KSA government is all in for Blockchain and AI in logistics and supplychain sector

KSA government is all in for Blockchain and AI in logistics and supplychain sector

Shipsy, a leading global SaaS-based logistics management platform provider which utilizes technologies such as blockchain has signed an MOU with Monsha’at, the Small and Medium Enterprises General Authority of the Kingdom of Saudi Arabia, to support Saudi Vision 2030. This development took place at the sideline of Biban 23 Forum.

The MoU highlighted that Shipsy would offer its technology at a significant concession for all customers channeled through Monsha’at. The logistics SaaS provider also earmarked an investment worth USD 10 million over 5 years in the region to drive technology innovation and research and development.

This MoU’s objective will be to develop and support SMEs and entrepreneurship under the laws and regulations in force in the Kingdom of Saudi Arabia and commensurate with the available resources, aiming to drive growth and economic diversification.

“We are honored to partner with Monsha’at and thrilled to be a part of KSA’s Vision 2030. We are committed to drive technology inclusion in the Kingdom’s rapidly growing supply chain and logistics industry. Technologies like AI, automation, and Machine Learning, IoT, Blockchain and data analytics will create numerous employment opportunities and unlock efficiencies that will help logistics stakeholders build sustainable, agile and cost-efficient logistics processes,” said Soham Chokshi, CEO and Co-Founder, Shipsy.

Prior to this announcement, Alea Global Group Investments carried out a session on Blockchain in Trade Finance during their Alea Sessions edition in Riyadh KSA.

In November 2022, Saudi Arabian, Saudi British Bank (SABB) utilized Contour Blockchain platform to enhance trade finance by improving letter of credit and guarantee procedures for enterprises and international businesses. SABB worked with local fintech entity Bwatech.

Qatar pilots blockchain digital signatures and announces future DLT regulations

Qatar pilots blockchain digital signatures and announces future DLT regulations

Two blockchain announcements have come out of Qatar demonstrating that the Gulf country is starting to utilize and grow DLT (Distributed Ledger Technologies) and Blockchain.  The first is the piloting of digital signatures and certificates to be validated on Qatar’s national blockchain network and the second is the inclusion of DLT in Qatar’s Central Bank Fintech strategy.

This comes after Qatar announced its Blockchain blueprint in 2022 led by the Communications Regulatory Authority.

Qatar’s Genesis Technologies launched the imdaat pilot, a decentralized signature and certificate issuance platform during AlFikra national entrepreneurship competition an initiative of Qatar Development Bank and Qatar University.

As per the LinkedIn post by Genesis Co-Founder Mazen El Masri, “Over 130 certificates were issued, signed, and registered on Genesis blockchain network. Our team at Genesis Technologies LLC is happy and proud to support such national initiatives. The pilot was successful and a start of a long journey to have all digital signatures and certificates registered and validated on a national blockchain network.”

Genesis is the brain child of two professors at Qatar university who came together to build a blockchain network from scratch that would not only be utilized as a ledger but also as a super computer. They named it Maxya blockchain which is built on consensus mechanism “Proof of Useful Work”. The consensus mechanism creates added value by solving optimization problems for business.

The project started with a $2.6 million fund for an applied research program from Qatar National Research Fund, from which the launched MaxYa test net based on was launched and is being tested in Qatar.

But that was not the only Blockchain news from Qatar. The Central Bank of Qatar announced its Fintech strategy which includes the implementation of DLT (Distributed Ledger Technology) as part of its corporate enablement tools.

As per the Fintech strategy, the Central Bank of Qatar will be the focal point for regulations that include emerging technologies such as cloud computing, AI, an DLT. They will also be launching an enhanced regulatory sandbox to test the innovative technologies. 

UK based InfoDriver to launch $10 million DeFi, GameFi, AI fund targeting UAE startups

UK based InfoDriver to launch $10 million DeFi, GameFi, AI fund targeting UAE startups

UK investment company InfoDriver Capital is launching a $10 million fund for DeFi, GameFi and AI startups targeting UAE, UK, Europe and USA.

The company has expertise in supply chain solutions, automated lending platforms, exchanges, DeFi, and AI applications including digital identity, authentication, content generation, and has already developed successful technology products over seven years.

