Saudi tokenization startup to tokenize assets of ParisAline

Saudi tokenization startup to tokenize assets of ParisAline

ParisAline, a global leader in invisible orthodontic treatments, has partnered with Saudi Arabian tech startup, Tokenizerly. As per the press release the collaboration aims to revolutionize funding mechanisms in the healthcare sector through the use of advanced blockchain technologies.

Tokenizerly is a Saudi-based technology startup leading the way in innovative funding solutions using blockchain. Its platform offers comprehensive tools for asset tokenization, providing unprecedented advantages in terms of reach, efficiency, and transparency.

The agreement involves deploying Tokenizerly’s specialized tokenization technologies to enhance funding solutions across ParisAline and its associated group of promising medical companies. These include operations in hospitals, medical device manufacturing, medical tourism, as well as laboratories and educational institutions, operating on a global scale.

The Blockchain enabled Tokenizerly platform will allow ParisAline and its sister companies to raise capital efficiently by tokenizing their assets making the alternative investment in healthcare affordable, accessible, and tradable. This method offers a myriad of benefits which includes global Reach through access to a wider and more diversified investor base. It also offers efficiency & cost reduction, with quicker settlements and lower costs related to operations and intermediation.

In addition the platform provides simplified liquidity: and a secure and tamper-proof record of ownership that promotes integrity and availability to the public.

The CEO of ParisAline, Dr. Ahnaf Aljajah, expressed enthusiasm about the partnership, stating, “This collaboration with Tokenizerly marks a significant milestone in our journey to integrate more innovative and efficient funding solutions within the healthcare industry. By leveraging blockchain technology, we are setting new standards for investment and operational efficiency.”

Haiyan Alsaiyed, Founder and CEO of Tokenizerly, added, “We are thrilled to partner with ParisAline and its sister companies. This is a unique opportunity to bring our robust financial technology solutions to a sector that impacts lives globally. Our platform is designed to transform how companies secure funding and manage their assets.”

This agreement comes as the Saudi government works to support tech development in the Kingdom. Recently The Hashgraph Association (THA), the Swiss-based organization at the forefront of global Blockchain digital enablement, signed a strategic partnership with the Ministry of Investment of Saudi Arabia (MISA) to launch a “DeepTech Venture Studio” in Riyadh worth $250M USD over five years (2024-2028).

IOTA to invest $10 million in UAE and African tradetech startups

IOTA to invest $10 million in UAE and African tradetech startups

UAE based IOTA ecosystem, DLT Foundation, has committed $10 million investment fund to support early-stage startups and ventures in the UAE and Africa. The funding will focus on TradeTech, TradeFinance, and tokenization solutions.

It aims to bolster a digital tradetech ecosystem in the UAE, Africa, and around the globe by advancing the roll-out of digital trade and finance solutions. The initiative builds on a recent collaboration agreement for the establishment of the TLIP organization, announced at WTO MC13.

The first investments will be shared publicly over the coming weeks and will include newly founded tradetech ventures and dedicated startup accelerator programs for startups building on IOTA.

This announcement follows the official signing of the collaboration agreement for the Trade Logistics Information Pipeline (TLIP) at the WTO MC13 event. TLIP is a public global trade infrastructure initially developed by the IOTA Foundation and TradeMark Africa. The TLIP Consortium will be founded jointly by the World Economic Forum, the Tony Blair Institute for Global Change, Trademark Africa, the Institute of Export and International Trade, and the Global Alliance for Trade Facilitation. Together they will advance TLIP by developing a neutral governance framework and establishing TLIP as a global, public goods infrastructure for trade.

With its investment of $10 million, IOTA supports a flourishing tradetech ecosystem that advances trade digitization, and, in doing so, makes trade finance more accessible for all. The funds are earmarked for early-stage startups, accelerator programs, and pilot programs that will drive the development of digital trade infrastructure.

Dominik Schiener, Co-Founder of IOTA and Chairman of the IOTA Foundation, emphasized the strategic importance of this initiative: “By investing in the future of TradeTech, we are not just facilitating smoother trade transactions; we are laying the groundwork for a more interconnected and efficient global trade ecosystem. Our collaboration with leading organizations through the TLIP is a testament to our commitment to innovation and excellence in this field.”

