comes shortly after NEOM’s investment subsidiary <a href="https://www.neom.com/en-us/newsroom/neom-announces-investment-fund" target="_blank" rel="noopener noreferrer nofollow">included</a> Animoca Brands among other firms in its investment list in a bid to establish businesses and create a “thriving economy in NEOM.”
NEOM is a $500 billion valued futuristic smart city, which Saudi Arabia is building in a desert bordering the Red Sea from scratch. A key percentage of the city is expected to be completed by 2030. It is planned that NEOM will include a floating industrial complex, enterprise hubs, tourist areas, and sports venues.
Read more: <a href="https://crypto.news/animoca-brands-raises-20m-to-launch-mocaverse/" rel="noopener noreferrer nofollow"> Animoca Brands raises $20m to launch Mocaverse </a>

Saudi Arabia’s NEOM partners with Animoca, eyes $50m deal

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