Cristiano Ronaldo has released his fourth NFT ( Non Fungible token) collection under the theme Road to Saudi Arabia. The NFT collection is in partnership with Binance. The exclusive NFT collection will be available only on the Binance NFT Marketplace.
As per Binance blog the campaign will run betwee May 29th and July 15th 2024, with the sales period ending on June 18th 2024.
The collection showcases seven unique NFTs, each representing a significant location in Cristiano Ronaldo’s decorated career — Madeira, Lisbon, Manchester, Madrid, Turin, Saudi Arabia and Portugal. Collectors can collect and earn utilities and rewards based on the number of unique NFTs they own from the collection.
The Road to Saudi Arabia” collection is as follows:
Madeira (2,800 Normal NFTs), Lisbon (2,300 Normal NFTs), & Manchester (1,700 Normal NFTs)
Note that while the number of Normal NFTs for each location differs, the price will be the same: 35 USDT (35 USD).
A total of four different rarity levels are available — Super Super Rare (SSR), Super Rare (SR), Rare (R), and Normal (N), and each rarity level will come with its own utility and benefits for NFT holders, as per the table below.
Dubai Courts has announced today the launch of “Tanfeeth+” program. This program sets a groundbreaking standard for digital integration and efficiency in providing judgment enforcement services by establishing a seamless, transparent, and integrated ecosystem that benefits all parties involved.
His Excellency Prof. Dr. Saif Ghanem Al Suwaidi, Director General of Dubai Courts, said, “This program is part of a comprehensive digital initiative to enhance the efficiency of the judicial enforcement ecosystem, aligning with the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, for Dubai to become the world’s fastest, the best and the fairest in judicial services.” His Excellency underscored Dubai Court’s thorough examination of the challenges facing judicial enforcement services and processes, leading to the adoption of Tanfeeth+.
Tanfeeth+ operates across five key impact pillars: Efficiency and Digitalization, Speed and Agility, Transparency and Information Sharing, Collaboration with Partners, and Legal Compliance. This program exemplifies Dubai Courts’ commitment to improving service levels, supporting government directives, and enhancing the judicial system’s efficiency, transparency, and justice.
His Excellency Judge Khalid Al Mansouri, Head of the Execution Court at Dubai Courts, emphasized that Tanfeeth+ reflects Dubai Courts’ vision to be pioneering and internationally distinguished, fostering efficient legislation implementation and offering advanced judicial services.
The strategic plan aims to achieve swift justice, enhance confidence in the judicial system, promote social and economic stability, and improve enforcement efficiency. It establishes a digitally integrated environment to streamline operations, improve service quality, and save time and effort.
Initiatives under Tanfeeth+ include: • Digital Writ of Execution Seal: Facilitates the enforcement of court rulings, enabling the petitioner to initiate procedures without the need to visit service centres. • Disclosure Platform: Allows the enforcement judge to directly inquire about the respondent’s assets and seize them for sale if necessary. • Integration with MOI: Ensures the enforcement of liberty-restricting orders, travel bans, and asset seizures by integrating with the MOI’s programme. • Digital Requests: Optimises execution procedures and automates administrative decisions. • Sale Notification System: Notifies officials about confiscated items for timely sale. • Automated Cancellation of Enforcement: Cancels enforcement procedures and lifts seizures once payments are completed. • Automated Disbursement System: Automatically disburses amounts deposited in the enforcement file to the petitioner’s registered bank account. • Virtual Bank Accounts: Enables direct deposits of seized assets into virtual accounts for automatic disbursement to each party.
UAE Blockchain and technology venture capital firm , Masary Capital has partnered with Landvault, a tech company specializing in AI-powered immersive experiences and digital twins for Fortune 500 companies and government organizations.
Masary Capital is led by Mr. Khalil Abdulla of the Wafi Group conglomerate and features an esteemed board, including Meshal Abdullah Bin Hussain, Chief Information Officer at the UAE Ministry of Finance, along with many other industry experts.
Masary Capital aims to accelerate companies by serving as a bridge for innovative enterprises that align with the region’s strategic goals.
Landvault has a portfolio featuring collaborations with the Abu Dhabi Government, Yas Marina Circuit, various Dubai ministries, the Saudi Government, sovereign funds, and private enterprises across the MENA region. The company continues to lead technological advancements in immersive experiences and AI-powered digital twins.
