- Summary:
- The project involves building a futuristic city to the north-west of Saudi Arabia by 2030, and Animoca Brands has a $50 million stake in it.
Leading Web3 gaming company Animoca Brands and NEOM Investment Fund, Saudi Arabia’s $500 billion futuristic city project, have announced a partnership to promote the region as a Web 3 hub. In a press release, the two companies revealed that the partnership details are outlined in a Memorandum of Understanding. Furthermore, the two entities have revealed that they have signed a Convertible Notes Financing Term Sheet.
NEOM: The ambitions futuristic city and how Animoca Brands fits in it
NEOM Investment Fund is the entity overseeing the building of a futuristic city project by the Kingdom of Saudi Arabia, estimated to cost $500 billion and to be completed by 2030. NEOM considers Web3 technology central to the project’s success, hence the decision to oversee the setting up of Web3 infrastructure in the city.
In addition, NEOM considers Web3 not only a crucial part of its own tech stack and design, but also as potential game-changer for the future of global commerce. In accordance with the terms of the Term Sheet, NEOM Investment Fund intends to invest US$50 million in Animoca Brands. Out of that amount, NEOM will issue $25 million worth of convertible notes with a conversion cap price of A$4.50 per share.
The new partnership establishes the foundation for a collaboration between Animoca and NEOM to develop Web3 service capabilities, in the new city. Although the project ultimately aims to have a global reach, it will initially focus on supporting the development of innovative Web3 tech in the nation’s capital, Riyadh, and the NEOM region.
NEOM will be built in the north-west of Saudi Arabia and will span 263,000 hectares. The city will feature a floating industrial complex, business hubs, tourist attractions, and sporting arenas wamong other attractions.
The collaboration ultimately aims to improve people’s everyday lives in the country by harnessing the innovativeness within Web3 technology stack. NEOM is confident that Animoca Brands, as one of the world’s leading Web3 companies, is well equipped to achieve the goals of the ambitious project within the set time frame.