Saudi Arabian Space Belt Telecom Services, a privately owned entity in KSA, has awarded SpaceChain, a pioneering leader in space-as-a-service technologies, a transformative contract to spearhead the development, construction, and mission management of SpaceBelt Telecom Services’ patented technology platform, enabling the world’s first Low Earth Orbit (LEO) satellite capable of generating in-orbit encryption keys and distributing them via existing LEO constellations to ground-based equipment.
This mission is slated to be the first of a larger constellation to progress SpaceBelt’s investment in data storage and earth observation imagery. This collaboration marks a significant advancement in the Kingdom of Saudi Arabia’s in-orbit distributed transactional capabilities and showcases the nation’s commitment to driving innovation within the global space economy.
Leveraging its proven expertise in satellite technology and infrastructure development, SpaceChain will lead the end-to-end satellite construction and mission management, setting a new standard for space-based secure communication and data services.
Cliff Beek, CEO of SpaceChain, stated, “We are honored to partner with SpaceBelt Telecom Services in this transformative venture. This mission not only highlights the Kingdom’s growing role in the space sector but also demonstrates the potential of space technologies to deliver secure, scalable solutions for enterprises and governments worldwide.”
A spokesperson for SpaceBelt Telecom Services Co. KSA stated, “Partnering with SpaceChain allows us to contribute to the Kingdom’s 2030 vision. We are thrilled to bring this capability to the Kingdom, aiming to advance space-based data services and secure communications and positioning SpaceBelt Telecom Services as a leader in the evolving global space economy”
The satellite project will revolutionize secure communications, enable space-data storage, and support advanced satellite services. This contract strengthens SpaceChain’s leadership in satellite technology and mission management, reaffirming its commitment to space innovation.
This mission is the first in a planned constellation, and aims to launch in June 2025. More importantly, the mission advances Saudi Arabia’s space innovation and aligns with the Kingdom’s 2030 vision.
Leveraging its expertise, SpaceChain will lead the software design and end-to-end mission management, setting a new benchmark for space-based technologies. In 2025, SpaceChain aims to pursue our niche market position by developing secure payment platforms within uncharted territories and transforming challenges into opportunities. The company intends to accelerate Space Commercialization: Expand payment applications across satellite networks and services to drive the adoption of decentralized fintech solutions.
In addition it will develop AI-powered applications for space data analysis, ensuring our clients stay ahead in decision-making, as well as launch education and outreach programs to inspire the next generation of innovators in blockchain and space exploration.
Hacken, the Blockchain Security Auditor has announced that it has joined the Qatar Financial Authority Digital Assets Lab as a partner.
Founded in 2017, Hacken offers comprehensive security services, including smart contract audits, penetration testing, bug bounty programs, and post-deployment monitoring, combining expertise and battle-tested methodologies to protect Web3 projects globally.
As per the Linkedin post, ” This forward-thinking initiative is shaping the future of digital assets and DLT by fostering innovation and collaboration. Hacken is contributing with our expertise in smart contract & protocol security, post-deployment monitoring & bug bounties and cybersecurity tailored for regulated frameworks.”
Hacken adds in their post that they are working to drive safer, innovative solutions in the digital asset space.
Qatar Digital Assets Labs partners with various entities in Blockchain arena
Singaporean Blockchain fintech company DMZ Finance was also chosen by Qatar QFC Digital Assets Lab, and also is working with partners that include R3, The Hashgraph Association, Taurus and SettleMint among others.
Hacken also partnered in 2024 with UAE ADGM
In April 2024, Abu Dhabi Global Market (ADGM) and Hacken, also signed a Memorandum of Understanding (MoU) to collaboratively set new benchmarks for blockchain security and compliance. Under the MoU, ADGM’s Registration Authority (RA) would collaborate with Hacken on developing security standards and on-chain monitoring solutions in relation to ADGM’s DLT Foundations framework, positioning both organizations at the forefront of fostering a secure blockchain ecosystem.
Later on Hacken forged a strategic alliance with Klumi Ventures, recently regulated Web3 venture capital firm based in Abu Dhabi Global Market (ADGM). As per the press release the partnership would establish new benchmarks in blockchain security and compliance, capitalizing on the formidable security expertise of Hacken and the financial licensing of Klumi Ventures in UAE.
