The NEOM megaproject’s strategic investment division has suggested investing $50 million in Animoca Brands, a cryptocurrency gaming investment company. In keeping with Saudi Vision 2030, the cooperation aims to encourage the growth of web3 infrastructure in the NEOM area.
Saudi Arabian NEOM to Invest $50 Million in Animoca Brands
By issuing convertible notes with a conversion cap of A$4.50 per share, the NEOM Investment Fund intends to invest $25 million. The remaining $25 million will be used to buy secondary market shares in Animoca Brands. A press release from both parties states that the relationship has been suggested in a memorandum of agreement.
Animoca Brands’ Role in the Agreement
Animoca Brands intends to supply web3 enterprise service capabilities for the Saudi capital, Riyadh, as well as the NEOM region as part of the agreement. Animoca plans to create a hub at NEOM to support the expansion of the regional web3 ecosystem. Additionally, it intends to persuade businesses with subsidiaries and investment portfolios to make investments in the area.
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. By partnering with a market-leading company like Animoca Brands, we hope to accelerate web3 technology development and adoption,
Majid Mufti, NEOM Investment Fund CEO
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