– The NEOM Investment Fund, the strategic investment arm of Saudi Arabia’s NEOM megaproject, plans to invest $50 million in crypto gaming investment company Animoca Brands.
– $25 million will be invested through the issuance of convertible notes, while another $25 million will be used to purchase Animoca Brands’ shares on the secondary market.
– The partnership aims to promote the development of web3 infrastructure in the NEOM region, aligning with the Saudi Vision 2030 plan.
– Animoca Brands will provide web3 enterprise service capabilities for NEOM and Riyadh, establishing a hub to support the growth of the local web3 ecosystem.
– NEOM is a futuristic $500 billion smart city project located on the Red Sea coast of Saudi Arabia, designed to diversify the Saudi economy and attract investment and tourism.
The NEOM Investment Fund, a strategic investment arm of Saudi Arabia’s NEOM megaproject, has proposed investing $50 million in crypto gaming investment company Animoca Brands. The investment will be made in two parts: $25 million through convertible notes issued at a conversion cap price of A$4.50 per share, and the remaining $25 million through the purchase of Animoca Brands’ shares on the secondary market. The goal of this partnership is to promote the development of web3 infrastructure in the NEOM region, in line with the Saudi Vision 2030 plan. Animoca Brands plans to provide “web3 enterprise service capabilities” for both the NEOM region and Riyadh, the Saudi capital, and establish a hub in NEOM to foster the growth of the local web3 ecosystem. NEOM is a $500 billion futuristic smart city project in Saudi Arabia aimed at diversifying the country’s economy.
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