GCC and MENA Family offices can make their gold work for them with blockchain tokenization

GCC and MENA Family offices can make their gold work for them with blockchain tokenization

If you are a GCC or MENA based family office that has a portfolio that includes precious metals such as gold, silver or others, or you intend to in the near future, but are hesitant because in the past you were unable to make revenues from the purchase, you now can. With the advent of blockchain, Web3 technologies and tokenization a sweet spot is upon us. 

Precious metal owners can generate earnings on their gold and make it work for them just by holding it in tokenized form. Aurus Technologies, headquartered in the UAE with offices in the UK is offering family offices the opportunity to tokenize real world assets through its sustainable tokenization as a service solution (TAAS) platform.

The GCC and MENA region has all the ingredients to make gold work for family offices. First the region itself is a hot bed for investors, secondly precious metals especially gold are well revered and invested in and third Web3 technologies including tokenization on the blockchain is revolutionizing the precious metal industry in the region.

Family offices can make their tokenized gold work for them throughout the lifetime of their ownership.

According to Mark Gesterkamp, Chief Business Development Officer, Aurus Technologies, “By minting a digital representation of vaulted bullion in the form of tGOLD, tSILVER and tPLATINUM, precious metals can now be utilized and earn transactional revenue in the digital economy.”

The company does not sell gold, but utilizes software to make gold work for its owners by allowing these tokenized real assets to be transacted and traded. Mark explains, “Part of the transaction fees flow back to the bullion owners and providers.”

  

The Growth of Investors in GCC and MENA

Recent research has shown that there are nearly 6,000 UHNW (ultra-high net worth) individuals in the Middle East with a combined net worth of US $995 billion. The number of UHNW individuals in the region is expected to increase by 24.6% in the next 5 years while the region is also expected to remain the fourth largest wealth hub in the world.

In addition the UAE is increasingly becoming a hub for family offices, with some of the world’s big names setting up offices in the country to tap the market. The same can be witnessed in KSA, Qatar, and elsewhere.

As such the region is ripe with not only a growing number of family offices but wealth that can be deployed intelligently.

Growth of interest in Digital assets

HNWI individuals and family offices are increasing their exposure to alternative assets in the form of digital assets and the MENA region is no exception. The Ocorian report found that 90% of those surveyed said their clients are looking to include crypto and digital assets in their investment strategies.

The report noted that family offices run by younger tech savvy generations want to make a move into investing in crypto and digital assets yet remain concerned about the challenges and risks.

This is more reflective in the MENA region. The Lombard Odier report found that 79% of younger Middle East investors believe there are significant opportunities in the digital and tech sectors.

Mark believes that Aurus’s blockchain tokenization offering provides tech savvy young investors with a valuable investment opportunity, easing their concerns, by offering digital assets backed by gold, silver or other precious metals. He states “Gold is understood by all, and now the new generation can put it to work sustainably and with less risk than crypto.”

 

Bullish on Gold regardless of market trends

As economic difficulties prevail globally, with worries of inflation, recession, and banking failures, precious metals are set to shine.

Tresor Gold research stated that VC firms and family offices will increase gold allocations in next 18 months. The study covered investors in in Canada, Australia, the US, UK, UAE, France, Germany, Switzerland, Qatar and Saudi Arabia.

Yet regardless of whether precious metals are seen as bullish or not, just by tokenizing gold and making it work for owners, price fluctuations are no longer relevant.  

Mark explains, “Regardless of whether gold is bullish or not, owners who have tokenized their gold will continue to make money because of the transactions. AurusX our native token for example is like a hedge for precious metals. Holders of AurusX or their own tokenized gold can earn yields in any market condition because they earn for each transaction carried out.”

Gold Investment challenges overcome with Tokenization 

Tokenizing precious metals and gold on the blockchain relieves investors from the challenges faced from utilizing traditional gold investment vehicles.  

When investing in physical gold there are always extra costs for securing, insuring and storing the gold and in return liquidating the physical gold or earning yields is also difficult.

Even with Gold index funds, or ETFs (Exchange traded funds) while investors do receive passive earnings long term, these investors do not own the gold.

Investing directly in gold via gold shares (mine shares) of gold mine operators is risky as well, as it is dependent on the performance of the mining operator and the stock exchange.

