Animoca Brands has entered into a Memorandum of Understanding (MOU) with King Abdulaziz City for Science and Technology (KACST) to partner and advance the Web3 and gaming ecosystem in Saudi Arabia.

In line with promoting the development of the Web3 ecosystem and gaming industry in the KSA, both Animoca Brands and KACST aim to establish a physical Web3 Hub in Riyadh, dedicated to nurturing startups and blockchain technologies in the region.

However, the companies believe that the endeavour goes beyond mere physical infrastructure as it seeks to foster socio-economic development in Saudi Arabia by fostering local talent through educational, training, and employment initiatives.

A strategic alliance

Yat Siu, co-founder and executive chairman of Animoca Brands says the collaboration “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 partnership and the Web3 Hub will include collaborative research in Web3, blockchain, gaming, AI, and the metaverse. Also, strategic alliances with local universities will be formed to offer customized educational programs.

Dr Mariam Nouh, VP of economies of the future in KACST comments, “We seek to transform blockchain and digital innovation development by establishing the Web3 Hub and growing the Web3 ecosystem in Saudi Arabia."

Animoca Brands will provide consultancy in tokenomics and Web3 economics, while both companies develop immersive experience labs. KACST will allocate office space for startups, with Animoca Brands offering Web3 expertise.