This initiative will be kickstarted with the launch of a public grants program over the coming weeks, followed by an accelerator program for startups in the UAE before summer and in Africa before the end of the year. These programs are designed to empower entrepreneurs and innovators who are building new trade solutions on the IOTA and TLIP infrastructure, offering them the resources and support needed to bring their visions to life.

Saudi Blockchain startup wins $500K from Meet the Drapers

Saudi Blockchain startup wins $500K from Meet the Drapers

Saudi Arabian based Blockchain enabled Insuretech platform TakaDAO has won 2nd place at Meet the Drapers Season 6, winning $500K in funding.

Sharene Lee, Co-Founder of TakaDao stated on LinkedIn, “ We’re thrilled to announce that Takadao has secured 2nd place on Meet the Drapers Season 6 and clinched a whopping $500k in funding! It’s a testament to the hard work, dedication, and ingenuity of our incredible team. We couldn’t have done it without the unwavering support of our amazing Takatribe and the relentless efforts of every member of our team. Your belief in us has been our driving force, and we’re profoundly grateful for each and every one of you.”

Meet the Drapers, is a global entrepreneur show, where startups can pitch their ideas and win funding. Tim Draper is the host of the show. In its Season 6 it carried out a show in Saudi Arabia.

This is not the first funding received by TakaDAO. The company received a strategic investment from Cardano accelerator Adaverse in January 2024.

Adaverse focuses on scaling Web3 solutions. This came at the heels of Adaverse’s expansion into Saudi Arabia with the opening of an office in Riyadh. Adaverse is now the first venture capital fund in the KSA to specialize in Web3 and blockchain early-stage investing. In 2024, the company plans on investing $10 million in local Saudi Web3 startups.

Furthermore in October 2023 Takadao, raised $1.6 million in pre seed round led by Draper Associates. Other investors include BIM, Core Vision ventures, Prince Sultan Bin Fahad bin Salman Al Saud.

Dubai regulated TOKO tokenization exchange partners with Virtuzone to offer blockchain enabled VC funding

Dubai regulated TOKO tokenization exchange partners with Virtuzone to offer blockchain enabled VC funding

Dubai regulated virtual asset broker and exchange TOKO FZE a creation of international law firm DLA Piper, has partnered with  Virtuzone, a pioneer in business solutions and corporate services for the region. The partnership will include the establishment of a tokenized equity crowd funding platform will further cement Dubai’s standing at the forefront of financial innovative and as a destination for early stage and fast growth companies seeking a supportive business environment.

TOKO has just received a fully operational license from Dubai’s Virtual Asset Regulatory Authority (VARA).The partnership with Virtuzone is set to transform early-stage private equity fund raising using blockchain technology to bring enhanced transparency, accessibility, and opportunity for both investors and the businesses seeking to raise funds. Across a variety of compelling businesses, investors will have greater insight, information and access to private equities for their portfolio and the expectation of greater liquidity that comes with this digital transformation.Scott Thiel, Managing Director of TOKO, says “The VARA regulatory framework has been custom designed for virtual asset transactions, providing a robust and clear route to market that is going to support the transformation of investments and facilitate financial inclusion.  We are excited to be partnering with Virtuzone in tokenising early-stage equity investments. At TOKO, we believe in improving the world and reshaping the virtual asset management landscape through cutting-edge technology, regulatory compliance, and a user-centric approach, and this partnership with Virtuzone provides a wonderful platform to achieve this”.By tokenising early equity offerings, TOKO and Virtuzone will open up access to a broader range of investors, allowing both institutional and individual investors to participate in a more accessible and transparent manner.The partnership is poised to take full advantage of VARA’s regulatory framework to drive positive change in the financial services sector. It will create a revolutionary platform for SME-sized companies, enabling them to engage in early equity fundraising with ease.Neil Petch, Chairman and Co-founder of Virtuzone, says: “Since our founding 14 years ago, our mission remains the same – to ease the way for entrepreneurs, start-ups and SMEs and equip them with all the tools they need to succeed. We are therefore thrilled to partner with TOKO, under the VARA regulatory framework, and introduce tokenised equity offerings, which we believe will make Dubai an even more attractive destination for startups and entrepreneurs seeking funding, as well as for angel investors and venture capitalists looking to be part of Dubai’s thriving business sector. Our strategic collaboration with TOKO also aligns with the UAE’s National Entrepreneurship Agenda, which aims to establish the UAE as home to 10 unicorn companies by 2031.”This partnership between TOKO and Virtuzone represents a transformative step forward in the evolution of Dubai’s innovative financial landscape. By introducing tokenised early equity fund offerings, the collaboration will not only empower businesses but also create exciting opportunities for investors.

