Animoca Brands and NEOM Collaborate to Advance Web3 in the Middle East October 30, 2023 October 30, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsOctober 30, 2023 by Kelly Cromley

Animoca Brands and NEOM Collaborate to Advance Web3 in the Middle East

Animoca Brands Corporation Limited, renowned for its advocacy of digital property rights, is poised to redefine the future of the open metaverse. In a groundbreaking move, the company has solidified its commitment to advancing Web3 technology in the Middle East by forming a Strategic Partnership Memorandum of Understanding with NEOM Company. This significant step aligns seamlessly with the ambitious Saudi Vision 2030 plan, further propelling technological progress in the region.


As a testament to their shared vision and mutual trust, Animoca Brands and the NEOM Investment Fund have signed a Convertible Notes Financing Term Sheet. In this financial commitment, the NEOM Investment Fund earmarks a substantial US$50 million for investment in Animoca Brands. Notably, US$25 million of this sum is designated for convertible notes issuance at a capped price of A$4.50 per share. Intriguingly, these terms closely mirror the strategic funding specifications detailed by Animoca Brands in their announcement from 8 September 2022. The remaining US$25 million will be directed toward the secondary market to acquire shares of the company.

A Strategic Partnership for Web3 Innovation and Technological Advancement

The overarching goal of this partnership is crystal clear: the creation of a comprehensive Web3 enterprise service ecosystem with universal commercial potential. Animoca Brands is gearing up to leverage its extensive expertise to drive technological advancements in both Riyadh and the broader NEOM area. Notably, one of the central projects under this partnership is the establishment of a Web3 hub in NEOM. This hub is poised to invigorate the local Web3 community and serve as a conduit for the extensive knowledge and resources from Animoca Brands, its affiliated entities, partners, and its vast investment portfolio.


Majid Mufti, the CEO of the NEOM Investment Fund, expressed his enthusiasm, emphasizing that partnering with Animoca Brands accelerates the evolution of NEOM’s digital foundation. He underscored the revolutionary potential of Web3, stating that with Animoca Brands by their side, they are poised to reshape industries on a global scale.


Yat Siu, the visionary co-founder and executive chairman of Animoca Brands, echoed this sentiment. He highlighted that the alliance with NEOM, known for its innovative strides, amplifies their mission to promote the growth of the Web3 world. He emphasized that this new era represents the birth of a meta-nation, and with NEOM’s collaboration, blockchain’s true potential will shine.


It is important to note that the finalization of documents for Convertible Notes Financing is contingent on the fulfillment of several preceding conditions. This strategic partnership holds immense promise in propelling Web3 innovation and technological advancement in the Middle East, aligning with the broader vision of Saudi Arabia’s digital future.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.