With Aurus, there is a one to one backing of the underlying bullion generating yields, making most of the challenges a thing of the past. Mark confirms, “Aurus is setting the standard in precious metals tokenization adhering to the decentralized nature of the blockchain. We work with multiple storage locations around the globe including reputable partners such as Spanish refinery Sempsa JP and vaulting facilitator Brinks.”

The Aurus Opportunity a solution for all

Since 2018 Aurus has been a strong proponent of opening the precious metals market to everyone with a smartphone using the Aurus application.

The company is leveraging metal-backed blockchain technology to help gold, silver, and platinum businesses democratize these assets via the digital economy while earning passive rewards in the digital assets & DeFi space.

By modernizing the precious metals market with Web3 technologies, it is increasing access, usability & trust, ultimately unlocking global demand.

Mark concludes, “The total size of tokenized illiquid assets, including real estate and natural resources could reach $16.1 trillion by 2030. As such we are playing our part by offering an open ended solution that allows any party to bring gold to Web3 under the standards of both the London Bullion Market Association (LBMA) and DMCC (Dubai Multi Commodities Center). ” The bigger the Aurus system grows the more precious metals will be paid out to AX holders.”

For the first time in the region, Aurus will be offering gold tokenization solutions to family offices allowing them to put their gold to work and generate yields. Mark adds, “We welcome partners in the UAE and GCC to showcase our ecosystem and work together to tokenize part of their portfolio by taking either a direct position in Aurus TGold and TSilver or tokenizing their own gold or even investing in AurusX tokens.” Aurus is currently seeking to raise $500,000 from the sale of its AurusX Tokens.

Aurus is working with greener future in mind, by reducing CO2 emission. It is collaborating with green initiatives globally. Mark states, “Blockchain allows for easier and transparent collaboration with ESG initiatives and we will continuously seek partnerships in positioning precious metals towards a greener investing alternative. We aim to ensure everyone can buy precious metals on the blockchain in a more sustainable manner.”

For more info check out the Aurus video here: https://www.youtube.com/watch?v=AtFdmbHLoPg

Saudi Venture Capital invests in Web3 digital asset fund by UAE Shorooq Partners

Saudi Venture Capital invests in Web3 digital asset fund by UAE Shorooq Partners

The Saudi Venture Capital (SVC) has invested $30 million in the $150 million Bedaya Fund II, managed by UAE Shorooq Partners to back early-stage startups with a focus on fintech, digital assets, Web3, Metaverse, DeFi, and other areas.

At the launch of Bedaya Fund II, in a press release Shane Shin founding partner at Shorooq Partners stated,  “We have always been early movers, be that robo-advisory, crowdfunding, SME lending, open banking, card issuer processing, and so forth. We believe Web 3.0 models like DeFi, NFT, Metaverse are going to be the key players in the next iteration of online business.”

Bedaya Fund II is an early stage venture capital fund managed by Shorooq Partners. The fund is located in Abu Dhabi, United Arab Emirates and invests in Northern Africa, Jordan, Saudi Arabia, Turkey, United Arab Emirates, Pakistan. The fund targets investments in the fintech and software sectors.

On Pitchbook they benchmark the Bedaya II fund against EchoVC Chain Blockchain Fund,  an early-stage venture capital fund managed by EchoVC Partners, located in Lagos, Nigeria which invests in Africa. The fund targets cryptocurrency/blockchain sectors.

The subscription agreement between Saudi Venture Capital and Shorooq Partners was signed by Dr. Nabeel Koshak, CEO and Board Member at SVC, and Mahmoud Adi, Founding Partner at Shorooq Partners.

Dr. Koshak commented: “The investment in Bedaya Fund II by Shorooq Partners is part of SVC’s Investment in Funds Program to support the growth of the VC ecosystem in Saudi Arabia for all stages and to fill financing gaps for early stages. SVC’s expansion in investing in early-stage funds comes as a result of the recent support from the SME Bank to increase the investment capital of SVC, leading to a total investment capital of $1.6 billion.”

Mahmoud Adi added: “We are privileged to have SVC as a strategic investor to Bedaya Fund II, again after our partnership in the prior fund (Bedaya Fund I). This commitment highlights the increasing confidence in Saudi Arabia’s thriving startup ecosystem. With our persistent focus in Saudi Arabia and leadership position across the Middle East, Bedaya Fund II is well-positioned to support the growth and innovation of early-stage startups.

