Saudi Arabia’s NEOM Company has made a significant move into the Web3 space by investing $50 million into Animoca Brands, a leader in Web3 gaming. This aligns with the Saudi Vision 2030, aiming to diversify the nation’s economy away from oil reliance. This is part of a wider $37 billion initiative to boost the gaming sector. NEOM is a bold project to build a new city named The Line. It’s a linear city, extending 170 kilometers across the NEOM area in northwest Saudi Arabia. The plan is to create a modern city for nine million residents, integrating advanced industries and housing solutions. The investment in Animoca Brands is seen as a step towards modernization. It signals a commitment to developing the Web3 ecosystem, which bridges the current internet (Web2) and the decentralized web (Web3). The focus is on creating enjoyable games that leverage both Web3 and Web2 technologies.

NEOM is envisioned as a beacon of human progress, a city built from scratch that serves as a hub for innovation and entrepreneurship. It’s designed to be a place where business flourishes alongside environmental conservation, promising an exceptional quality of life.Yat Siu of Animoca Brands commented on the partnership with NEOM, recognizing the project’s ambition to integrate innovative technologies like blockchain. He sees NEOM as potentially the first region to fully embrace the capabilities of blockchain. The NEOM Investment Fund’s strategy includes purchasing convertible notes and shares in Animoca Brands. This investment is meant to enhance Animoca’s ability to grow the Web3 ecosystem, which includes the decentralized internet based on blockchain technology.

The partnership between NEOM and Animoca Brands will also focus on establishing a Web3 hub within NEOM. This initiative aims to boost the local tech scene and apply the expertise of Animoca Brands to benefit the region and beyond.While Saudi Arabia’s investments in technology are significant, there are concerns about human rights under the current regime. Despite these issues, the Saudi investment is seen as part of a larger effort to pivot the country’s economy towards more sustainable and innovative industries.