Animoca Brands, the company advancing digital property rights for gaming and the open metaverse, announced that it has entered into a Memorandum of Understanding (MOU) with King Abdulaziz City for Science and Technology (KACST) to collaborate to advance the Web3 and gaming ecosystem in the Kingdom of Saudi Arabia (KSA).
Founded in 1977 and previously known as the Saudi Arabian National Centre for Science and Technology, 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 the KSA.”
Under the partnership, Animoca Brands and KACST will aim to “work together to strategically drive the advancement of the Web3 ecosystem and gaming ecosystem in Saudi Arabia, including establishing a physical Web3 Hub located 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 the KSA by supporting local talent through education, training, and employment initiatives.”
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 KSA, 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.”
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.”
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.”
The collaboration between KACST and Animoca Brands marks “a significant milestone in advancing the Web3 and gaming landscape in Saudi Arabia, bringing together the strengths and resources of both partners to fuel growth and innovation.”
The Web3 Hub will soon open registrations for interested participants.