Animoca Brands, the famous gaming and metaverse company, has announced a strategic partnership with the King Abdulaziz City for Science and Technology (KACST) to spearhead the development of the Web3 and gaming ecosystem in Saudi Arabia. This collaboration aims to establish a Web3 Hub in Riyadh, focusing on incubating startups and blockchain technologies to fuel the Kingdom’s socio-economic growth.
A New Era for Web3 and Gaming in Saudi Arabia
The partnership between Animoca Brands and KACST is a significant step forward in the development of the Web3 ecosystem in the Kingdom of Saudi Arabia (KSA). Both parties have signed a Memorandum of Understanding (MOU) to work towards a common goal of nurturing the Web3 and gaming landscape. This initiative involves not only creating a physical hub in Riyadh but also providing local talent with education, training, and job opportunities in the growing field of blockchain and digital innovation.
Yat Siu, co-founder and executive chairman of Animoca Brands, commented: “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.”
Additionally, the alliance aims to leverage the strengths of both organizations to foster a vibrant Web3 and gaming community. Animoca Brands brings to the table its vast expertise in tokenomics and Web3 economics, offering consultancy services to local projects and companies. On the other hand, KACST will provide crucial infrastructure support, including office space for startups, and facilitate collaboration with local universities for education and training programs.
Dr. Mariam Nouh, VP of Economies of the Future in KACST, commented: “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.”