Founded in 2021, Manbat, a partnership between Arada and the Ministry of Climate Change and Environment that aims to celebrate and promote the very best of the UAE’s healthy, home-grown produce will be using blockchain to develop UAE’s first carbon credit system in the agriculture sector.
Manbat launched the farmers’ markets in Aljada which takes place every weekend. Today it has partnered with Sharjah Tourism, paving the way for a stronger connection between local Emirati farmers and the wider community.
As per the announcement, this collaboration focuses on championing sustainability by addressing food waste recovery and reducing carbon emissions within the tourism sector.
As per their post on LinkedIn, “We are proud to be part of a game-changing initiative alongside Sharjah Commerce and Tourism Development Authority, Sea Going Green, and American University of Sharjah. Together, we are taking sustainability to new heights with a focus on food waste recovery, compost production, and empowering UAE farmers to embrace ecofriendly practices. This project uses cutting-edge blockchain technology to develop the UAE’s first carbon credit system, creating a sustainable future for generations to come.”
The first phase of the project will be carried out a Sara Farm, which utilizes decomposition and recycling methods.
In 2023 Blockchain tokenization platform ACX (AirCarbon Exchange) went live with key trades executed and settled on the platform with First Abu Dhabi Bank (FAB) and Helix Climate conduct first trade on the exchange and South Pole executes first over-the-counter transaction on Carbon Market Board
Allora Network, an AI decentralized network has collaborated with stc Bahrain, a world-class digital enabler, through its Web3 Launchpad Program under the Pearling Path initiative.
As per the blog, the collaboration highlights Allora’s commitment to partnering with leading innovators like stc Bahrain to advance decentralized AI, fostering innovation and growth across the GCC region and beyond.
As part of this collaboration, stc Bahrain will join the Allora Network as a validator node, contributing to the network’s security, reliability, and consensus. By joining the Allora Network as a validator node, stc Bahrain takes on a critical role in bolstering network security and maintaining consensus. This collaboration reflects stc Bahrain’s commitment to harnessing the transformative capabilities of decentralized AI, powered by Allora’s advancements in crowdsourced intelligence, reinforcement learning, and regret minimization.
Allora powers innovative, secure, and decentralized applications, driving cutting-edge protocols and unlocking new use cases for advanced solutions.
Mr. Saad Odeh, Chief Wholesale Officer at stc Bahrain, commented, “At stc Bahrain, we are dedicated to embracing emerging technologies that redefine industries and contribute to Bahrain’s Vision 2030 goals. Allora Network’s cutting-edge AI capabilities are a valuable addition to our Web3 Launchpad Program, further cementing Bahrain’s position as a hub for innovation and digital transformation.”
Nick Emmons, Co-Founder and CEO of Allora Labs, added, “We are thrilled to partner with stc Bahrain under the Web3 Launchpad Program. Their role as a validator node directly strengthens the security, consensus, and reliability of the Allora Network, which is essential for fostering trust and driving growth in decentralized infrastructure. Together, we strive to advance blockchain technology and explore AI innovations within and beyond telecommunications.”
Allora blog notes, “As the Web3 and AI ecosystems continue to expand, our collaboration with stc Bahrain strengthens the foundation for a robust, innovative, and decentralized digital economy. By working together to foster a collaborative environment for emerging technologies, we are proud to contribute to Bahrain’s Vision 2030 program, advancing progress toward a more innovative and sustainable future.”
In the global race to harness computing power, energy has emerged as the defining factor. Nations and organizations alike are accelerating energy infrastructure development to meet the surging demand fueled by data-driven economies. Yet, the path to this energy transformation is fraught with complexities—from securing resources to deploying infrastructure, and finally, commercializing compute capacities for applications such as bitcoin mining and AI workloads. In this context, energy is not just the enabler but the ultimate determinant of success. This is why UAE’s XRG (xrg.com) could be a global game changer.
The Decentralization Dilemma
Can we achieve truly decentralized, sovereign digital economies with global reach when the game is so heavily reliant on power? While the technology exists to enable such an ambitious vision, the question remains whether capital can be directed toward achieving it at scale. With an estimated $1 trillion expected to be invested in energy innovation, there’s an opportunity to build global distributed energy infrastructure using modular and remote compute technologies.