UAE based Global Millennial Capital launches investment program for Web3, DeFi, Blockchain startups

UAE based Global Millennial Capital launches investment program for Web3, DeFi, Blockchain startups

UAE based Global Millennial Capital Ltd (“Global”), an emerging technology and digital assets investment manager, and  venture capital firm has launched its Global Millennial Web3 Investment Program, out of UAE which aims to accelerate emerging companies to their full potential in the realm of Web3, DeFi, and Blockchain. 

Andreea Danila,  Founder, and General Partner at Global Millennial Capital Ltd., stated, “We are thrilled to announce the launch of our investment program aimed at investing and accelerating visionary technology companies operating in the Web3, Defi, and blockchain verticals, with a specific emphasis on financial services applications, among others. In addition to the typical acceleration program benefits, which include mentorship, hackathons, regulatory sandbox conversations, and strategic ecosystem connections, Global will deploy its resources to enable Series A companies to access various markets across the Middle East and Africa, from the United Arab Emirates.”

Global Millennial Capital Web3 Acceleration Program is designed to accelerate technology companies in defining and reshaping business models and economics and creating a network of global ecosystem relationships in the United Arab Emirates. The program will provide one-on-one mentorship, organize hackathons, explore testing and security, and connect with regulators, ecosystem participants, and investors. Global will invest up to $250,000 per company; ten companies are expected to be selected during the program.

Global is looking to partner with early-stage technology companies operating in data ownership, Web3 privacy tools, NFTs, cryptocurrency platforms, blockchain technology, digital entertainment, and DeFi, among other opportunistic verticals.

Global Millennial Capital Ltd is the first venture capital investor to introduce the concept of data science in the traditional investment process to create thematic investment themes and artificial intelligence-led investment recommendations. As an active investor in the global fintech sector, which comprises companies operating in the fintech, web3, blockchain, and AI verticals referred to as the “new economy technologies,” Global Millennial Capital Ltd is investing from Fund I ($25 million) in early and growth stages, using a diversified investment strategy targeting risk-adjusted returns while seeking alpha returns with downside protections. As a long-term partner of the entrepreneurs, we deploy value-creation strategies across cycles for our portfolio companies to enhance critical drivers of scalability and profitability, such as access to capital and global markets. Our mission is to generate venture capital returns along with social capital.

UAE RAK Digital Assets Oasis partners with HBAR Foundation to fund and grow Blockchain Web3 members

UAE RAK Digital Assets Oasis partners with HBAR Foundation to fund and grow Blockchain Web3 members

UAE’s RAK Digital Assets Oasis (Ras Al Khaimah DAO), the world’s first and only free zone dedicated to global digital and virtual assets companies, and The HBAR Foundation have signed of a Memorandum of Understanding (MOU). The HBAR Foundation will support RAK DAO ecosystem members to leverage the power of blockchain and build economies and applications on Hedera, the most used enterprise-grade public network.

This marks RAK DAO’s first operational relationship, bringing together the expertise and resources of both companies to provide direct and streamlined access to benefits within the Hedera ecosystem. These include a comprehensive grant program, financial backing processes, specialized expert support across technology, marketing and business development, and support to scale adoption and innovation of new ideas in the Web3 space.