These experiences are leveraged by government entities for a variety of purposes, including marketing, promotion, and internal analytics. They align with the Dubai Metaverse Strategy established by the government of Dubai in 2022, which aims to position Dubai as one of the world’s top 10 metaverse economies and a global hub for the metaverse community.
At a private event in April 2024, Landvault unveiled their new tech stack designed to build immersive experiences. This includes an AI creation tool that accelerates the production of digital environments, a publishing platform that deploys digital twins on the web in minutes, and a comprehensive analytics platform.
“Joining forces with Masary and Mr. Khalil is a great achievement for Landvault and will accelerate our go-to market and ability to drive change in the public and private sector of the MENA region. Having their backing is a great vote of confidence” says Sam Huber, CEO of Landvault.
“We are impressed with Landvault’s commitment to the region and their innovative technology. We’re excited to partner with them to accelerate the rollout of this technology across the region,” says Khalil Abdulla, CEO at Masary Capital.
UAE regulated GCEX crypto has partnered with DV Chain a provider of liquidity and market-making services in the dynamic world of cryptocurrencies allowing GCEX clients to benefit from DV Chain’s exceptional crypto liquidity offering, with even tighter spreads and reduced execution costs.
Through this partnership, GCEX will provide enhanced brokerage services for spot cryptocurrency transactions, delivering unparalleled access to deep liquidity through its professional 24/7 service. Designed specifically for institutional clients, this offering is accessible through GCEX’s crypto-native platform – XplorSpot – or via API, facilitating the wider adoption of digital assets across institutions and professional traders.
Michael Aagaard, Managing Director, GCEX commented, “We are thrilled to expand our liquidity offering in digital assets through our partnership with DV Chain, one of the most advanced, globally recognized crypto market makers. As demand for deep liquidity in digital assets from institutional clients continues to rise, this partnership reinforces GCEX’s position as a leading regulated brokerage, delivering superior global crypto CFDs liquidity.”
Michael Rabkin, Global Head of Business Development, DV Chain commented, “We are excited to be working with GCEX, a leading global crypto brokerage, to enhance liquidity for their institutional clients. This collaboration allows us to bring our advanced crypto liquidity solutions to a broader audience, helping provide tighter spreads and reduced execution costs. Together with GCEX, we are committed to supporting the growing demand for efficient and reliable digital asset trading.”
People across the globe and in the Arab world are utilizing cryptocurrencies to help those in dire need in Gaza, whether it is utilizing “Care for Gaza” or the “International Rescue Committee” supported by ENS or even UNRWA.
On May 15th, over $20,000 USD was raised through crypto donations by @RESCUEorg better known as the International Rescue Committee (IRC) to deliver humanitarian aid in Gaza. This was done with the support of ENS the most widely integrated blockchain naming standard.
On X, ENS stated, “We’re proud to announce that ENS is supporting the International Rescue Committee.”
According to ENS, “This collaboration represents a significant step in leveraging blockchain technology for social good. To help and make an impact: donate with irc.eth.”
It’s important to note that the IRC itself doesn’t directly accept cryptocurrency donations. As per their website, the IRC protects itself from crypto volatility by engaging with partners (endaoment.org & every.org) who accept crypto on its behalf, settling cryptocurrency into FIAT currency which is then provided to the IRC in a compliant manner. The IRC currently does not directly accept cryptocurrency via its website and owned channels.
The IRC partners with Endaoment and Every.org. These platforms convert crypto donations into fiat currency (traditional money) before providing it to the IRC.
But IRC is not the only one accepting crypto payments to help Gaza. Care for Gaza noted in an X post, that Egyptians can now support them using Vodafone Cash. Earlier Care for Gaza also noted that individuals could pay in crypto as they were raising funds for flour. They noted, “We are currently focusing on providing flour bags to the displaced families.
OXFAM US is also accepting crypto to help the people of Gaza. On their website they stated, “We accept Bitcoin and a wide variety of cryptocurrencies through The Giving Block, a platform that processes crypto donations for nonprofits. Use the widget above to make your donation: Under “Select Your Crypto” select the type of crypto to donate from the dropdown. Enter your donation amount in the crypto of your choice or USD. Fill out your name and address (optional), and enter an email address where you would like to receive a tax receipt.
They add as well that “Cryptocurrency donations will be automatically converted to dollars for immediate use to support communities around the world.”
Oxfam’s UnBlocked Cash project (UBC) is a blockchain-powered cash transfer solution that is set to tackle this challenge. It is saving costs of distributing aid, reducing delivery times, and bringing more transparency and accountability in the process. It offers an opportunity to improve how aid is delivered without compromising the dignity of beneficiaries.
