In a bold move to enhance its influence in the Web3 sector, NEOM is directing a $50 million investment towards Hong Kong's Animoca Brands.

Saudi Arabia’s NEOM Investment Fund The NEOM Investment Fund has disclosed plans to direct $50 million into Animoca Brands, known for its pioneering role in the digital property rights sector for the expansive metaverse. This partnership is supported by Saudi Arabia’s sovereign wealth fund, an integral aspect of Crown Prince Salman Jr.'s ambitious $500 billion vision.

Animoca Brands A formal Strategic Partnership Memorandum of Understanding has been established with key stakeholders, focused on fostering Web3 initiatives. NEOM The NEOM Investment Fund aims to enhance its Web3 initiatives as part of its broader strategy. Saudi Vision 2030 blueprint.

The NEOM Investment Fund intends to invest $25 million via convertible notes priced at A$4.50 per share, mirroring the investment strategy Animoca Brands introduced in September 2022. Additionally, they plan to acquire the remaining $25 million on the secondary market. company’s shares We're excited to announce our Strategic Partnership MoU with key players, aiming to foster enterprise service capabilities in Web3 that can spur technological advancements in both Riyadh and the NEOM region. 🇸🇦

This partnership is designed to merge the strengths of both parties to develop powerful Web3 enterprise service solutions that are expected to make a significant global impact. The developments stemming from this initiative will greatly benefit the technological landscape in Riyadh and the NEOM area, marking a substantial evolution for the region. @NEOM to drive regional #web3 Animoca Brands will lead a series of initiatives in Web3, including the creation of a dedicated hub within NEOM. This hub will serve to strengthen the local Web3 landscape, leveraging resources from Animoca Brands and its diverse investment portfolio. pic.twitter.com/yT1gw7lbR7

— Animoca Brands (@animocabrands) October 30, 2023

Partnering to Bolster Web3 Growth

The execution of the Convertible Notes Financing agreement depends on meeting certain conditions. Majid Mufti, the CEO of NEOM Investment Fund, expressed his excitement about the collaboration.

We view our partnership with Animoca Brands as a strategic initiative to enhance the digital foundation of NEOM. We recognize the profound potential Web3 has to revolutionize industries globally.

Echoing that enthusiasm, Yat Siu, co-founder and executive chairman of Animoca Brands, remarked, 'Partnering with NEOM, which embodies innovation and visionary projects, is a privilege. We have always perceived the Web3 ecosystem as a groundbreaking ‘meta-nation’. NEOM stands to set new standards through the full implementation of blockchain technologies.'

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Mufti said

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