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.”