This need for aid donations has become more pressing with the Israeli onslaught in Rafah. On May 28th, The International Rescue Committee (IRC) in a blog post stated “We horrified by the multiple Israeli air strikes and bombardment that have so far killed at least 60 Palestinians and injured dozens more, including women and children, in Rafah. These attacks have resulted in the largest number of casualties since the Rafah incursion began and they come a few days after the International Court of Justice ordered Israel to stop its offensive on the city. These devastating attacks occurred on Sunday night, in an area housing displaced people where tents caught fire, with a further attack today in a supposed safe zone.”
Kiryn Lanning, IRC’s Team Lead in the occupied Palestinian territory (oPt), said, “We are deeply outraged by the tragic loss of civilian life as the Israeli incursion into Rafah intensifies. These incidents reaffirm our repeated warnings that no place and nobody is safe in Gaza. Camps housing displaced people must never be targeted. The reports from the ground are extremely disturbing – with people trapped in the fire and burning tents.
“There was not a single evacuation order for these attacks given to civilians that have sought shelter in Rafah after being displaced from other parts of Gaza. The targeting of so-called safe zones, densely populated with displaced civilians, is a violation of International Humanitarian Law and completely unjustifiable. The high concentration of civilians in these zones makes it impossible to avoid significant collateral damage and high mortality rates during military offensives, even with precision targeting.
As if bombardment was not enough, The United Nations Relief and Works Agency (UNRWA) has suspended food distributions in Rafah due to shortages. Only ten bakeries remain operational in Gaza but are imperiled and may soon run out of cooking fuel. The WHO Director General has called the situation “beyond catastrophic.”
In March 2024 UAE announced that it would allow Bitcoin and crypto donations to specified entities during Ramadan.
If blockchain and crypto was ever needed it is needed today and can be used, not only to make sure that donations reach Gaza but also make sure that these donations are tracked transparently.
Indirectly announcing their expansion into the UAE Digital Asset Solutions (DAS), a Swiss based crypto asset manager announced that they had hired Swiss financial professional Csaba Dekany on board as a strategic partner.
Dekany is already residing in Dubai UAE since 2023 has had a strong career at Credit Suisse, and Granite Gorup in Zurich.
DAS reports to the self-regulatory organization PolyReg in Switzerland, which underlines that compliance with the highest standards in terms of anti-money laundering (AML), customer protection, and transparency is a matter of course.
Dekany is expected to play a key role in the crypto specialist’s international expansion and leverage his extensive experience for his role as strategic advisor to management.
DAS on LinkedIn stated, “We’re thrilled to have Csaba Dekany join us in our expansion to Dubai! He will play a pivotal role in our first international push with his many years of experience in the financial sector and support DAS in identifying new opportunities in the Emirates.”
Csaba in a LinkedIn post stated, “Happy to be part of the journey to connect traditional finance with digital assets.”
Also on board with DAS is Zurich-based asset manager and CEO of VT Wealth Management, Sacha Fedier. He is taking a seat on the board of directors and noted that the UAE is «a market with great potential».
The UAE has been attracting an array of crypto and digital asset entities from across the globe, including crypto exchanges such as Crypto.com, OKX, Binance and many others.
It is no surprise that DAS is also setting its footprint in the UAE as well.
USA based Marvion Inc., (OTC:MVNC), a blockchain technology firm has announced the application of its blockchain Halal projects within the UAE utilizing their Digital Ownership Token (DOT) technology framework. The Halal solution includes artificial intelligent modules (AI) to enhance the security framework of the solution.
As per the press release, this initiative marks a major milestone in Marvion’s commitment to utilizing its proprietary technology to create new intangible assets, beginning with Halal certification.
Marvion signed an agreement with a prominent Halal certification provider, marking the first step in its ambitious plan to revolutionize the certification process through blockchain technology. This partnership aims to enhance the transparency, efficiency, and security of Halal certifications, ensuring authenticity and trustworthiness in the market. Halal, which means “permissible” or “lawful” in Arabic, refers to a broad range of regulations that specify what foods Muslims are allowed to eat. These regulations cover not just ingredient lists but also production processes and handling techniques. Certification agencies in this industry evaluate and certify that food items, ingredients, and production processes meet Halal requirements.
