Animoca Brands will invest ‘tens of millions of dollars’ in the Middle East
Hong Kong-based Animoca Brands is looking to increase its investment in the Middle East following John Lee, Chief Executive of Hong Kong, visiting the region to strengthen ties.
According to the report by the South China Morning Post, Animoca co-founder Yat Siu said the company is planning “significant investments” in the Middle East worth “tens of millions of dollars” as the region continues to establish itself as a global hub for cryptocurrency and gaming.
Animoca Brands’ plans to expand in the Middle East include a partnership with Manga Productions, a company specializing in the world of games and animation and affiliated to the Misk Foundation owned by Saudi Crown Prince Mohammed bin Salman, to work together on creating a new project in Web 3.0.
This development comes after John Lee, Chief Executive of Hong Kong, visited Saudi Arabia and the United Arab Emirates to meet many prominent figures in the business community in the Middle East and discuss investment and cooperation opportunities.
The visit highlighted the growing importance of the development of Blockchain and Web 3.0 technology in the region and the growing interest from global players in the expanding Middle East market.
Commenting on the matter, Siu told SCMP: Lee’s trip “legitimized and confirmed the credibility of the relations between the two parties,” which created “more official channels of communication that we can benefit from.”
Related Articles: Web 3.0 Leader Animoca Brands Grows Its Investments By 30% And Strengthens Its Presence In The Middle East
It should be noted that Animoca Brands is behind many well-known names in the Web 3.0 space, such as The Sandbox and Crazy Kings. The company has also developed a wide range of Web 3.0 products, including the REVV token, which is designed specifically for blockchain-based car racing games, as well as the SAND token, which is used in the virtual game world The Sandbox.
And in early February, Animoca’s The Sandbox signed a Memorandum of Understanding (MOU) with Saudi Arabia’s Digital Government Authority (DGA) to “advise and support” each other during the metaverse development process.