“By creating and enabling the world’s first licensed Web3 ecosystem, we are facilitating the seamless exchange of information, connecting businesses across sectors, and paving the way for synergistic relationships to flourish. Together, we are unlocking a world of new possibilities, empowering entrepreneurs, and propelling innovation forward,” says His Highness Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, Chairman of RAK DAO. “This collaboration is a testament to our shared commitment to driving sustainable growth and shaping a future where Ras Al Khaimah emerges as a global leader in the digital economy.”

Together, RAK DAO and The HBAR Foundation will spearhead various initiatives in the Digital Assets Oasis ecosystem, including regular startup and scale-up pitching sessions, opportunities to connect with partners and investors, and explore avenues to launch joint projects such as venture studios or accelerators.

The HBAR Foundation grantees will also benefit from discounted set-up and licensing packages to establish themselves in RAK DAO, as well as access to effective banking solutions available to all members of the ecosystem. Both companies will work together dynamically to foster collaboration, fuel innovation, overcome barriers, and empower entrepreneurs in their journey to build the future of Web3 and blockchain technology.

“The United Arab Emirates has established itself as a dynamic hub for Web3 innovation, magnetizing global enterprises and top-tier talent. We eagerly anticipate joining forces to pioneer the future of the emerging technologies landscape,” says Shayne Higdon, CEO of the HBAR Foundation. “Through this exclusive relationship between The HBAR Foundation grantees and RAK DAO, we’re honored to provide grantees with greater access to the UAE whilst working together to establish RAK DAO as a major hub for the Web3 and digital assets sector.”

MENA open banking platform Tarabut gateway raises $32 million to expand in KSA

MENA open banking platform Tarabut gateway raises $32 million to expand in KSA

MENA based Tarabut open banking platform, which recently signed its first partnership with a crypto brokerage exchange RAIN in Bahrain, has raised $32 million in its series A, led by Pinnacle Capital. The funds will be used to bolster Tarabut’s footprint in Saudi Arabia.

Pinnacle Capital is a leading alternative investment firm that focuses on KSA investments to provide unique alternative investment opportunities. Pinnacle Capital partners have extensive transactional experience in the venture capital industry with a proven track record, including leading the first Saudi unicorn tech startup, Jahez, to a public listing. The raise also saw participation from Aljazira Capital, Visa, Tiger Global, and other leading existing investors.

Abdulla Almoayed, Founder and CEO of Tarabut Gateway, stated, “Open banking is reshaping the financial landscape in KSA and the wider Middle East, and we, at Tarabut Gateway, are proud to be at the forefront of this innovation. This fundraise reflects the potential of open banking, our advanced technology, and the trust placed in us by our partners both in KSA and globally. Tarabut Gateway’s mission is to create an open financial services sector that delivers open banking benefits to MENA’s consumers, banks, and fintechs – and the proceeds of this fundraise will help us execute our strategy and contribute to realizing the Kingdom of Saudi Arabia’s ambitious vision 2030.”

In KSA, Tarabut Gateway has achieved over 60% market coverage through partnerships with leading banks such as Alinma Bank, Arab National Bank, Saudi National Bank and Riyad Bank. The Saudi Central Bank (SAMA) has included Tarabut Gateway as one of the first participants in its Regulatory Sandbox, which is a key component of the open banking framework rollout.

Tarabut Gateway will also be partnering with Visa. Andrew Torre, Regional President of Visa CEMEA, said, “Next-generation digital experiences and innovation are driving the future of financial services, and open banking is a growing movement that can help consumers better access and manage finances. We look forward to partnering with Tarabut Gateway, combining our global payments network and proven local solutions with their open banking platform to allow innovative financial services across the region.”

Abdulwahab Al Betairi, Founding Partner of Pinnacle Capital, added, “We’re thrilled to be backing Tarabut Gateway’s ambitious growth plans. Their innovative approach to open banking and their strong focus on Saudi Arabia make them a perfect partner for us, and we’re excited to see them grow to new heights and contribute to the growth of the Saudi Arabian fintech space as part of the Vision 2030 strategy.” 

Prior to this announcement, Tarabut Gateway partnered with Rain. As per the announcement it would brig faster, cost effective fiat to crypto transaction to Bahrain end users and enable funding payments directly from user bank accounts without leaving Rain’s platform.