“We are thrilled to be breaking new grounds with our blockchain Halal projects,” said Dr Edmond Chan, CEO of Marvion Inc. “Our collaboration with a leading Halal certification provider is just the beginning. By leveraging our cutting-edge blockchain technology, we aim to create a robust and secure system for Halal certification that can be extended to various sectors beyond food. During the past year we have proven and ground tested our blockchain DOT technologies in practical business usage and applications within the movie media industry.”
The introduction of blockchain technology into Halal certification processes is poised to bring numerous benefits, including:
Enhanced Transparency: Blockchain’s immutable ledger ensures that all transactions and certifications are recorded transparently, reducing the risk of fraud and ensuring the integrity of Halal certifications.
Increased Efficiency: By automating certification processes and reducing the need for manual intervention, blockchain technology can significantly streamline operations, saving time and resources for certification bodies and businesses alike.
Improved Security: Blockchain technology provides a highly secure platform for storing and verifying certification data, protecting it from tampering and unauthorized access. By adding artificial intelligent module into our security layer, it can highly prevent anyone trying to breach through our Halal certification, ensuring the highest level of genuine certification provided.
“According to Verified Market Reports, Halal Food Certification Market size was valued at USD 2,339.3 Billion in 2023, and is projected to reach USD 5284.98 Billion by 2030.
As we continue to make inroads in the UAE region, our focus remains on expanding our Halal certification capabilities to include a wider range of businesses,” added Dr Chan. “Our proprietary technology will serve as a foundation for creating new intangible assets, fostering innovation, and driving growth in the Halal market.”
Recently the UAE Abu Dhabi Agriculture and Food Safety Authority (ADAFSA) issued an advisory to UAE farmers stating that crypto mining on farms could cause a sharp spike in electricity bills and cannot be carried out on UAE farm lands. For some this is confusing given that in many countries it is encouraged to utilize bitcoin mining for farming and agriculture.
As per the announcement published in Khaleej Times, “This activity is considered a misuse of the farm for purposes other than its intended use.” Those caught mining crypto on farms shall face fines of up to Dh10,000, it added.
Bitcoin Mining and High energy, water costs
This is not the first time Bitcoin or crypto mining is associated with high energy usage and costs. In a research paper entitled,” The Environmental Footprint of Bitcoin Mining Across the Globe: Call for Urgent Action. Earth’s Future, 2023” the authors used energy, carbon, water and land use data from 2020 to 2021 to calculate country-specific environmental impacts for 76 countries known to mine bitcoin. They focused on bitcoin because it’s older, popular and more well-established/widely used than other cryptocurrencies.
As per the research if bitcoin mining were a country, it would be ranked 27th in energy use globally. Overall, bitcoin mining consumed about 173 terawatt hours of electricity in the two years from January 2020 to December 2021, about 60% more than the energy used for bitcoin mining in 2018-2019, the study found. Bitcoin mining emitted about 86 megatons of carbon, largely because of the dominance of fossil fuel-based energy in bitcoin-mining countries.
In terms of water, global Bitcoin mining used 1.65 million liters (about 426,000 gallons) of water in 2020-2021, enough to fill more than 660,000 Olympic-sized swimming pools. China, the U.S. and Canada had the largest water footprints. Kazakhstan and Iran, which along with the U.S. and China have suffered from water shortages, were also in the top-10 list for water footprint.
“These are very, very worrying numbers,” Madani said. “Even hydropower, which some countries consider a clean source of renewable energy, has a huge footprint.”
Yet in terms of land use, the study analysed land use by considering the area of land affected to produce energy for mining. The land footprint of server farms is negligible, Kaveh said. The global land use footprint of bitcoin mining is 1,870 square kilometres (722 square miles), with China’s footprint alone taking up 913 square kilometres (353 square miles). The U.S.’ land footprint is 303 square kilometres (117 square miles), and likely growing while China’s is shrinking.
ADAFSA Justified in its decision
Mohamed El Masri, Founder and CEO of Permianchain, a blockchain start-up based in Toronto, Canada, that operates a permissioned blockchain platform to unlock liquidity from unused or underutilized natural resources reserves offering a mechanism for funding and energy creation for bitcoin mining and other sectors, explains, “I believe the recent warning by ADAFSA is justifiable and should have come way sooner. In my opinion, the AED 10,000 fine is a good warning fine, but if those miners do not comply, they should be fined a full year of bitcoin production (revenue) and be banned from ever conducting bitcoin mining business in the country.”
