Animoca Brands and KACST Announce Strategic Partnership to Drive Web3 Innovation in Saudi Arabia

Animoca Brands has recently announced a significant partnership with King Abdulaziz City for Science and Technology (KACST) aimed at driving innovation in the Web3 and gaming landscape within Saudi Arabia.

This strategic Memorandum of Understanding (MOU) underscores Animoca Brands' commitment to advancing technological growth and fostering innovation in collaboration with key stakeholders like KACST. The partnership is set to revolutionize the digital landscape in Saudi Arabia, marking a crucial step towards realizing the country's potential in the Web3 era.

Riyadh's Physical Web3 Hub: Fostering Innovation and Socio-economic Development

At the heart of this collaboration lies the establishment of a physical Web3 Hub in Riyadh, envisioned as a vibrant incubation center for Web3 startups and blockchain technologies. This hub, a focal point of the partnership, will not only bolster the physical infrastructure but also contribute to the socio-economic development of Saudi Arabia.

Dr. Mariam Nouh, Vice President of Economies of the Future at KACST, expressed enthusiasm about the transformative impact of this initiative, emphasizing its role in driving blockchain and digital innovation development in Saudi Arabia. Yat Siu, Co-Founder and Executive Chairman of Animoca Brands, views this partnership as a pivotal step in line with the company's vision of advancing adoption and development in the Web3 space.

Saudi Arabia: Animoca's New Home for Web3 Advancements

In addition to the collaboration with KACST, Animoca Brands reflects on its previous milestone partnership with NEOM Company. This collaboration, forged in October 2023, underlines Animoca Brands' dedication to driving innovation and technological advancement in alignment with the Saudi Vision 2030 plan.

Under the agreement, NEOM Investment Fund has proposed a substantial investment of US$50 million in Animoca Brands, further solidifying the company's position as a frontrunner in the Web3 space.

Comprehensive Collaboration: Driving Socio-economic Growth

Beyond infrastructure development, this partnership emphasizes contributions to Saudi Arabia's socio-economic growth. Through education, training, and employment initiatives, Animoca Brands and KACST aim to support local talent and foster innovation in areas such as Web3, blockchain, gaming, artificial intelligence (AI), and the metaverse. Strategic partnerships with local universities will facilitate tailored educational programs, ensuring the sustainable growth of the digital ecosystem in Saudi Arabia.