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The Hashgraph Association supports KSA’s Deep tech report

The Hashgraph Association supports KSA’s Deep tech report

The Hashgraph Association, a Swiss non-profit, driving the global adoption of Hedera-powered solutions by funding innovation, training, and venture programs, was one of the first blockchain technology groups to participate in Saudi Arabia’s deep tech strategy, a strategy which seems to be paying off based on a recent report by the Saudi Ministry of Communications and Information technology, King Abdullah University of Science and Technology and Hello Tomorrow Consultancy.

The Deep Tech report published on January 7th 2025, notes that in 2025, nearly 50% of homegrown deep tech startups in KSA are specializing in AI (Artificial Intelligence) and the Internet of Things (IoT). While the number of scale-ups has reached 43 companies contributing to driving innovation.

The Deep Technology Report presents a roadmap for making Saudi Arabia a global deep tech hub and highlights the different initiatives that support the Kingdom in realizing the objectives of Vision 2030.

As per the report, the deep tech startup ecosystem is still in its infancy and is relatively modest in size when compared to the overall startup landscape with room for expansion. Currently there are 43 deep tech startups in the overall 1,000 startups in the country.

Deep tech startups raised over US$100 million between 2020 and 2022. The Kingdom has also seen a rise in the number of incubators and accelerators that offer deep tech verticals.

$250 million investment in Deep Tech studio with Saudi Ministry of Investment

One of those deep tech incubators and accelerators is The Hashgraph Association’s which was launched in February 2024. The Switzerland based Hashgraph Association signed a strategic partnership with the Ministry of Investment of Saudi Arabia (MISA) to launch a Deep Tech Venture Studio in Riyadh, worth $250 million over the next five years.

The studio would focus on the convergence of Web3, AI and technologies such as distributed ledger technology (DLT), virtual reality, robotics, and quantum computing, helping to launch 500 new companies over the 2024-2028 period.

The Hashgraph Association and its DeepTech Venture Studio will enable local Saudi companies, as well as international portfolio companies seeking to establish operations in the Kingdom, to develop innovative solutions, leveraging deep tech such as AI, DLT, Robotics, IoT, VR, and Quantum Computing, all of which are key as per the Deep Tech report from MCIT.

KSA seeks to attract $7.9 billion in foreign investment and $12.5 billion in local for AI

KSA’s goal is to attract $7.9 billion in cumulative foreign direct investment (FDI) and $12.15 billion from local markets in data and AI by 2030. The Kingdom of Saudi Arabia also saw the addition of 104 active investors in 2024 with a 75% increase in the number of researchers since 2015. The report highlights that Saudi Arabia is expanding its research infrastructure to accommodate 140,000 researchers by 2030, a sevenfold increase from the current 20,000 researchers in the country.

Mohammed Robayan, Deputy Minister of Technology at MCIT, stressed that this report represents an important step in strengthening the Kingdom’s position as a global hub for advanced technologies, and that the Kingdom seeks by focusing on innovation and investing in competencies and infrastructure, to build an integrated system that supports digital transformation and sustainable development.

Robayan called on those interested in the public and private sectors, especially academia and investors, to avail of this information to draw a roadmap that promotes innovation and contributes to realizing the goals of Saudi Vision 2030.

Data Centers are Key to Deep Tech Strategy

In 2021 Saudi Arabia’s Ministry of Communications and Information Technology announced new plans to ramp up national data center investment to $18 billion, with a goal to surpass capacity of 1,300-megawatts by 2030. Since the launch, numerous investment groups, infrastructure developers and global hyperscalers have announced plans for new data center and cloud regions in the Kingdom committing billions of dollars in investment.

These datacenters will need energy and not any energy, sustainable efficient energy sources. This is why HODLER INVESTMENTS, a UAE based investment company, headquartered in Dubai, which includes in its portfolio energy, AI, and digital asset mining startups such as PermianChain, Brox Equity and others; and Abu Dhabi’s EHC Investment which leads multiple businesses with operations and investments across the energy, infrastructure, firefighting technology and system integration services signed a strategic partnership to launch NEXGEN.

