[NEWS] Saudi Arabia's Future City Project "NEOM" Proposes $50 Million Investment to Animoca Brands

On the 30th, NEOM, a futuristic city project being promoted by Saudi Arabia, announced that it has signed a strategic partnership to invest $50 million (approximately 7.5 billion yen) in Web 3.0 company Animoca Brands.

As a result of the strategic partnership, $25 million (approximately 3.75 billion yen) of the $50 million will be used for Animoca Brands' strategic fundraising round, and convertible bonds will be issued with a maximum conversion price of 4.5 Australian dollars per share. The remaining $25 million will be invested in purchasing Animoca Brands' shares.

Animoca Brands will work with NEOM to build Web 3.0 entertainment services. It will incorporate Web 3.0 into the business being developed in Saudi Arabia's futuristic city project.

Majid Mufti, CEO of the NEOM Investment Fund, said that the development of Web 3.0 technology and infrastructure will not only be a key foundation for NEOM, but has the potential to revolutionize the global industry, and said, "By partnering with market-leading companies like Animoca Brands, we hope to accelerate the development and adoption of Web 3.0 technology in Saudi Arabia."

Yat Siu, co-founder and executive chairman of Animoca Brands, said, "We have always called the growth of the Web 3.0 ecosystem the emergence of a new meta-nation, and NEOM will be the first region to fully utilize the power of blockchain."

NEOM is a futuristic city project being promoted by Saudi Arabia. The linear high-rise city "THE LINE" has attracted attention from around the world for its innovation. These futuristic cities present a completely new vision that overturns conventional urban concepts, utilizing renewable energy, and designed with people's lives as the top priority.

By incorporating Web 3.0 technologies, including AI and robotics, the living space in which people live will change dramatically. It is expected that incorporating blockchain technology and entertainment will bring innovation to our daily lives.

Reference:Announcement
Image: Quoted from the announcement