Saudi Arabia’s NEOM is an ambitious regional development initiative. It has partnered with Animoca Brands to lead the advancement of Web3 technology in the region. This collaboration may entail a significant investment of $50 million.
Notably, on the 30th of October, a strategic alliance was unveiled between Web3 gaming developer, Animoca Brands, and Saudi Arabia’s NEOM Investment Fund. This collaboration is set to drive the development of Web3 technologies in the region.
Moreover, the agreement dictates that Animoca will collaborate with NEOM to construct enterprise service capabilities dedicated to Web3. The innovative Web3 services are designed for global implementation. However, their initial rollout will focus on driving emerging technologies. This will primarily occur in the Saudi capital, Riyadh, and the NEOM region.
NEOM’s Tech Transformation: A ‘Living Laboratory’ for Innovation and Web3 Advancements
NEOM, located in northwestern Saudi Arabia, is being transformed into what the government envisions as a “living laboratory” for a new and technologically advanced society. It is designed to be intricately linked with cutting-edge technologies, positioning itself as a hub for innovation.
Additionally, the Animoca partnership aims to establish a nucleus within NEOM, dedicated to nurturing the local Web3 ecosystem. This initiative is a pivotal component of Saudi Arabia’s broader “Saudi Vision 2030” plan, designed to foster economic, social, and cultural diversification.
Majid Mufti, the CEO of NEOM Investment Fund, remarked on the significance of this endeavor:
“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.”
Furthermore, the NEOM Investment Fund has proposed an investment of $50 million in Animoca Brands.
Tech Visionaries in the Middle East: Animoca Brands’ Web3 Ambitions and AI Advancements
Yat Siu, the co-founder and executive chairman of Animoca Brands, has articulated his vision for the Web3 ecosystem as “the birth of a novel meta-nation.” With the commencement of this groundbreaking partnership with NEOM, he declared:
“Now NEOM stands poised to become the pioneering region in fully unleashing the capabilities of blockchain technology.”
However, in recent years, the broader Middle East region has been swiftly adopting cutting-edge technologies.
Saudi Arabia, in particular, has been proactive in this regard. Conversely,they have collaborated with Chinese universities to create an Arabic-based artificial intelligence (AI) system. Moreover, this system can effectively handle inquiries in the local language, contributing to the region’s technological advancement.
Lastly, on October 18th, OpenAI, the developer of the renowned AI chatbot, ChatGPT, revealed a collaboration with the Dubai-based technology holding group G42. The partnership aims to strengthen their foothold in the Middle East.