SVC is a government investment company established in 2018 and is a subsidiary of the SME Bank, one the development banks affiliated to the National Development Fund. SVC aims to stimulate and sustain financing for startups and SMEs from pre-Seed to pre-IPO by investing $1.6 billion through investment in funds and co-investment in startups. SVC invested in 38 funds that have invested in 674 companies through 1,257 deals.

Gemini crypto exchange becomes another global entity to apply for a crypto license in UAE

Gemini crypto exchange becomes another global entity to apply for a crypto license in UAE

Gemini crypto exchange announced that it has commenced with the process of acquiring a crypto exchange license in the UAE to better serve customers based in the country.

According to Gemini post, “ As a forward-thinking, global financial hub, the UAE is continuing its tradition of leadership by establishing itself as a fast-emerging hub for crypto. By applying for a license, we will be taking another step towards making Gemini a truly global company and advancing our mission to unlock the next era of financial, personal, and creative freedom for all.”

In the week of June 11th 2023, Gemini met with stakeholders thought the region to learn more about the local regulatory requirements and the needs of crypto users.

Gemini added, “ As part of Gemini’s 2022 Global State of Crypto Report, we took a look at adoption of crypto globally across 20 countries. We found that those in the UAE were rapidly acquiring crypto and putting it to use making in-person purchases. We also found high intent to purchase crypto among those who were not yet owners:”

As per the Geminin 2022 global state of crypto report, more than 35% of those surveyed in the UAE had purchased crypto, compared to only 20% of those in the US. While nearly 32% of non-owners in the UAE said they are likely to purchase crypto in the next year.

33% of those in the UAE who own some crypto use it to make in-person purchases at brick-and-mortar retailers, compared to just 19% of owners globally. Blog state of crypto 2023

Gemini based on the findings from the report and the conversations with regulatory stakeholders, startups and other ecosystem participants decided to further cement their interest in investing in the UAE and becoming part of their crypto community.

Gemini has now joined the roster of other global exchanges seeking to be regulated in the UAE, including crypto.com, Binance, OKX, Maskex, Coinbase and many others.

This has also been spurred by the recent crypto shake down happening in the USA.

Whampoa Group Web3 investment firm and digital bank to invest $50 million in Bahrain with Golden license

Whampoa Group Web3 investment firm and digital bank to invest $50 million in Bahrain with Golden license

In a recent press release, Bahrain has granted its first five Golden licenses and Whampoa Group, a multi-family office with investments in global tech firms, and its digital bank has received one of these licenses. The holders of Golden licenses are eligible if they will create more than 500 local jobs, or make an investment of over $50 million in their first years in the Kingdom while contributing to strengthening the Kingdom’s overall development.

The Kingdom of Bahrain has granted the first five Golden Licenses to projects presented by Citi, Eagle Hills Diyar W.L.L, Infracorp, Saudi Telecommunication Company (stc), and Whampoa Group. With a collective investment of upwards of USD 1.4 billion into Bahrain, the greenfield projects and expansions are expected to create more than 1,400 job opportunities within the next three years in support of the Kingdom’s Economic Recovery Plan goals.

The licenses were presented at the headquarters of each company to Michel Sawaya, Bahrain CEO for Citi; Dr. Maher Al Shaer, Managing Director of Eagle Hills Diyar W.L.L.; Majed AlKhan, CEO of Infracorp; Nezar Banabeela, Chief Executive Officer (CEO) of stc Bahrain; and Shawn Chan, Group CEO of Whampoa Group. and a virtual signing event was organised for Singapore-based Whampoa Group.

The Bahrain Economic Development Board had welcomed Singapore based digital asset bank part of Whampoa Group to Bahrain earlier this year. The digital bank, which offers integrated financial solutions to serve institutions, innovators, and sophisticated investors globally, including digital banking services and the trading, custody, and asset management of digital assets, will open its operations in Bahrain by the end of year.

In 2022, Singapore’s Whampoa Group deployed about $100 million through a venture capital fund in start-ups in the burgeoning digital assets segment in Web3, digital assets, stablecoins and NFT. 