NEXGEN will support the creation of a compliant digital energy market to supply critical energy infrastructure that will monetize wasted energy such as flared gas in the UAE, KSA, and Egypt with the aim of hosting global data center operators, reducing carbon emissions and contributing to the Digital Energy Infrastructure (DEI) Fund, a local decarbonization innovation fund.

Saudi Princess Nourah Al Faisal leads Web3 Blockchain hackathon for youth innovation

Saudi Princess Nourah Al Faisal leads Web3 Blockchain hackathon for youth innovation

Saudi Arabia recently hosted the NEXTG3N Hackathon, led by Her Royal Highness Princess Nourah Al Faisal. The event was held from January 9th until the 11th 2025 at Princess Nourah University in Riyadh. It gathered international innovators alongside Saudi talent to develop groundbreaking solutions at the crossroads of Web3 and gaming using decentralized solutions for learning environments. Selected innovations from the hackathon will be showcased at a side event during the World Economic Forum in Davos.

Her Royal Highness Princess Nourah Al Faisal, Chief Creative Director of Adhlal sponsored the event in collaboration with W3 ff Venture Builder. Adhlal brings deep expertise in empowering Saudi youth through creative ecosystems aligned with Vision 2030, while W3-ff leverages cutting-edge Web3 technologies and venture-building strategies.

The Hackathon included a track under the theme of Web3 and Identity, where participants were asked to create secure, decentralized, and personalized learning environments using Web3 technologies. The track question was “How can decentralized identities empower young learners and creatives in Saudi Arabia to securely access, develop, and share learning content?”

In an article published in Arab News, Princess Nourah was quoted as highlighting how blockchain could provide a secure space for young users fostering their engagement with digital platforms. Princess Nourah remarked on the significance of soft skills in preparing the youth for future challenges, and added: “When we think about the evolving landscape over the next few years, we must consider how to foster innovation and creativity among youth.”

The second track covered Future Skill Development. It centered on building future skills through immersive hackathon experiences.
How can we empower Saudi Arabia’s youth to develop future literacy, creative collaboration, and entrepreneurial thinking while solving real-world challenges?

While the third track covered Games to grow, where participants were asked to design engaging and innovative gaming experiences that enhance creative skillsets, promote problem-solving, and encourage design thinking. How can gaming be leveraged to accelerate the development of young designers in a fun and impactful way?

Speakers at the event included Princess Nourah; Hamad Al-Owaishiq, founder and CEO of the Saudi Youth Society; Tanja Ludwig from W3 ff Venture Builder in Germany; Dalia Samra-Rohte from the Algemeine Handels Kamer; and Xavier Prost from Veridos UAE, one of the event’s sponsors.

42.000,- SAR in prizes were distributed to winning the teams.

UAE Varys Capital investment in Movement Labs pays off with $6 billion valuation

UAE Varys Capital investment in Movement Labs pays off with $6 billion valuation

After UAE Varys Capital led a Pre- seed raise for Blockchain L2 platform developer Movement Labs in 2023 where the startup raised $3.4 million. This week Movement Labs announced it was raising $100 million in a series B funding round which led to a valuation of $6 billion.

The recent funding round is being led by CoinFund and Brevan Howard’s digital asset arm Nova Fund.

Movement Labs will use the new capital for product enhancements, and expansion into the Asia Pacific market. Movement is redefining the blockchain ecosystem as an EVM-compatible Layer 2 solution built on the Ethereum network. It utilizes the innovative Move programming language, designed to enhance scalability, security, and flexibility, ensuring high-performance decentralized applications.

Prior to the Series B funding round, Movement Labs had also raised $38 million in a Series A round led by Polychain.

In a LinkedIn post Varys Capital noted that UAE MBS Global Investments were early supporters of their fund which had invested in Movement Labs. Varys Capital stated, “We’re honored to not only have you on our cap table, but seeing the blossoming partnership between our two entities taking shape and broadening our collective reach.”