According to El Masri it is necessary to impose good practice and a sound regulatory compliant environment to maintain the UAE’s leading crypto stance. He notes, “Bitcoin mining is meant to be a social and economic practice that improves the livelihood of communities where energy and natural resources are underutilized, wasted or require commercial viability to bring to market. By hoarding power on agriculture land where it’s intended purpose is to bring much needed food security to the nation, I find that quite a waste of much needed resources.”
He explains that mining on agricultural land is not scalable anyway, and will not last. He states, “It was always a temporary fix for small-time retail mining managers to make a quick buck… the intention of these operators is money and not community or to build a circular economy for new wealth.”
He offers a solution which entails utilizing bitcoin mining in greenhouses and agribusiness to make use of the heat by-product for water heating, greenhouse crop production and other innovations are already being put to practice in various parts of the world.
Utilizing Bitcoin mining for sustainable Farming
This is true, other countries have opted for using excess energy, such as the methane waste on farms to use for Bitcoin mining. The mining of Bitcoin, requiring substantial energy input for the computational processes, can effectively harness this surplus methane, mitigating its impact as a potent greenhouse gas while simultaneously transforming waste into wealth.
The AmityAge Mining Farm in Slovakia exemplifies this fusion, transforming human and animal waste into biogas, consequently powering their Bitcoin mining rigs. This dual benefit fosters sustainability while offering a robust business model that mitigates greenhouse gas emissions.
In Canada a Manitoba company is using waste heat from bitcoin miners to heat their Greenhouse and fish farm business. In addition Myera Group in Canada is merging the worlds of Bitcoin mining and sustainable agriculture. Within the walls of a former car museum, Bruce Hardy, president of Myera Group, orchestrates a unique operation where more than 30 miners hash away on the second floor, quietly mining bitcoin while generating heat that serves a dual purpose, powering the ASIC miners and nurturing nearby plants in a greenhouse.
Even Iceland which boasts of an abundant supply of renewable energy, making it attractive hub for bitcoin miners, but is plagued with a large gap in food trade balance, depending on imports for basic necessities, is considering utilizing the synergy between bitcoin mining and use of renewable energy to offer a heating solution for businesses and greenhouses.
UAE Bitcoin Mining
In Conclusion the issue might not be Bitcoin mining on farms per say, but on what energy resources are used for Bitcoin mining, and how the excess heat from Bitcoin mining can be used for something useful allowing for a sustainable process, with less effect on the environment while enabling food sustainability.
This is especially important given that Abu Dhabi in particular has become of a hub for Bitcoin mining in the MENA region. In 2023 Zero Two, and Marathon Digital Holdings, Joint entity based out of ADGM for crypto mining inaugurated a 200 MW Bitcoin mining facility at Masdar Abu Dhabi.
As per Marathon digital website, Marathon digital is currently using UAE electricity grid to power the Bitcoin mining farm in Abu Dhabi, with 8,500 operational miners with a hashrate of 1.2 EH/s. ( They note on their website that *Data only represents Marathon’s share of the joint venture and not the total scope of operations). Marathon Digital own 20% of the joint venture.
Many in the ecosystem have noted that in the future, the UAE plans to use solar energy and nuclear energy as sustainable resources for energy production, until then whether Bitcoin is being mined on farms or elsewhere, the energy cost remains high.
Crypto Futures have risen in popularity over the years, being considered as one of the most sought out cryptocurrency derivatives offering. In the past weeks, on news that Ethereum Spot approvals from the U.S. Securities and Exchange Commission, might be approved, ETH Futures traded funds hit an all time high, The Ethereum futures ETFs generated $47.75 million in trading volume on May 21st 2024, 40% more than the prior $34.18 million peak set on March 5th 2024. Then the Ethereum ETFs were approved.
According to Bitget MENA, a Web3 cryptocurrency exchange, crypto traders in the region have become savvier, Bitget has witnessed a 52% increase in crypto futures trading from January 2024 until April 2024. Usually crypto trader beginners start with what is called spot trading, it is easier, and quicker. Yet to see that Bitget has witnessed this increase in crypto futures means that MENA crypto traders are gaining expertise.
This comes at the heels of Bitget’s Q1 2024 report where it highlighted more than 100% growth in crypto futures trading volume. Crypto futures trading volume was approximately US$ 1.4 trillion, representing a 146% increase, while Bitget Spot trading volume increased by 113% to over US$ 160 billion.