The new feature will utilize Tarabut Gateway’s open banking payment solutions to facilitate on and off-ramp (fiat-crypto-fiat) transfers for users, dramatically increasing speed and reducing errors associated with traditional bank wire transfers.

Abdulla Almoayed, Founder and CEO of Tarabut Gateway, stated at the time that crypto trading, crypto wallets and other blockchain use cases were a natural ally in opening up traditional banking and finance. He stated, “We’re delighted to unveil a solution that aims to make fiat-to-crypto transfers quicker, more secure, and cost-effective – as well as enable such funding methods directly from bank accounts. We are proud to partner with Rain to provide a user-focused approach to crypto services by bringing the advantages of open banking digital solutions.”

Millions of dollars being poured in for crypto, blockchain, Web3 entities at UAE’s DMCC

Millions of dollars being poured in for crypto, blockchain, Web3 entities at UAE’s DMCC

Once again UAE’s DMCC, the free zone for commodities trading has partnered to offer Web3, Blockchain businesses with a $5 million growth platform. This is not the first partnership in this regards and it seems it won’t be the last. Millions of dollars are being poured in for crypto, blockchain and Web entities in DMCC. 

Digital Wave Finance Labs, a multi stage web3 investment firm will work with DMCC will establish the DWF Ventures Studio, which will support nascent web3 and blockchain businesses using the DMCC Crypto Centre and Dubai as a hub from which they can scale their operations locally, regionally and globally.

The partnership was announced during the “Sunset Meet and Greet” event organized by DWF Labs on 24 February 2023 in Dubai.

The DWF Venture Studio will provide multiple benefits for early-stage startups based in DMCC, including consultancy services, increased connection to global venture capital, market making services on tier one and two exchanges, a range of workshops and direct capital investments and aim to invest in 50 startups operating in the web3 space, with multiple additional investments for best performing companies, and a USD 500,000 investment for the cohort’s most prominent business.

 Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, stated “Dubai’s leading position as a hub for web3 technologies is known the world over. The DMCC Crypto Centre has been a fundamental part of the emirate’s successful crypto journey, housing the largest concentration of web3 and blockchain businesses in the region. Partnering with one of the top names in the global industry further exemplifies the maturity of the crypto business community that we have built, as well as the significant commercial opportunities that Dubai presents.”

DWF Labs is part of the broader Digital Wave Finance (DWF) platform, which is one of the world’s largest high-frequency cryptocurrency trading entities. By trading volume, DWF is one of the top five trading entities that trade on the top 40 exchanges, trading over 2000 different types of the digital asset.

Andrei Grachev, Managing Partner, and DWF Labs, added: “DWF Labs’ core goal is to invest in and support innovative entrepreneurs within the web3 space. For this reason, partnering with DMCC and its Crypto Centre is the right step as we expand our footprint both in Dubai and globally. The ecosystem that DMCC has built offers a strong pool of crypto talent that we are looking forward to being part of, building upon, and ultimately further facilitating its success.”

Previously DMCC announced the launch of the DMCC gaming Center to support the gaming industry through a partnership with YaLLa Esports a leading esports organization in the UAE. Furthermore, members were offered the opportunity to join gaming specific acceleration and market entry programs through DMCC’s ecosystem partner, AstroLabs, a leading tech ecosystem builder in the MENA region.

DMCC also partnered the global VC firm Brinc to provide members with access to USD 150 million in funding through their accelerator programs ZK Advancer and The Sandbox Metaverse. Those programs will also be open to DMCC Gaming Centre members developing games on blockchain and web3 technologies. 

DMCC, also announced its partnership with global Web3 incubator TDEFi to launch an accelerator program for Web3 and Blockchain companies in DMCC crypto center. The accelerator program will offer mentorship and sessions on crypto and scaling businesses. The program will be over a month long and will run for a minimum of two editions over the next 12 months.

At the end of each cohort, TDeFi will also select a handful of start-ups to be part of its in-depth incubation program, providing them with access to additional TDeFi advisory services and its growing ecosystem.

