NEOM Investment Fund Teams Up with Animoca in Ambitious $50 Million Partnership | Blockster

Saudi Arabia's NEOM Investment Fund is set to collaborate with blockchain gaming venture capital firm Animoca Brands, embarking on a multi-million-dollar venture with transformative implications.

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In this strategic partnership, NEOM aims to invest up to $50 million in Animoca Brands, allocating $25 million for convertible notes with a conversion cap of A$4.50 (approximately $2.85) per share, while the remaining $25 million will be dedicated to purchasing Animoca's shares on the secondary market.

As part of this agreement, Animoca Brands will develop Web3 solutions designed for global commercial use, supporting technological advancements in Riyadh and the NEOM region. Furthermore, Animoca will establish a web3 hub within NEOM, a visionary $500 billion city project spanning 263,000 hectares in northwestern Saudi Arabia.
"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."

NEOM Investment Fund CEO Majid Mufti
Animoca Brands co-founder Yat Siu expressed his enthusiasm for NEOM, envisioning it as a trailblazing region for harnessing blockchain's potential. Animoca Brands is actively planning the establishment of a Web3 hub within the city.

This collaboration follows NEOM's recent inclusion of Animoca Brands and other firms in its investment roster, reflecting the shared commitment to fostering economic growth and innovation within NEOM.

NEOM, valued at $500 billion, is an ambitious smart city project located along the Red Sea's desert border in Saudi Arabia. A substantial portion of the city is slated for completion by 2030, featuring a floating industrial complex, enterprise hubs, tourist destinations, and sports facilities.