MBS Global Investments is the investment arm of the Private Office of Sheikh Nayef Bin Eid Al Thani, with headquarters in Dubai UAE.

MBS Global Investments prior to that had noted on LinkedIn, “MBS Global Investments proudly congratulates our partner, Varys Capital on their successful pre-seed investment in Movement Labs (MOVE), a pioneering project that has just achieved a major milestone. The recent Token Generation Event (TGE) for MOVE was a resounding success, with the token reaching an extraordinary fully diluted valuation surpassing $6 billion. This remarkable achievement has already captured the attention of the global crypto community, with MOVE being listed on all major exchanges, including Binance.”

MBS also noted that they would continue to support this venture. They stated, “We are excited to continue supporting this transformative venture and looks forward to the significant impact MOVE will have on the future of decentralized finance and blockchain technology.”

Varys Capital and FundRock create Master Fund in ADGM

In April 2024, Varys Capital (“Varys”) partnered with FundRock Investment Management Services (ME) Ltd (“FundRock”), a fund management company, licensed by the FSRA, to manage a feeder fund, that would invest its assets into a Master Fund with a mandate centered around blockchain, Web3 and infrastructure. The entity is named the Varys Capital Ventures (CEIC) Limited in the Abu Dhabi Global Market (ADGM).

Varys Capital has also invested in another layer 2 blockchain called MintLayer n that utilizes Dynamic Slot Allocation (DSA) consensus merging Proof-Of-Stake and Bitcoin technologies to make decentralized financial markets attack-proof. MintLayer has planned to launch it mainnet on January 29th 2024 and work to tokenize real-estate assets starting from Dubai UAE.

The Varys Capital portfolio is currently heavily focused on decentralized financing (DeFi) related platforms and services.

Animoca Brands moves to next stage with Saudi Neom

Animoca Brands moves to next stage with Saudi Neom

 In 2024, Animoca Brands and Saudi Arabian NEOM Investment Fund signs a strategic partnership that included a $50 million convertible notes financing from NEOM into Animoca, today Animoca Brands announce that the next step of the partnership is fast approaching and it includes building a solid web3 infrastructure using innovative technologies.

In the 2024 announcement, as part of the partnership, Animoca Brands would work with NEOM to build Web3 enterprise service capabilities which would be deployed to support technology advancements in Riyadh and the NEOM region.

As per the news at the time, these projects would include a range of Web3 initiatives, including plans to establish a hub within NEOM to nurture the local Web3 ecosystem and bring in extensive capabilities from across Animoca Brands and its subsidiaries, partners, and broad portfolio of investments.

In a recent Linkedin post, Animoca Brands noted that they continue to support NEOM and its commitment to driving regional web3 development.

In 2024, Animoca Brands facilitated the Web3 development of NEOM with dedicated Web3 strategy workshops, and the networking conference “Outer Edge Riyadh” in KSA.

In 20205 the next phase starts which will include building the Web3 infrastructure.

As per the LinkedIn post which quoted Yat Siu as saying, “NEOM is the world’s most ambitious project seeking to use innovation and technology to redefine how we live, work, and play.”

Animoca Brands has invested in startups in KSA including Saudi’s first NFT marketplace platform, Nuqtah.

UAE Haifin, trade finance fraud platform announces $40.8 billion worth of transactions

UAE Haifin, trade finance fraud platform announces $40.8 billion worth of transactions

Haifin, previously known as UAE Trade Connect, an AI blockchain platform to combat trade finance fraud among the banking sector and non-banking sector, has announced a record-breaking year with nearly $40.8 billion of transactions (150 billion AED).

According to Zul Javaid, CEO of Haifin in a LinkedIn post, “ We identified and prevented hundreds of millions of Dirhams of duplicate financing and fraud for our member involved in lending.”

UAE Trade Connect (UTC), Launched in 2021, was co-created by e& enterprise and the UAE banking industry and offers a technology solution to detect suspicious transactions and prevent fraud and duplication in real time. It uses technologies such as AI, Blockchain and machine learning.