InfoDriver Capital anticipates a 3-5x return on investment in just 2-4 years and is currently seeking experienced and accredited investors with a minimum investment requirement of $100,000. The investment strategy charges only 5% investments and diversifies the total portfolio of the startups from Seed to A round with a working revenue model and user base.

According to Kirill Mishanin, CEO and Founder of InfoDriver Capital stated, “Investing in startups in the Web3 space is a wise decision, as it is the future of the internet. InfoDriver Capital is committed to shaping that future by supporting innovative startups in this field. We are thrilled to be able to support these innovative startups and help them reach their full potential. We believe that Web3 is the future, and we are committed to helping shape that future by investing in startups that are working on innovative solutions.”

Infodriver Capital has already identified several promising startups, including Certhis wallet with utility collections, Aspis DAO asset management, Banger’s gaming DeFi, Toscale’ super app for liquidity and social trading, Main’ community-building platform, Stage’ only-music-fans for Zen Z, and Babylon Voice for Metaverse as Media Wallet with Digital ID – VoicePrint, that is Face ID did for iPhone.

Saudi’s IR4LAB’s uses blockchain for charity food distribution in Ramadan

Saudi’s IR4LAB’s uses blockchain for charity food distribution in Ramadan

Saudi Arabian Blockchain and AI development startup IR4LAB,  is tracking food packages distributed to families during the holy month of Ramadan as part of charity donations. 

The Blockchain solution leverages DocCerts,  which has been utilized to issue a unique authenticity card for each package and assigned a unique ID and QR code to it.

Recipients can scan or enter the ID to obtain real-time details about the package delivered, including its source and contents. Once the package is verified, an entry is added to the transaction history, allowing confirmation of receipt in real-time and eliminating the need for time-consuming reporting back to the donors.

In addition, the system has an approval workflow feature, which is especially useful for transactions that involve multiple stakeholders. This is often the case with charity initiatives that involve various organizations, including government entities, private corporations, and non-profit organizations.

Charity initiatives are crucial for strengthening the social fabric, fostering local and international cooperation, and improving the lives of many communities worldwide. However, they are susceptible to fraud and misuse, which can erode donor trust. Therefore, a traceability system based on Blockchain technology can be instrumental in mitigating these risks and enhancing transparency and trust.

Majd Jamal Alafifi, Co-Founder and CEO of IR4LAB, stated, “This is an excellent example of utilizing technology such as Blockchain for social good, and we are delighted to have successfully completed this unique initiative in the region.”

Mohamed EL KANDRI, Co-Founder and CTO of IR4LAB, added, “We are proud to use our solutions to help our communities in a meaningful way, and we believe that new technologies can accomplish even more in line with the sustainable development goals, not only in the region but also worldwide.”

During Saudi’s leading tech event LEAP 2023, in February  IR4LAB, and SGS (Saudi Ground Services), jointly announced the implementation of DocCerts Blockchain management solution for all training related digital documents and ground service equipment licenses issued by SGS at 28 Saudi Arabian airports where SGS provides ground services.

Saudi Ground Services to implement Blockchain document solution across 28 airports in KSA

Saudi Ground Services to implement Blockchain document solution across 28 airports in KSA

During Saudi’s leading tech event LEAP 2023, being held between February 7th-9th in Riyadh KSA, IR4LAB, a Saudi-based company specialized in disruptive technologies such as Blockchain and Artificial Intelligence., and SGS (Saudi Ground Services), jointly announced the implementation of DocCerts Blockchain management solution for all training related digital documents and ground service equipment licenses issued by SGS at 28 Saudi Arabian airports where SGS provides ground services.

The Blockchain enabled solution will allow SGS to issue over 10,000 digital documents annually including licenses.

Document verification is one of the major challenges internationally. DocCerts is a solution developed to solve these issues by utilizing the power of Blockchain Technology.

Eng. Ayman Alghamdi, Vice President of Human Resources, at SGS, said: “We are very pleased to be announcing this groundbreaking solution at LEAP 2023. This is a historical moment and it’s the first initiative of its kind in the aviation industry. SGS delivers services to over 88 million passengers on 690,000 flights a year. Using DocCerts Blockchain solution at KSA airports we will be able verify documents and licenses easily, securely and efficiently improving customers’ experience. We are proud to be working towards achieving Saudi Arabia’s vision 2030 through these efforts.”

