Animoca Brands and KACST Collaborate to Launch Web3 Hub in Saudi Arabia
In a significant move to advance the digital landscape of Saudi Arabia, Animoca Brands has entered into a Memorandum of Understanding (MOU) with the King Abdulaziz City for Science and Technology (KACST). This partnership aims to establish a physical Web3 Hub in Riyadh, dedicated to nurturing Web3 startups and blockchain technologies within the region.
Fostering Innovation and Economic Growth
Founded in 1977, KACST operates as an independent governmental entity focused on promoting science and technology in Saudi Arabia. The collaboration with Animoca Brands is set to strategically enhance the Web3 and gaming ecosystems in the country. Beyond infrastructure development, the initiative seeks to contribute to Saudi Arabia’s socio-economic progress by supporting local talent through education, training, and employment opportunities.
Comprehensive Collaborative Efforts
The partnership encompasses joint research in areas such as Web3, blockchain, gaming, artificial intelligence (AI), and the metaverse. Additionally, strategic alliances with local universities will be formed to offer specialized educational programs. Animoca Brands will provide consultancy services in tokenomics and Web3 economics to projects and companies in Saudi Arabia. Both organizations will also develop immersive experience labs to showcase the latest advancements in gaming, technology, and digital innovation.
Statements from Key Leaders
Dr. Mariam Nouh, Vice President of Economies of the Future at KACST, expressed enthusiasm about the partnership:
“We are excited to join forces with Animoca Brands in building national capabilities for gaming, immersive experiences, and Web3 technologies. We seek to transform blockchain and digital innovation development by establishing the Web3 Hub and growing the Web3 ecosystem in Saudi Arabia.”
Yat Siu, Co-Founder and Executive Chairman of Animoca Brands, highlighted the strategic importance of the collaboration:
“Joining forces with KACST to establish the Web3 Hub and grow the Web3 and gaming ecosystem in Saudi Arabia is a pivotal step for us and the region. This strategic partnership aligns with Animoca Brands’ overall vision of advancing adoption and development in the Web3 space.”
A Broader Vision for Web3 Development
This collaboration is part of a series of strategic moves by Animoca Brands to bolster Web3 development in the Middle East. In October 2023, the company announced a partnership with NEOM, a futuristic city project in northwest Saudi Arabia. This partnership includes a proposed $50 million investment from the NEOM Investment Fund into Animoca Brands, aiming to build Web3 enterprise service capabilities with global commercial applicability.
Majid Mufti, CEO of NEOM Investment Fund, commented on the partnership:
“We are excited to partner with Animoca Brands to support the development of NEOM’s digital infrastructure. 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.”
Implications for the Future
These strategic partnerships underscore Saudi Arabia’s commitment to embracing emerging technologies and fostering innovation. By collaborating with industry leaders like Animoca Brands, the nation aims to position itself at the forefront of the global digital transformation, creating a robust ecosystem for Web3 and gaming industries.
The establishment of the Web3 Hub in Riyadh and the ongoing collaboration with NEOM are poised to attract startups, entrepreneurs, and investors, further solidifying Saudi Arabia’s role as a central hub for technological advancement in the region.
As these initiatives unfold, they are expected to not only transform the digital landscape of Saudi Arabia but also contribute significantly to the global Web3 and gaming communities, setting new standards for innovation, collaboration, and economic growth.
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