Juvaid added, “Big shout out to our steering committee and wider consortium for their trust and commitment to de-risking the lending environment and increasing accessibility to finance for the UAE economy.”

The members of Haifin platform include UAE Banks Federation, Al Masraf, Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank, Commercial Bank International, Commercial Bank of Dubai, Dubai Islamic Bank, First Abu Dhabi Bank (FAB), Habib Bank AG Zurich, Invest Bank, Mashreq Corporate & Investment Banking Group, National Bank of Fujairah, RAKBANK, Sharjah Islamic Bank, United Arab Bank, Beehive Fintech, CredibleX, DP World, and Finneva.

In December 2023, Beehive, a peer-to-peer lending platform, became the second non-banking entity to join Blockchain enabled UAE Trade Connect platform, Haifin. Priort to that, DP World Finance platform partnered with UAE trade Connect in November of the same year.

Zul Javaid expressed his interest in expanding Haifin offering to countries across the GCC and MENA regions, including KSA hiring Wissam Massud to lead their international expansion in 2023.

Oobit for crypto trading and payments seeks license in UAE

Oobit for crypto trading and payments seeks license in UAE

Oobit, a crypto payments and trading application announced that it has applied for a license in UAE with the Financial Services Regulatory Authority (FSRA) license under the Abu Dhabi Global Market (ADGM) framework.

As per the blog post, this step marks their commitment to expanding into the thriving Middle Eastern market and aligning with a forward-thinking regulatory environment.

“Applying for the ADGM license is a monumental step for Oobit. It reinforces our commitment to fostering trust and innovation in the crypto space while paving the way for seamless global adoption,” said Aharon Miller, COO of Oobit.

As part of this expansion, Oobit plans to establish a dedicated office in Abu Dhabi, further cementing our presence in this market and fostering closer collaboration with local stakeholders.

Oobit decided to apply for a license in the UAE given that 30% of the UAE population owns crypto. In addition the UAE, and ADGM have created forward looking regulations for virtual assets. In addition, the geographic position of UAE opens markets in MENA and Asia.

The company intends to utilize the license for crypto and stablecoin payments.

UAE DAMAC Group to tokenize $1 billion worth of assets on MANTRA Blockchain

UAE DAMAC Group to tokenize $1 billion worth of assets on MANTRA Blockchain

UAE DAMAC Group, with a portfolio of real estate developments, hospitality, data centers and more has signed an agreement with UAE based Mantra blockchain to tokenize the company’s asset for financing.

As per the press release, the collaboration between MANTRA and the DAMAC Group will enable token-based financing for a diverse range of assets within the group’s extensive portfolio of companies, with a minimum value of US$1 billion.

The DAMAC Group assets will be available in early 2025, exclusively on MANTRA Chain. DAMAC Group is leveraging blockchain technology to bring greater transparency, security, and accessibility to DAMAC Group’s wide-ranging assets.

“This partnership with DAMAC Group is an endorsement for the RWA industry. We’re thrilled to partner with such a prestigious group of leaders that share our ambitions and see the incredible opportunities of bringing traditional financing opportunities onchain,” said John Patrick Mullin, CEO of MANTRA.

Amira Sajwani, Managing Director of Sales & Development at DAMAC, said, “DAMAC is always exploring new technologies to enhance our product offerings. Partnering with MANTRA is a natural extension of our commitment to innovation and forward-thinking solutions. Tokenizing our assets will provide investors with a secure, transparent, and convenient way to access a wide range of investment opportunities.”

This comes days after DAMAC Group announced investing $20 billion in datacenters in the USA.

Additionally this is not the first partnership for MANTRA. In November 2024, MANTRA, partnered with Libre Capital, a UAE-headquartered financial instruments tokenization and issuance platform, to provide investors with onchain access to a diverse range of attractive investment funds.

While in July 2024, UAE based MAG Group Holding a multinational consolidation of different companies and sectors, announced it would tokenize $500 million worth of real estate assets with UAE based Mantra Blockchain.