Airport ground services support smooth aircraft operations. Functions carried out through these services include delivery of passenger services, baggage handling, ramping, traffic control, load control and fleet solutions. According to Expert Market Research, global Airport Ground Market Size will grow at a CAGR of 10.40% in the Forecast Period of 2023-2028

Majd Jamal Alafifi, Co-founder & CEO of IR4LAB stated: “IR4LAB was Saudi Aramco’s first blockchain technology investment in the Kingdom given that we are committed to increasing the tech adoption in the country as well as building local capabilities. The agreement today with SGS is a clear example of the fruitful collaboration between local blockchain tech startups and leading local companies in the adoption of new technologies such as blockchain. We look forward to more agreements with other players in KSA as part of the aim to achieve Saudi’s 2030 vision and lead the way locally and globally.”

Mohamed EL KANDRI, Co-Founder & CTO IR4LAB added: “This is an important milestone for the aviation industry not only in KSA but worldwide. Our customizable solution DocCerts allows any organization to create documents for their recipients using digital signatures that are then issued on the blockchain. This enables all stakeholders to verify them securely in real-time making the ground service offering in KSA airports safer, quicker, and more transparent.” 

Blockchain UAE Trade Finance platform adds United Arab Bank as 11th bank on its platform

Blockchain UAE Trade Finance platform adds United Arab Bank as 11th bank on its platform

Blockchain UAE Trade Connect platform, the UAE’s first trade finance platform to combat fraud has added United Arab Bank (UAB) as its 11th bank on its platform.

UTC, the fintech blockchain platform of e& enterprise, is the UAE’s first commercialized solution to combat fraud in the trade finance space built on advanced technologies, namely blockchain and Artificial Intelligence (AI). UTC is a collaborative project of the banking industry and co-created with e& enterprise.

UAE Trade Connect is a cloud-native solution that detects suspicious transactions, prevents fraud and duplication, and supports a wide range of trade-related documents that is validated and inspected in real time.

Shirish Bhide, Chief Executive Officer at United Arab Bank, stated, “We wholeheartedly support UTC’s mission of driving digital transformation and reducing fraud risks. This strategic partnership aligns with UAB’s mission to accelerate growth through digitization and to build a secure and transparent trade finance ecosystem. UTC’s benefits will not only protect UAB’s customers and the wider banking system but will also boost global trade. It is a pivotal event in the digitization space, with the potential to make trade financing more accessible, affordable, and equitable.”

 Zulqarnain Javaid, Chief Executive Officer of UTC, added, “We are excited to welcome United Arab Bank to our banking consortium – UAB joins us as a full member along with 10 other UAE banks. All consortium members play an equal and active role in the steering and governance of the UTC platform. Since our launch in April 2021, UTC has inspected transactions worth close to AED 100 billion in real time. This achievement is aligned with the UAE government’s vision to bring the best in technology building a competitive economy and stepping up the digital transformation process to enter into the new digital banking era.”

With the advent of the Invoice Factoring law recently published by the Federal Government of the UAE, the UTC blockchain platform will be a key enabler for banks to increase lending to SMEs and allow corporates to borrow against their trade receivables.

In December 2021, the UAE Blockchain AI enabled UAE Trade Connect trade finance platform which was built by Etisalat and Blockchain solution provider Avanza Innovations, had processed 10 Billion AED (2.7 billion USD) worth of invoices during the first eight months of its operation. Etisalat Digital launched UTC trade Finance platform in April of 2021 alongside seven banks within the UAE.

In early 2022, Abu Dhabi Commercial Bank joined UTC platform as did Dubai Islamic Bank. At that time UTC had in total nine banks on its roster. The founding banks included First Abu Dhabi Bank (FAB), RAKBANK, Emirates NBD, Commercial Bank of Dubai, National Bank of Fujairah, Mashreq Bank, ADIB – Abu Dhabi Islamic Bank, and Commercial Bank International.

WEF to support UAE’s Blockchain and AI enabled Trade Tech Initiative

WEF to support UAE’s Blockchain and AI enabled Trade Tech Initiative

At Davos, the UAE government signed an MOU with WEF (World Economic Forum) to support UAE’s new Blockchain and AI enabled Trade Tech initiative. The initiative is designed to accelerate the digitization of international supply chains, enhance customs procedures, and improve developing countries’ access to the global trading system and, as a result, spur a new era of trade growth.

