SNEAK PEEK
- Saudi Arabia’s NEOM project, part of its Vision 2030 strategy, has invested $50 million in Animoca Brands.
- Half of the investment will be through convertible notes, capped at $4.50 AUS per share.
- The partnership between NEOM and Animoca aims to drive global Web3 business service development.
Saudi Arabia’s visionary NEOM project, aiming to redefine urban and economic landscapes, has significantly moved into the digital realm. The initiative has earmarked a $50 million investment for Animoca Brands, a formidable name in the Web3 gaming and investment sector.
In alignment with Saudi Arabia’s Vision 2030 strategy, NEOM’s financial wing is partnering with Animoca to propel Web3 projects. Of the proclaimed investment, half will be channeled through convertible notes, capped at $4.50 AUS per share.
Meanwhile, the remaining portion will facilitate the purchase of Animoca shares from the secondary market. While Animoca once graced the Australian Securities Exchange (ASX), it shifted gears in 2020, bowing out due to compliance issues. However, its shares continue to hold sway in the secondary market.
The fruition of the aforementioned financial arrangement relies on meeting preset conditions. Once in place, the partnership will galvanize Web3 business service development with a global perspective. Concentrating their efforts, both entities are poised to foster technological advancements in Riyadh and the encompassing NEOM region.
While specifics about the joint venture projects remain under wraps, representatives have hinted that these ventures are currently in their blueprint stages. For the uninitiated, NEOM stands as Saudi Arabia’s ambitious blueprint for a global city and economic zone in the country’s northwestern precincts. To pivot the city as a nexus for tech innovation and sustainable practices and, crucially, to veer the nation’s economy from its longstanding oil-centric model.
Moreover, Yat Siu, Animoca’s executive chairman, voiced his anticipation about the alliance. “The collaboration with NEOM, a paragon of global progressiveness, dovetails with our ethos at Animoca,” Siu commented. “We’ve always visualized Web3’s growth akin to a burgeoning meta-nation. With NEOM in the picture, we might witness a region unlocking blockchain’s full potential.”
Additionally, this isn’t Saudi Arabia’s maiden voyage into digital innovation. Records show prior investments in nearly 40 US venture capital firms, the lion’s share of which navigate the crypto, blockchain, and Web3 domains. Entities like Sanabil, linked with Saudi’s sovereign wealth division, routinely allocate vast sums, approximating $2 billion annually, bolstering enterprises that bring novel business models.
The strategic alliance between Saudi Arabia’s NEOM and Animoca Brands underscores a significant convergence of urban vision and digital innovation. As both entities blend their strengths, the tech world awaits the transformative projects that might emerge from this union.