CoinMENA and Fuze partner with MasterCard to offer Crypto Credential solution in UAE

CoinMENA and Fuze partner with MasterCard to offer Crypto Credential solution in UAE

As the UAE and Kazakhstan now join North America, Europe, Latin America, and Asia Pacific with Mastercard’s Crypto Credential solution, UAE regulated CoinMENA and Fuze are the first crypto exchanges to be onboarded. The solution simplifies the consumer experience allowing crypto exchange users to send and receive cryptocurrencies using simple aliases instead of complex blockchain addresses. Mastercard’s solution is marking its debut in the Eastern Europe, Middle East and Africa (EEMEA) region.

Mastercard Crypto Credential is facilitated through its partnerships with key exchanges and providers in the region. It also helps verify transactions among consumers and businesses using blockchain networks, providing the assurance that a user has met a set of verification standards and confirming that the recipient’s wallet supports the transferred asset. It brings greater trust and certainty to crypto transactions through the exchange of metadata and Travel Rule information.

This latest expansion will enable exchanges such as ATAIX Eurasia, Intebix, and in the UAE with CoinMENA, as well as Fuze.

“At Fuze, our collaboration with Mastercard on the Crypto Credential initiative underscores our dedication to advancing secure, efficient, and inclusive digital asset transactions across the EEMEA region,” said Mo Ali Yusuf, CEO, Fuze.“This partnership not only strengthens our commitment to supporting banks and fintechs in adopting crypto solutions but also marks a significant step in building trust and enhancing reliability within the evolving crypto landscape.”

“It is exciting to see Mastercard embracing blockchain technology and moving on-chain. Innovations like Mastercard Crypto Credential program are key to building trust and making digital assets more accessible and user-friendly, especially for joiners from traditional finance,” said Talal Tabba, CEO, CoinMENA.

Crypto Exchanges just have to verify their users with MasterCard

Using Crypto Credential is simple. The crypto exchange first verifies the user under the set of Mastercard Crypto Credential standards. At that point, the user obtains an alias to send and receive funds across all supported exchanges. When a user initiates a transfer, the solution confirms that the recipient’s alias is valid, and that the recipient’s wallet supports the digital asset and associated blockchain. If this is not the case, the sender is notified, and the transaction does not proceed, protecting all parties from potential loss of funds.

While the pilot will initially focus on facilitating peer-to-peer transactions, the potential applications of Crypto Credential are expansive, with future capabilities to include NFTs, ticketing, and other innovative payment solutions, depending on market and compliance requirements.

“As the cryptocurrency landscape continues to mature, we’ve been laser focused on developing innovative services and capabilities that help make crypto more accessible and secure, streamline the transaction process and enhance trust in the ecosystem. In bringing Mastercard Crypto Credential to the EEMEA region, we’re delivering on our vision to increase and instill trust in blockchain technology while also transforming the way that people interact with digital assets,” said Gaurang Shah, Executive Vice President, Head of Core Payments, EEMEA, Mastercard

“As one of the leading cryptocurrency exchanges in Kazakhstan, licensed by the AIFC, ATAIX Eurasia is focused on building a legal and accessible cryptocurrency infrastructure in the Eurasian and, eventually, global financial markets,” said Аrutyun Poghosyan, CEO ATAIX Eurasia. “That is why we are incredibly excited to join Mastercard’s interregional partnership to implement the crucial and timely Mastercard Crypto Credential technology. We look forward to strengthening our collaboration with Mastercard even further.”

CoinMENA and Ripple partnership

CoinMENA, was also recently selected list Ripple’s new RLUSD stablecoin on its platform. CoinMENA is the only crypto broker to be chosen by Ripple to list its stablecoin in the MENA region.

Saudi Sanabil Investments launches accelerator for Web3 startups

Saudi Sanabil Investments launches accelerator for Web3 startups

Saudi Sanabil Investments, a wholly owned company by the Public Investment Fund (PIF), and Orbit Startups have launched a new accelerator program aimed to invest in tech, Web3, healthcare and mobility.

