Animoca Brands and KACST join hands to launch Web3 hub in Saudi Arabia

Animoca Brands and King Abdulaziz City for Science and Technology (KACST) have signed a Memorandum of Understanding (MoU) to advance Web3 and gaming ecosystem in Saudi Arabia.

Founded in 1977, 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 Arabica.

Under the partnership, Animoca Brands and KACST will establish a physical Web3 hub located in Saudi Arabica's capital Riyadh to incubate Web3 startups and blockchain technologies in the region. This initiative extends beyond the physical infrastructure, aiming to contribute to the socio-economic development of Saudi Arabica by supporting local talent through education, training and employment initiatives.

The collaboration will involve joint research in Web3, blockchain, gaming, AI, and the metaverse, along with strategic partnerships with local universities to provide tailored educational programmes.

Animoca Brands will provide consultancy services in tokenomics and Web3 economics to projects and companies in Saudi Arabica, while both companies will jointly develop immersive experience labs that showcase the latest in gaming, technology, and digital innovation. KACST also 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.

Don't miss: Animoca Brands and HashKey Exchange ink deal to elevate Web3 ecosystem in Asia

Yat Siu, co-founder and executive chairman, Animoca Brands, 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."

Mariam Nouh, VP of Economies of the Future in KACST, 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."

MARKETING-INTERACTIVE has reached out to Animoca Brands for more information. 

Back in January, Animoca Brands and local cryptocurrency company Hashkey Exchange signed a MoU to elevate the digital entertainment and Web3 ecosystem in Asia.

The partnership aims to underscore HashKey Exchange's commitment to expanding its digital asset offerings and aligns with Animoca Brands' vision of mainstream adoption of blockchain gaming and other products and fostering a more inclusive digital economy.

Related articles:

Animoca Brands and HashKey Exchange ink deal to elevate Web3 ecosystem in Asia
Animoca Brands raises US$20m to accelerate Mocaverse
Animoca Brands becomes AWS Activate Provider to enhance Web3 development