By focusing on underdeveloped and marginalized regions, private capital can drive global connectivity while bypassing the bureaucratic barriers that often stifle innovation. This could foster wealth creation in areas historically disadvantaged by geopolitical agendas.
The UAE’s Digital Energy Vision
A shining example of forward-thinking energy strategy is the United Arab Emirates (UAE). Despite global economic turbulence, the UAE has proven its resilience, emerging stronger post-COVID and in the midst of regional turmoil in surrounding countries, taking a leadership position in the regional virtual asset ecosystem. From Web3 advancements to Bitcoin mining, and now AI, the UAE has embraced technology to fuel economic growth.
However, rapid technological progress also brings challenges—particularly the rising energy consumption associated with AI and deep tech. Addressing this requires bold and forward-looking investments. Enter XRG , a revolutionary international energy investment company launched by Dr. Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar.
Global Energy Demand in the AI Era
As Dr. Al Jaber highlighted, global energy demand is set to rise dramatically, increasing from 9,000 GW to 15,000 GW by 2035 and potentially reaching 35,000 GW by 2050—a staggering 250% increase. The rise of AI applications like ChatGPT, which consumes ten times the energy of a single Google search, is accelerating this trajectory.
Without diversified energy solutions, meeting this demand sustainably will be nearly impossible. XRG addresses this by optimizing energy production and usage across the spectrum—from traditional fuels to low-carbon alternatives and advanced infrastructure.
The essence of this challenge lies in the economic implications of insufficient energy infrastructure to power AI deployments. Nations that fail to establish sovereign compute capabilities could face economic stagnation. In the next five years, such nations may struggle to compete globally, reinforcing the urgency of energy-centric national policies.
The following graphs illustrate electricity demand from data centers, artificial intelligence, and digital asset mining worldwide in 2022, with a forecast for 2026, by scenario.
XRG: A Blueprint for the Future
XRG’s innovative structure embodies efficiency and adaptability. Dr. Al Jaber’s vision is rooted in maximizing every energy unit, spark, and joule—a philosophy that aligns with PermianChain’s mantra of “creating wealth from every watt.” By investing in diverse energy technologies, XRG offers a scalable model for nations to secure economic prosperity in the digital age.
At PermianChain, similar principles drive our efforts. Through our global digital energy market, we’ve aggregated over 500 MW of distributed alternative energy projects to serve underserved markets. This approach exemplifies how modern energy investments can transform underdeveloped regions by accelerating digital transformation and fostering exponential growth.
The Role of Innovation in Efficiency
Innovation is not just about finding new energy sources but about optimizing existing systems. For instance, NEXGEN, one of our companies, aligns closely with EXERGY’s strategy by adopting cutting-edge technologies to maximize energy efficiency. As global energy demand rises, such approaches will be critical, particularly in energy-intensive sectors like AI computing.
Equity in Energy Access
Equity in energy access is essential for global progress. With over 1.7 billion people living off-grid or without reliable utility connectivity, vast populations are excluded from the potential of digital economies. Distributed energy solutions offer a pathway to bridge this gap, enabling marginalized communities to participate in and benefit from the global digital revolution.
The Path Forward
By embracing a diversified and efficiency-driven approach will require collaboration, innovation, and a relentless commitment to sustainability from industry stakeholders and global public and private capital markets.
As Dr. Al Jaber rightly emphasized, reliance on a single energy source is not a viable solution. Instead, a comprehensive strategy combining traditional and emerging technologies is imperative. Only by taking this holistic approach can we meet the demands of an increasingly interconnected and data-driven world while preserving the planet for future generations.
Conclusion
The launch of XRG is more than an investment in energy; it’s an investment in the future. By championing distributed, efficient, and inclusive energy systems, the UAE is leading the charge in creating a sustainable digital economy. As nations navigate the complexities of energy transformation, the new digital energy frontier offers a powerful blueprint for aligning innovation with equity and sustainability.
In a world where energy is the key to unlocking economic growth, it’s time for global leaders to prioritize bold and forward-thinking strategies. Only then can we truly harness the potential of the digital age while ensuring prosperity for all.