From the UAE’s side, the MoU was jointly signed by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED), and Prof. Klaus Schwab, WEF Founder and President.

The agreement will support the UAE’s efforts to deliver the initiative’s four key components: a global forum to gather trade, industry and technology leaders to share best-practice; an annual research report into the trade tech landscape, real-life applications and emerging trends; a regulatory sandbox to enable companies and startups to experiment with trade-tech innovations; and an incubator for promising startups in the trade tech space.

Dr. Al Zeyoudi said, “The Trade Tech Initiative is a crucial step in modernizing global trade, using the tools of the Fourth Industrial Revolution (IR 4.0) to reduce the cumbersome and inefficient paper-based processes that continue to dominate supply chains. We believe it is essential to harness the benefits of advanced technology to catalyze global trade  using artificial intelligence to automate customs processes and warehouse management to deploying blockchain to revolutionize trade finance, cross-border payments, and know-your-customer procedures, the potential for enhancement is limitless.”

He added, “International buy-in and regulatory frameworks are essential for these ideas to take root and our partnership with the World Economic Forum is a vital first step in realizing the goals of the Trade Tech Initiative. In 2024, the UAE will host MC13, the leading decision-making body of the World Trade Organization, and we are determined to build consensus over the next 12 months to begin pioneering a new era of fully digitized, operationally efficient global trade.”

Al Shorafa stated, “The UAE has a strong track record in developing and deploying innovative technologies to enhance efficiencies in the trade process. A typical example is our Advanced Trade & Logistics Platform (ATLP), the one-stop-shop for all trade operations. The emirate utilizes advanced technology such as AI-powered systems to enable traders facilitate their import and export transactions. We believe The UAE’s new Trade Tech Initiative further strengthens our efforts to enable traders to export and import seamlessly by accelerating the digitization of supply chains, and enhancing customs procedures.”

Concurrently UAE’s Minister for Foreign trade H.E. Thani Al Zeyoudi stated in an interview with Bloomberg, “Crypto will play a major role in the United Arab Emirates’ global trade moving forward.

Minister Thani Al-Zeyoudi, commenting on the crypto sector, said, “Crypto will play a major role for UAE trade going forward. The most important thing is that we ensure global governance when it comes to cryptocurrencies and crypto companies.”

 Al-Zeyoudi went on to suggest that as the UAE works on its crypto regulatory regime, the focus will be on making the Gulf country a hub with crypto-friendly policies that also have sufficient protections in place. He explains, “We started attracting some of the companies to the country with the aim that we will build together the right governance and legal system needed.”

UAE’s Emirates Health Services utilizes IoT, Blockchain and AI in its metaverse

UAE’s Emirates Health Services utilizes IoT, Blockchain and AI in its metaverse

UAE’s Emirates Health Services (EHS) has launched a Metaverse-based Virtual Telemedicine Solution using 3D virtual reality technology which utilizes technologies such as AI ( Artificial Intelligence), IoT (internet of Things) and Blockchain technology. 

As per the press release, the launch is part of transformative projects which leverage advanced technology and promote smart services such as remote health solutions and telemedicine. 

Through the project, EHS aims to deliver virtual medical consultation services supported by advanced technologies. This first-of-its-kind technology enables members of society to access e-services via smart devices, thus scaling up service to reach broader segments of individuals and enhance the customer experience. Through the new virtual channel, patients can effortlessly access psychiatric consultation services, family health promotion clinics, and customer happiness centers.

Dr. Yousif Mohammed Al-Serkal, EHS Director-General,  states, “ It is the first global healthcare provider to apply Metaverse technology to provide advanced services and promote sustainable health development goals by adopting best practices that leverage AI, IoT and Blockchain technologies. This aims to strengthen governance, clinical review services, and research, promote global ethical standards and best practices, and enhance the sector’s competitiveness to world-class levels. The above aligns with our strategy of future-proofing our services against emerging challenges.”

He added, “Our transformative projects aimed at promoting innovation, investing in national healthcare capacities, and continuing to keep abreast of the rapid global developments and changes in the sector by using the latest global medical devices and AI-based treatments and service automation.”