The investment in Blockchain, Web3 and crypto is growing in the MENA region. According to LaraontheBlock MENA 2023 investor survey revealed that 50% of those surveyed stated they will be allocating more funds to blockchain and crypto projects and entities in 2023. 19% of those surveyed stated in 2022 they had invested more than 50% of allocated capital and funds into crypto and Blockchain projects.

As it looks now DMCC which already houses 36% of UAE’s blockchain and crypto entities might one day house blockchain and crypto unicorns!

UAE Hub71 launches $2 billion blockchain digital asset initiative to fund startups

UAE Hub71 launches $2 billion blockchain digital asset initiative to fund startups

Abu Dhabi’ Hub71, the technology ecosystem in UAE has launched the Hub71+ Digital Assets. This ecosystem is dedicated to advancing Web3, a decentralized online space built on innovations like blockchain technology and metaverse applications. 

The ecosystem has over US$2 billion of capital committed to fund Web3 startups and blockchain technologies in Abu Dhabi. Hub71+ Digital Assets will offer Web3 startups access to an extensive range of programs, initiatives, and corporate, government, and investment partners in the UAE and global markets.

The initiative will be based at Hub71 in Abu Dhabi Global Market (ADGM), providing Web3 startups with a progressive regulatory environment and world-class blockchain and virtual asset infrastructure. 

FABRIC, is the the research and innovation center of First Abu Dhabi Bank (FAB), will be the anchor partner of Hub71+ Digital Assets, while digital asset exchanges and service providers are part of the initiative to facilitate the discovery, trading and custody of digital assets.

Hub71 has also onboarded a diverse range of partners and Web3 players that form part of Hub71+ Digital Assets including Binance and MidChains, Amazon Web Services (AWS) and Mastercard as well as Venture studio Founders DAO.

It has also onboarded Venture capital funds who will provide access to capital and investment opportunities including names such as Binance Labs’ $500 million Investment Fund to invest in ‘Web3’, Venom Foundation through its $1 billion venture fund, Venom Venture Funds (VVF) in partnership with ICEBERG Capital and Ton Foundations’ $250 million TONcoin.Fund. 

Additionally, existing venture capital partners from Hub71 are set to invest in Web3 companies

The combination of these elements aims to support participating startups to launch tokens and promote tokenization, as part of the fundraising journey.

Ahmad Ali Alwan, Deputy Chief Executive Officer of Hub71, said: “Hub71+ Digital Assets signifies that Abu Dhabi is open to disruptive businesses driving forward change and transformation on a global level. Decentralization is the future of a blockchain-based internet, and Web3 startups will play an immense role in accelerating this transition. Teaming up with ADGM, FAB and its research and innovation center, FABRIC, alongside the world’s leading Web3 companies and enablers under one roof will provide founders with an opportunity to fundraise, develop and commercialize innovations safely while operating within the largest regulated jurisdiction of virtual assets in the Mena region.”

Dhaher bin Dhaher Al Mheiri, CEO of ADGM, said: “We are pleased to strengthen our association with Hub71 on the launch of Hub71+ Digital Assets. In today’s rapidly evolving digital landscape, we have seen the rise of new technologies, and ecosystems such as Web3 that have the potential to transform the world. At ADGM, we are dedicated to providing a holistic environment that facilitates a seamless and secure adoption of digital assets to foster the growth of this new digital landscape. This alliance will help start-ups and digital assets to benefit from ADGM’s diverse ecosystem and progressive regulatory environment by accessing world-class and innovative infrastructure.

Suhail Bin Tarraf, Group Chief Operating Officer at First Abu Dhabi Bank (FAB), commented: “FAB is trusted as a financial partner to our customers in the real world, and those same customers are now increasingly active in the Web3 space as well. Staying ahead of the curve when it comes to innovations such as blockchain, NFTs and the metaverse, is yet another way we fulfil our Customer First promise as we leverage new opportunities at the intersection of digital identity, ownership, and value. Through this partnership, it is our intent to meet our customers in this emerging digital space and keep them ahead with their financial needs.”

