Saudi Arabia has announced a significant investment of $50 million into the metaverse company, Animoca, in a move aimed at bolstering its presence in the blockchain and crypto technology landscape. The investment comes as part of a collaboration between Animoca and Neom, a Saudi Arabian development project, focused on fostering digital advancements in the region.
The partnership was solidified with the signing of a memorandum of understanding, highlighting the commitment of both parties to develop digital projects and propel Neom’s 2030 vision forward. The ambitious plan seeks to establish a blockchain hub for the Gulf region.
Saudi Arabia, as part of its economic diversification and global outreach strategy, recently joined the BRICS economic alliance, demonstrating its eagerness to stay at the forefront of economic and technological developments.
Now, the kingdom is directing a substantial sum of $50 million towards the metaverse and blockchain gaming company, Animoca Brands. The memorandum of understanding cements the collaboration between Animoca and Saudi Arabia’s Neom, with the latter keen to harness the expertise of Animoca in building its own blockchain and crypto infrastructure.
According to a press release, Neom intends to allocate $25 million to purchase convertible notes from Animoca, and an additional $25 million to acquire Animoca shares. Majid Mufti, the CEO of Neom’s investment fund, expressed his enthusiasm for the partnership and its potential implications.
“We are excited to partner with Animoca Brands to support the development of Neom’s digital infrastructure,” Mufti remarked. “Web3 technology and infrastructure development will not only be an important foundation of Neom’s tech stack and architecture but also has the potential to revolutionize global industries.”
Mufti’s remarks align with Saudi Arabia’s growing interest in digitized finance and technology, as evident in its involvement with the BRICS alliance. With the recent introduction of BRICS Pay and the success of the digital yuan within the alliance, it appears that Saudi Arabia is positioning itself as a key player in the ongoing digital transformation of the global financial landscape.
