Animoca and Saudi Arabia Team Up for US $50 million

Hong Kong, November 23- Animoca Brands, the Hong Kong-based blockchain gaming company, announced on November 7 that it had secured US$50 million in funding from the Saudi Arabian Public Investment Fund (PIF). ¹

The investment will help Animoca Brands expand its reach into the Middle East and North Africa (MENA) region.

Saudi Arabia, with a population of 36 million, has approximately 60% of its people under 30. Even more remarkable is that the gaming population constitutes about two-thirds of the total population. ²

PIF is a sovereign wealth fund that manages over US$600 billion in assets.

It is one of the most significant sovereign wealth funds in the world and has been investing heavily in technology companies in recent years.

The investment by PIF is seen as a boost for Animoca Brands, one of the world’s leading blockchain gaming companies.

The company has a portfolio of over 150 blockchain games and a user base of over 350 million people.

The company will likely use the funding to develop its blockchain gaming platform further and expand its reach into new markets, such as the MENA region.

Animoca Brands is well-positioned to capitalize on this trend, and the investment by PIF is a major vote of confidence in the company’s future.

In addition to the funding, Animoca Brands and PIF have also signed a memorandum of understanding (MoU) to collaborate on developing blockchain gaming and metaverse projects in the MENA region.
Many reports also suggested the MoU is also connected to Saudi Arabia’s Web3 tech city, NEOM.

The MoU will see the two companies work together to create new blockchain gaming experiences, develop metaverse infrastructure, and promote the adoption of blockchain technology in the region.

1. scmp: https://www.scmp.com/tech/tech-trends/article/3239861/hong-kongs-animoca-brands-secures-us50-million-saudi-state-project-promote-regional-web3-development[↩]
2. stockhead: https://stockhead.com.au/cryptocurrency/two-thirds-of-saudi-arabias-population-are-gamers-which-is-why-neom-and-animoca-brands-just-teamed-up/[↩]