Bitget Global also witnessed substantial growth in the volume of Bitcoin Future trades on its platform from May 2023 compared to April 2024. In April 2024 the volume of Bitcoin Futures on Bitget crypto exchange reached $437.38 billion out of a total market of $1.9 trillion. In May 2023 this figure stood at $124.54 billion out of a market of $923.29 billion. (Source The Block)
The crypto exchange saw the highest increase in derivatives market share, with a growth of 2.4% in March 2024.
The enthusiasm for crypto futures comes at just the right time, with Bitget, a Web3 and crypto currency exchange, announcing that its 5th edition of the King’s Cup Global Invitational (KCGI) annual trading competition will include a crypto futures competition.
Sam Spiers, Regional Director at Bitget MENA explains, “Bitget MENA and our global operations have continuously offered our clients diverse choices for trading and benefiting from the crypto market. This is reflected in the growth of crypto futures trading in the MENA region and globally. It also showcases the maturity that most crypto traders have gained both in MENA and internationally, given that crypto futures trading is more complex than just spot trading.”
He adds, “We are happy to encourage crypto futures trading further with the launch of Futures trading team competition part of our yearly KCGI competition. The total prize pool of KCGI will reach 5,000,000 USDT.”
Gracy Chen, CEO of Bitget added, “As we embark on the fifth edition of KCGI, we are excited to provide traders with an unparalleled opportunity to test their skills, challenge themselves, and compete for incredible prizes. KCGI represents more than just a trading tournament, it is a celebration of the passion, dedication, and talent of our global trading community.”
Earlier this year, Bitget, announced a record all-time high in trading volumes in the MENA region while witnessing a growth of 500% in trading volumes since it started serving the MENA region in November 2023. Bitget now boasts of 2.5 million users from the MENA region, making up 10% of its total global user base which is 25 million.
In 2023 Bitget announced its expansion into the Middle East region with plans to establish its regional hub in the UAE and hire 60 employees as part of its global scaling strategy. Bitget has already begun exploring license applications to operate in target Middle East markets
BIM Ventures, the Saudi Venture Studio, which has invested in Saudi Web3 startups such as TakaDAO has signed a Memorandum of Understanding with SBI Holdings to establish a $100 million joint investment fund dedicated to nurting startups and investing in the Saudi market. The collaboration was facilitated in partnership with the Ministry of Investment of Saudi Arabia (MISA).
The MoU was officially signed during the Saudi Japan Vision 2030 Business Forum in the presence of their excellencies from Saudi Arabia; the Minister of Energy, HRH Abdulaziz bin Salman bin Abdulaziz, the Minister of Culture, HH Prince Badr bin Abdullah bin Farhan, the Minister of Investment, HE Eng. Khalid Al-Falih, the Minister of Communications and Information Technology, HE Eng. Abdullah Alswaha and from Japan, Ken Saito, the Minister of Economy, Trade and Industry. In addition to representatives from the Ministry of Investment and both companies.
SBI Holdings has set up in the region and has been investing in digital asset ventures and startups. SBI Holdings entered into a Memorandum of Understanding with Saudi Arabian Aramco, one of the leading energy and Chemicals Company, after SBI Holding established a digital asset venture in UAE with Standard Chartered.
In a statement to Argaam media, the company said this strategic partnership underscores the mutual commitment of Saudi Arabia and Japan to reinforce bilateral economic relations. The primary objective is to support innovative startups in the Saudi market by providing essential financial and logistical support to foster sustainable growth in this vital sector.
The fund is designed to assist startups by offering crucial funding during their establishment and growth phases. Additionally, it will provide expert guidance and mentoring to ensure the success of these emerging companies. The fund also aims to attract foreign investments into the Saudi market, creating a supportive and innovative investment environment.
Mohamed Amine Merah, Managing Partner and CEO of BIM Ventures, commented on the agreement, saying, “The partnership with SBI Holdings reflects our dedication to enhancing the entrepreneurial ecosystem in the Kingdom. We aim to provide opportunities for startups to achieve growth and innovation, fostering bilateral relationships between Saudi Arabia and Japan. Our primary goal is to work with the Ministry of Investment to attract local and international partnerships, thereby positively impacting the Kingdom’s economy.”
Yoshitaka Kitao, Representative Director, Chairman, President & CEO of SBI Holdings added, “SBI Group positions the Middle East as a strategically important region and plans to strengthen deployment of management resources in this region. Together with MISA and BIM, SBI Group is honored to support venture companies in Saudi Arabia and contribute to the economic growth of the Kingdom by leveraging the global network and experience in venture investment accumulated since its establishment in 1999.”