KSA Blockchain enabled NFT Marketplace to raise 5 million USD in new funding round

KSA Blockchain enabled NFT Marketplace to raise 5 million USD in new funding round

After KSA based Nuqtah, Blockchain enabled NFT Marketplace raised its pre-Seed round led by UAE Shorooq Partners in November 2021; the company is now looking to raise an additional 5 million USD in a new funding round. Founder and CEO Salwa Radwi spoke to AlSharq on this.

Salwa Radwi plans to make Nuqtah become the de-facto platform for the Saudi and MENA digital creative economy. In the first round of financing, Shorooq Partners, along with KSA Sanabil a subsidiary of KSA Public Investment Fund participated in the pre Seed round. Nuqtah participated in the second cohort round with 500 MENA seed accelerator.

Nuqtah recently hired Dr. Majid Al Mansouri as Head of strategy. Al Mansouri has more than 8 years experience in Blockchain, AI, and VR space. He has advised, led and invested in more than 40 blockchain companies globally. He also founded the Blockchain Research Institute in various Saudi Universities in collaboration with Oxford University.

In the new funding round Nuqtah looks to use the funds for attracting human resources, developing technologies and products, and enhancing the marketing process of the company’s activity locally and regionally.

Nuqtah enables MENA users to publish and sell their work seamlessly and will serve as a global platform for buyers keen on acquiring the latest NFTs by renowned and emerging MENA artists. Nuqtah plans to build on the thriving NFTs space, and utilize the underlying blockchain technology to spearhead innovation in other verticals such as media and entertainment.

In the previous round, Shane Shin, Founding Partner at Shorooq Partners, said, “Ever since moving to Saudi, I have witnessed first-hand the tremendous evolution of the creative and cultural landscape, led by passionate young Saudis. The Kingdom is on an ambitious digital transformation journey, and the creative economy is one of the core pillars of the nation’s long term vision. As we continue to back daring founders and support them in building enduring and sector-leading companies, we are privileged to join Nuqtah as the Kingdoms first NFT platform. We believe in the Nuqtah team’s vision, and are humbled to work with them to take Nuqtah to the global NFT arena, representing the region’s vibrant and rich creative depth.”

Amal Dokhan, Partner at 500 Global said, “We are ecstatic to have Nuqtah be a part of our second cohort at Sanabil 500 MENA seed accelerator. Seeing more female founders take lead in Saudi is truly refreshing and more so in such an exciting intersection between the arts & blockchain in an Arabic enabled NFT platform, we believe in Nuqtah’s founding team and are surely privileged to support their journey towards Growth.”

 “Our goal is to create the ultimate environment for creators in the Kingdom, where they can sell their masterpieces at the value they deserve safely and securely. The Nuqtah founding team is from the core of the creative community in the region, hence, they truly understand what it means to be creative in the kingdom. We are here to transform the industry,” says Salwa Radwi the CEO at Nuqtah.

The Saudi Ministry of Tourism and Saudi Toursim Authority has announced the creation of  NFT (non-fungible token) souvenirs, in a move that reflects the Kingdom’s advancement in digital tourism. His Excellency Ahmed Al Khateeb, Minster of Tourism of Saudi Arabia BoD Chairman of the Saudi Tourism Authority presented the personalized digital mementos in a first of its kind initiative to the heads of delegations participating in the 116th session of the Executive Council of the United Nations World Tourism Organization (UNWTO) in Jeddah, as a token of appreciation for their visit to the Kingdom.​

Recently the Saudi Ministry of Tourism  and Saudi Tourism authority created NFT souvenirs gifted to heads of delegations participating in the 16th session of the Executive Counsil of the United Nations World Tourism Organization. As per the press release, stunning VR 3D Saudi landscapes and landmarks were converted into NFTs 

His Excellency Ahmed Al Khateeb, Minister of Tourism of Saudi Arabia, said the NFT souvenirs embody the leadership’s vision for the future of the Kingdom. “As technology advances, it is important that we remain at the forefront of innovation. Our tourism infrastructure is designed to embrace new trends, and digital transformation is one of our top priorities. The NFTs serve as a bold statement to the world that Saudi Arabia is developing an unparalleled tourism sector where travelers can expect to see and experience unique and futuristic offerings.”