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 <p class="is-style-lead">Animoca will develop web3 solutions and establish a hub in Saudi Arabia following the partnership with NEOM Investment Fund.</p>
 <p>Metaverse 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.</p>
 <p>According to a press release seen by crypto.news, Saudi Arabia’s fund is exploring investing as much as $50 million in Animoca Brands. $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.</p>
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 <p>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 web3 hub in NEOM, a $500 billion futuristic city that will cover 263,000 hectares in the north-west of the Kingdom of Saudi Arabia.</p>
 <blockquote class="wp-block-quote">
  <p>“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.”</p> <cite>NEOM Investment Fund CEO Majid Mufti</cite>
 </blockquote>
 <p>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.</p>
 <p>The news comes shortly after NEOM’s investment subsidiary included Animoca Brands among other firms in its investment list in a bid to establish businesses and create a “thriving economy in NEOM.”</p>
 <p>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.</p>
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Animoca Brands raises $20m to launch Mocaverse
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/saudi-arabia-s-neom-partners-with-animoca-eyes-50m-deal-tbt68323.html">https://thebittimes.com/saudi-arabia-s-neom-partners-with-animoca-eyes-50m-deal-tbt68323.html</a></p>

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

TheBitTimes

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