Written by Mohamed El Masri, Founder of PermianChain and originally published in his blog.
Tune in to my podcast at Drilling into Crypto to explore the world of finance, energy and modern technologies.
Oman based Gulfdox, a provider of physical storage, data digitization, and storage software solutions, has collaborated with Serenity, a blockchain-based secured digital storage and biometric access solution provider.
As per the press release, the partnership marks a historic milestone as the first collaboration of its kind in Oman, positioning the nation at the forefront of advanced technological innovation in line with Oman Vision 2040. Gulfdox will integrate Serenity’s cutting-edge blockchain technology into its service portfolio, offering clients a robust, secure, and future-ready digital storage solution.
Leveraging Serenity’s expertise, Gulfdox will provide on-chain storage with biometric access, ensuring unparalleled security and efficiency for its esteemed clients, which include Government entities and leading corporates in different sectors across the GCC.
This partnership reflects Oman’s commitment to embracing emerging technologies that align with Vision 2040’s goals of economic diversification and digital transformation. Gulfdox is introducing blockchain-powered solutions for secure data management.
Faris Al Balushi, Executive Director of GulfDox, stated, “We are proud to lead the way in Oman by bringing blockchain technology into the realm of data storage. This collaboration with Serenity enables us to offer solutions that are not only secure and efficient but also aligned with the future needs of our clients. Together, we are setting a new benchmark for innovation in the region.”
Venket Naga, CEO of Serenity, added, “Our mission has always been to provide secure, scalable, and accessible blockchain solutions for Data storage. Partnering with Gulfdox allows us to bring this vision to Oman and the GCC which are extremely important markets for Serenity, using this Partnership we are enabling institutions to safeguard their data with the most advanced technologies available today. And reinforces Serenity’s position in the B2B enterprise segment. This Partnership, by combining GulfDox’s trusted expertise and local presence with Serenity’s state-of-the-art blockchain capabilities, will redefine secure data management for years to come. and will help Serenity to continue our journey towards creating innovative technologies for mass adoption.”
Sreekumar. P, Country Manager, GulfDox Stated that GulfDox is Oman’s a leading and dynamic provider of physical and digital storage solutions, it mainly serves B2G and B2B segment, with client’s portfolio of Government, Semi-Government and Corporates in Oman and across the GCC. With a focus on innovation and reliability, GulfDox is a trusted partner in secure data management.
UAE’s first regulated stablecoin by the Central Bank of UAE, AEcoin has announced the sponsorship of the Qatar UAE SuperCup. The Qatar-UAE Super Cup football Cup, will have distinct competitions that are set to ignite the passion of football fans from January 16 to 19. The event will bring together 8 elite teams to compete in intense matches across the Challenge Shield, Super Cup, Super Shield, and Challenge Cup categories.
On Thursday, January 16, the opening match kicked off in Doha, pitting Al Rayyan, runner-up in the Ooredoo Stars League, against Shabab Al Ahli, the ADNOC Professional League runner-up. On Friday, January 17, in Dubai, Qatar SC, the Amir Cup runner-up, will go head-to-head with Al Nasr, the UAE President’s Cup runner-up. Reigning Ooredoo Stars League champions Al Sadd will take on Al Wasl, winners of the ADNOC Professional League on January 18 in Doha. The grand finale is set to take place in Abu Dhabi on the 19th, with Al Wakrah, the Qatar Cup champions battling it out with Al Wahda, the Abu Dhabi Islamic Bank Cup champions.
AECoin joins the ranks of Visit Qatar and RedBull as one of the many sponsors. The AE Coin promises an instant, secure, stable, innovative, low-cost, and efficient payment experience that will reshape the future of the digital economy.
Proud to be an official sponsor for the Qatar-UAE Super Cup 2025.
Mbank was the first bank to be offering the AE Coin licensed stablecoin available on its AEC Wallet. Through AEC Wallet, powered by Mbank, customers will be able to purchase AE Coin and make secure, stable virtual financial transactions. In line with the Central Bank of the UAE’s digital payment token services framework and the government’s future-oriented vision.