Sanabil Accelerator by Orbit aims to support early-stage startups from Saudi Arabia and the MENA region as well as global startups seeking to expand into the region, according to a press release. The program will focus on key sectors, including fintech, healthcare, e-commerce, mobility, and logistics, among others.

Startups will receive an initial investment of $100,000 and access to follow-on funding. They will participate in an in-person market orientation in Riyadh and receive hands-on support from Orbit’s network of partners, mentors and investors.

William Bao Bean, Managing General Partner of Orbit Startups, commented, “Our partnership with Sanabil reinforces our commitment to scaling startups cross-border in the MENA region. This partnership will support startups as they scale beyond their home markets, positioning them to grow in the Kingdom of Saudi Arabia and across the MENA region through 2030 and beyond.”

“Partnering with Orbit, we are committed to empowering early-stage startups across diverse sectors including technology, healthcare, web3 and mobility,” a spokesperson at Sanabil Investments highlighted.

Powered by Blockchain and AI UAE G4Green marketplace is live

Powered by Blockchain and AI UAE G4Green marketplace is live

ImpactGulf, the creators of G4Green.com enterprise solution, UAE-based sustainability technology solutions provider, have announced that Blockchain and AI G4Green sustainable marketplace is now live.

As per the press release, the G4Green Marketplace is a comprehensive sustainability platform that enables green performers to showcase their achievements, and green innovators to promote their products and services. It also allows consumers and businesses to search for green products, services, partners and suppliers. The platform is complemented by a number of unique features to enhance user experience, sharing of ideas and collaboration. This includes a Green Blog where member companies can share news and information on sustainability, including global insights, company news, business requests, opportunities and event announcements.

“Large companies struggle to collect ESG data from their suppliers, whose sustainability performance reflects directly on the companies’ reputation. Meanwhile, the wider business community is overwhelmed by the complexity and breadth of sustainability issues and struggles to find sustainable partners or green products and services,” said Yassin Nasri, CEO and founder of ImpactGulf. “G4Green solves this problem by enabling any company, regardless of size, to progressively obtain sustainability information, receive guidance on building a sustainability profile, and share their green performance and innovations with partners, customers and the world.”

By inviting their corporate network to join G4Green Marketplace, large organisations, government agencies and global institutions can map the ESG performance of their suppliers and rally their entire corporate network around ethical principles. They can collectively onboard them, monitor and drive their sustainability performance and implement incentive tools to accelerate their ESG journey. Initially, the marketplace will be free to all registered companies in the UAE, with plans to expand globally next year.

Commenting on the platform, Nasri said: “G4Green represents a significant milestone in our ongoing commitment to drive positive environmental change and build capacity in the sustainability space. By providing organisations with the tools and resources to streamline their sustainability efforts, we aim to catalyse a broader shift towards greener business practices. Building and operating a sustainable business is not possible without the engagement of the wider business community.”

“Although the platform is free to use, we are pleased to offer significant and permanent discounts on premium membership to all UAE-based companies registered in sustainability free zones such as Masdar City or Expo City Dubai, or members of sustainability initiatives such as the Climate-Responsible Companies Pledge, the Global Compact Network or the SME Climate Hub,” added Nasri.

Vytautas Sabaliauskas, CTO at ImpactGulf, added, “The platform’s sustainability capabilities are powered by advanced technologies, including AI-driven data analytics and blockchain-enabled traceability, to ensure the integrity and reliability of sustainability initiatives. The platform also uses AI to detect false sustainability claims, helping companies avoid greenwashing by scanning social media posts for sustainability claim violations before they are posted.”

ImpactGulf is the host of the 14th National Dialogue for Climate Ambition (NDCA), and a signatory to the UAE Climate-Responsible Companies Pledge. It is also a participant in the United Nations Global Compact, and an officially recognised member of the Greentech Alliance. ImpactGulf was selected by Shell Middle East and StartUpbootcamp for the Shell StartUp Engine UAE 2022.