Saudi Arabia to invest $6.4 billion in metaverse and blockchain technology

On February 6, it was reported that Saudi Arabia will invest more than $6.4 billion in high-tech, further consolidating Saudi Arabia’s position as the largest digital economy in the Middle East and North Africa. These investments and initiatives include a $1 billion investment in NEOM Tech & Digital Company, which focuses on future technologies. As part of the investment, NEOM will launch the world's first cognitive metaverse, XVRS, serving residents and visitors of the smart gigabit project, as well as M3LD, a personal data management platform that returns control of data to users. Saudi Arabia's state-owned oil company Aramco will invest $1 billion in its venture capital fund, Prosperity7 Ventures. According to the agency, the firm will invest in companies focused on future technologies, including those working on blockchain technology.