UAE regulated Scintilla an institutional-grade tokenization platform, and Verseprop, a digital platform specializing in tokenized real estate equity and debt, have partnered to offer financial engineering solutions to the Real Estate sector and introduce advanced tokenization solutions that bring greater efficiency, transparency, and inclusivity to the market, alongside cost savings and distribution.
Verseprop, founded in 2021 by a former senior executive from CBRE and Savills, is a Financial Conduct Authority (FCA) Appointed Representative, headquartered in London, specializing in real estate debt and equity. Its current focus is short-duration, first and second-charge UK real estate debt, which grants strong investor protections at viable yields and is asset backed.
Scintilla, licensed by Dubai’s Virtual Asset Regulatory Authority (VARA), brings a powerful tokenization engine and its broker/dealer license and services to the table, solidifying its reputation as a leader in digital asset innovation.
“Verseprop is not just tokenizing real estate equity and debt; we are fundamentally reshaping how people access real estate and how asset owners think about distribution,” said Joel Coren, CEO of Verseprop. “Our platform offers a seamless, transparent, and digital way for investors to access high-quality real estate opportunities that were previously out of reach, and asset owners to reach them.”
Verseprop provides real estate owners access to state-of-the-art financial and tokenization services that also streamline the process for raising capital for equity, debt or a hybrid mix, while Scintilla will deliver the core tokenization technology and broker/dealer services necessary to facilitate the distribution of these digital tokens in the UAE.
For investors, this collaboration unlocks access to diversified real estate opportunities while enjoying the efficiency and lower costs provided by blockchain technology.
“Scintilla is delighted to join forces with Verseprop to redefine how real estate assets are tokenized and traded,” said Tim Popplewell, founder and CEO of Scintilla. “This collaboration marks a significant step in our journey to bring institutional-grade solutions to the digital asset space, opening up new avenues for investors and developers alike.”
This announcement comes at the heels of the DAMAC Mantra tokenization deal.
Scintilla Acquires TOKO
Scintilla, bought out TOKO FZE registered and licensed out of Dubai UAE by VARA ( Virtual Assets Regulatory Authority) as a crypto exchange and broker. Originally developed within DLA Piper’s Law& innovation portfolio, the former TOKO brand has evolved into Scintilla with a fresh identity, new leadership, and groundbreaking product offerings.
HashKey Group (“HashKey”), a leading end-to-end digital asset financial services group in Asia, has announced that HashKey MENA FZE , a member of the HashKey Group, has received an In-Principle Approval (IPA) from the Dubai Virtual Assets Regulatory Authority (VARA) for its Virtual Asset Service Provider (VASP) license application to offer crypto exchange services.
As per the press release, this regulatory approval reinforces HashKey Group’s position as a trusted leader in the virtual asset industry, enabling HashKey to deliver secure and transparent services globally.
HashKey Group is adigital asset financial services group in Asia with global operations in regions such as Hong Kong, Singapore, Japan, Ireland and Bermuda. Since 2018, HashKey Group has built al Web3 ecosystem within a high-compliance regulatory framework, including HashKey Exchange, a licensed virtual asset exchange regulated by the Hong Kong SFC; HashKey Global, the global flagship digital asset exchange; HashKey Capital, a global asset manager investing exclusively in blockchain technology and digital assets; HashKey OTC, the compliant over-the-counter (OTC) trading arm of HashKey Group, HashKey Cloud, a leading provider of global Web3 infrastructure; and HashKey Tokenization, a tokenization services provider.
Upon final approval, the VASP license will authorize HashKey MENA FZE to offer Virtual Asset Exchange Services and Virtual Asset Broker-Dealer Services to retail investors, qualified investors, and institutional investors.
HashKey Group holds licenses in Hong Kong, Singapore, Japan, and Bermuda, has a VASP registration in Ireland, and is actively pursuing a MiCA license in Europe to further strengthen its global regulatory footprint. The Group recently secured VASP registration approval from the Central Bank of Ireland.
So far UAE has been able to attract global crypto exchanges to the country including Crypto.com, Binance, OKX, and others. Hashkey will be one of the first from Asia to be seeking a license in the UAE.
