Animoca Brands Corporation Ltd is advancing the Web3 and gaming landscape in Saudi Arabia, having entered into an MoU with King Abdulaziz City for Science and Technology (KACST) to collaborate to advance the Web3 and gaming ecosystem in the Kingdom.
KACST operates as an independent governmental entity tasked with fostering the advancement of science and technology as well as facilitating collaboration among various scientific institutions in Saudi Arabia.
Under the partnership, Animoca Brands and KACST will work together to strategically drive the advancement of the Web3 ecosystem and gaming ecosystem in Saudi Arabia, including establishing a physical Web3 Hub in Riyadh to incubate Web 3 startups and blockchain technologies in the region.
This initiative extends beyond the physical infrastructure, aiming to contribute to the socio-economic development of Saudi Arabia by supporting local talent through education, training and employment initiatives.
A pivotal step
Animoca Brands co-founder and executive chairman Yat Siu said: “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."
The collaboration and the Web3 Hub will involve joint research in Web3, blockchain, gaming, AI and the metaverse, along with strategic partnerships with local universities to provide tailored educational programs.
Animoca Brands will provide consultancy services in tokenomics and Web3 economics to projects and companies in Saudi Arabia and both companies will jointly develop immersive experience labs that showcase the latest in gaming, technology, and digital innovation.
KACST will allocate office space to support the physical infrastructure needs of startups within the Web3 and gaming ecosystem, while Animoca Brands will provide its Web3 industry expertise in this domain.
KACST VP of Economies of the Future Dr Mariam Nouh said: "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."