Saudi NEOM plans to invest $50 million in Animoca Brands.

BlockBeats news, on October 30th, according to official sources, Animoca Brands has established a strategic partnership with NEOM, a technology subsidiary of NEOM Tech & Digital, a new city construction project in Saudi Arabia led by Crown Prince Salman, to promote local Web3 development. NEOM also plans to invest $50 million in Animoca Brands, with $25 million being raised through convertible notes and the remaining $25 million being used to purchase company stock on the secondary market. Animoca Brands stated that it will work with NEOM to build Web3 enterprise service capabilities with global commercial applicability, supporting technological progress in Riyadh and the NEOM region. This includes plans to establish a center within NEOM to cultivate a local Web3 ecosystem and introduce companies from Animoca Brands and its subsidiaries, partners, and extensive portfolio.