The Hashgraph Association, a Swiss non-profit, driving the global adoption of Hedera-powered solutions by funding innovation, training, and venture programs, was one of the first blockchain technology groups to participate in Saudi Arabia’s deep tech strategy, a strategy which seems to be paying off based on a recent report by the Saudi Ministry of Communications and Information technology, King Abdullah University of Science and Technology and Hello Tomorrow Consultancy.
The Deep Tech report published on January 7th 2025, notes that in 2025, nearly 50% of homegrown deep tech startups in KSA are specializing in AI (Artificial Intelligence) and the Internet of Things (IoT). While the number of scale-ups has reached 43 companies contributing to driving innovation.
The Deep Technology Report presents a roadmap for making Saudi Arabia a global deep tech hub and highlights the different initiatives that support the Kingdom in realizing the objectives of Vision 2030.
As per the report, the deep tech startup ecosystem is still in its infancy and is relatively modest in size when compared to the overall startup landscape with room for expansion. Currently there are 43 deep tech startups in the overall 1,000 startups in the country.
Deep tech startups raised over US$100 million between 2020 and 2022. The Kingdom has also seen a rise in the number of incubators and accelerators that offer deep tech verticals.
$250 million investment in Deep Tech studio with Saudi Ministry of Investment
One of those deep tech incubators and accelerators is The Hashgraph Association’s which was launched in February 2024. The Switzerland based Hashgraph Association signed a strategic partnership with the Ministry of Investment of Saudi Arabia (MISA) to launch a Deep Tech Venture Studio in Riyadh, worth $250 million over the next five years.
The studio would focus on the convergence of Web3, AI and technologies such as distributed ledger technology (DLT), virtual reality, robotics, and quantum computing, helping to launch 500 new companies over the 2024-2028 period.
The Hashgraph Association and its DeepTech Venture Studio will enable local Saudi companies, as well as international portfolio companies seeking to establish operations in the Kingdom, to develop innovative solutions, leveraging deep tech such as AI, DLT, Robotics, IoT, VR, and Quantum Computing, all of which are key as per the Deep Tech report from MCIT.
KSA seeks to attract $7.9 billion in foreign investment and $12.5 billion in local for AI
KSA’s goal is to attract $7.9 billion in cumulative foreign direct investment (FDI) and $12.15 billion from local markets in data and AI by 2030. The Kingdom of Saudi Arabia also saw the addition of 104 active investors in 2024 with a 75% increase in the number of researchers since 2015. The report highlights that Saudi Arabia is expanding its research infrastructure to accommodate 140,000 researchers by 2030, a sevenfold increase from the current 20,000 researchers in the country.
Mohammed Robayan, Deputy Minister of Technology at MCIT, stressed that this report represents an important step in strengthening the Kingdom’s position as a global hub for advanced technologies, and that the Kingdom seeks by focusing on innovation and investing in competencies and infrastructure, to build an integrated system that supports digital transformation and sustainable development.
Robayan called on those interested in the public and private sectors, especially academia and investors, to avail of this information to draw a roadmap that promotes innovation and contributes to realizing the goals of Saudi Vision 2030.
Data Centers are Key to Deep Tech Strategy
In 2021 Saudi Arabia’s Ministry of Communications and Information Technology announced new plans to ramp up national data center investment to $18 billion, with a goal to surpass capacity of 1,300-megawatts by 2030. Since the launch, numerous investment groups, infrastructure developers and global hyperscalers have announced plans for new data center and cloud regions in the Kingdom committing billions of dollars in investment.
These datacenters will need energy and not any energy, sustainable efficient energy sources. This is why HODLER INVESTMENTS, a UAE based investment company, headquartered in Dubai, which includes in its portfolio energy, AI, and digital asset mining startups such as PermianChain, Brox Equity and others; and Abu Dhabi’s EHC Investment which leads multiple businesses with operations and investments across the energy, infrastructure, firefighting technology and system integration services signed a strategic partnership to launch NEXGEN.
NEXGEN will support the creation of a compliant digital energy market to supply critical energy infrastructure that will monetize wasted energy such as flared gas in the UAE, KSA, and Egypt with the aim of hosting global data center operators, reducing carbon emissions and contributing to the Digital Energy Infrastructure (DEI) Fund, a local decarbonization innovation fund.