The project will provide psychiatric consultation services for different age groups in addition to accessing the Customer Happiness Centre and family-centered health promotion services. The project complements the goal of EHS to be at the forefront in applying Metaverse technology and equipment-free services.

Metaverse provides a 3D interactive space that allows customers to engage with healthcare professionals through a secure link using their devices equipped with a camera, microphone, and speakers. This way, patients need not purchase equipment such as headphones or controllers. Doctors can assess conditions, discuss treatment plans, and provide treatment and other clinical services.

UAE crypto mining hardware retailer to invest $300 million in global expansions

UAE crypto mining hardware retailer to invest $300 million in global expansions

Amidst what some might consider as bearish markets especially for the crypto mining industry given high energy prices and decreased value in crypto markets, UAE’s crypto mining hardware retailer, Phoenix Technology is investing $300 million in crypto mining sites across the globe.

As per recent news, Phoenix Technology is developing a large scale site in the United States which will be launched in Q2 of 2023. The site will utilize the latest mining technologies including immersive cooling.

Carl Agren, CEO of Phoenix Technology, stated, “Phoenix Technology is aiming to switch from a regional player in the mining space to a global one. In other words, developing, maintaining, and operating sites all around the world. We have been currently focusing on the North American markets, mainly the US and Canada. However, we are planning on setting foot in other regions to try to identify opportunities in untapped mining areas. We are devoting $300 million to be invested in different sites that are development opportunities, under development, or currently operational.”

The company has also signed a strategic partnership with MicroBT, blockchain and AI entity, making it the exclusive sales partner of WhatsMiner in the MENA region.

Phoenix Technology has claimed that it will develop partnerships with other companies that are also pushing the boundaries of mining, such as gas flaring, to bring more technologically advanced solutions to the local market and globally.

Recently Munaf Ali, founder and CEO of UAE-based Phoenix Group, stated that he believes MENA is fast moving toward crypto and blockchain adoption. In the interview he explains, “The Middle East is fast helping the global diversification of jurisdictions which are friendly to operate in. This goes for countries where crypto firms can set up, whether they are crypto exchanges or mining operations.”

In November 2021, Phoenix Technology announced that it signed one of the world’s largest purchases on record for crypto mining rigs, worth US $650 million. In an interview Munaf Ali stated that Phoenix was part of a project that would be developing a large scale crypto mining farm in the UAE.

UAE ADIB Bank becomes 10th bank to join UAE Blockchain trade finance platform

UAE ADIB Bank becomes 10th bank to join UAE Blockchain trade finance platform

Abu Dhabi Islamic Bank (ADIB) has become the 10th bank to join Blockchain trade finance platform UAE Trade Connect (UTC), developed by e& enterprise, formerly Etisalat Digital.

As per the news this will support ADIB’s digital transformation strategy while boosting the transparency and security of its services. The bank will utilize the UTC platform for the detection of fraud and dubious transactions in the trade finance segment, according to a press release.

Faisal Abu Shaar, Group Chief Risk Officer at ADIB, said: “With the goal of supporting UAE’s economic development, we will work closely with UTC and other member banks to enhance our digital capabilities and promote the security of the country’s financial sector. We look forward to capitalizing on the opportunities of this agreement to deliver safe and completely transparent banking solutions for our customers.”

Meanwhile Zulqarnain Javaid, CEO of UTC, added “ADIB is an important bank in the corporate banking space and their participation in the platform will further strengthen the network. They join the network at the same time we have crossed the important milestone of AED 60 billion  equivalent to $16 billion value presented to UTC for duplicate inspection and fraud analysis.”

In December 2021, the UAE Blockchain AI enabled  UAE Trade Connect trade finance platform which was built by Etisalat and Blockchain solution provider Avanza Innovations, had processed 10 Billion AED (2.7 billion USD) worth of invoices during the first eight months of its operation. Etisalat Digital  launched UTC trade Finance platform in April of 2021 alongside seven banks within the UAE.

In early 2022,  Abu Dhabi Commercial Bank joined UTC platform as did Dubai Islamic Bank. At that time UTC had in total nine banks on its roster.

The founding banks included First Abu Dhabi Bank (FAB), RAKBANK, Emirates NBD, Commercial Bank of Dubai, National Bank of Fujairah, Mashreq Bank, ADIB – Abu Dhabi Islamic Bank, and Commercial Bank International.