Whampoa Digital, the group’s digital assets investment arm, will invest in and incubate early stage startups in Web3 – a utopian vision of the internet where users, rather than shareholders, own websites and other online services.

In recognition of the Golden licenses’ launch, HE Abdulla Adel Fakhro, Minister of Industry and Commerce, said, “The Golden License is a pivotal step towards successfully achieving the objectives of Bahrain’s Economic Recovery Plan, which aims to attract $2.5 billion in foreign investment by the end of 2023.”

HE Khalid Humaidan, Chief Executive at the (Bahrain EDB), said, “The Golden License is a successful public-private partnership that has created bespoke solutions for investors and start-up companies. It has provided them with fast-tracked approvals and several features and facilities that have enabled them to secure a global footprint from Bahrain.”

GCC Investcorp Blockchain fund leads $15 million investment round in Spanish crypto exchange

GCC Investcorp Blockchain fund leads $15 million investment round in Spanish crypto exchange

GCC ( Gulf Cooperation Council) and MENA based Investcorp, a global alternative investment firm has led a $15 million investment round for BitMe a Spanish crypto exchange. Included in the list of investors was Telefonica Ventures, Stratminds VC, Cardano, and YGG Fund.

In April 2022 GCC headquartered Investcorp, launched eLydian Lion, the first dedicated institutional blockchain fund based in the GCC, with a global investment mandate (the “Fund”). The Blockchain ELydian Lion Fund, was led from Investcorp’s Abu Dhabi office UAE office, and was deployed globally with a focus on investments in companies leading the next digital evolution driven by blockchain technology.

At the time Investcorp noted that the Fund would mainly invest in early-stage companies operating in areas within the blockchain ecosystem such as blockchain infrastructure, platforms and exchanges, DeFi, (decentralized finance), and data analytics.

Fast forward, Investcorp has now invested in Bit2Me which will use the funds to grow its position in Spain, where the company was born, and to accelerate its expansion in Latin America.

“This funding will boost our acquisition of new customers specially thanks to Investcorp, an international partner with significant financial muscle, and to Telefónica, who will give us more channels in Latin America,” Leif Ferreira, co-founder and CEO of Bit2Me, said in a statement.

In July 2022, Bit2Me acquired a majority stake in the Peruvian peer Fluyez, in what was the first step of a search for acquisition opportunities in Chile, Colombia and Uruguay, the company said at the time.

In February, Bit2Me obtained approval from the Bank of Spain to be the first provider of services for the exchange of virtual currency for fiat currency and the custody of digital wallets.

Hervé François, Partner of the Blockchain/Digital Assets fund at Investcorp who is based in Abu Dhabi, stated on LinkedIn, “ I am thrilled to announce that I am joining the Board of Directors of Bit2Me alongside Investcorp Blockchain Fund’s investment in their latest round.”

He adds, “We are pleased to lead the investment in Bit2Me, a leading player in the digital asset space. Bit2Me is well positioned to capitalize on the growth in this rapidly evolving market, and Investcorp will actively support its strong management team. Very much looking forward to witnessing Bit2Me’s international growth as the best is yet to come!”

Investcorp becomes the second firm based out of GCC to invest in a crypto exchange, prior to that MEVP invested in Bahrain’s RAIN crypto exchange. The round was led by Middle East Venture Partners (MEVP), with participation of other global investors at the time.

OKX says Dubai’s Virtual asset regulator has given MVP Preparatory license approval …. But… has it really?

OKX says Dubai’s Virtual asset regulator has given MVP Preparatory license approval …. But… has it really?

It s no surprise that global crypto exchanges are flocking to the UAE, first it was Binance, then Kraken which left, then crypto.com, coinbase, and now the second biggest global exchange OKX.

OKX announced unilaterally that it had received a minimal viable Preparatory license from Dubai’s virtual asset regulatory authority (VARA). In 2022 OKX had received its provisional license and opened offices at the Dubai World Trade Centre. 

In the announcement they stressed that the UAE is a key strategic growth and business hub for OKX global with the company planning ot hire 30 staff locals and senior management.

OKX also added that it plans to extend its nine-figure brand partnerships to the UAE with customer and fan-focused activations and activities.

As per the announcement, once licensed to be operational, OKX Middle East will be able to extend its approved suite of duly regulated virtual assets activities and will provide spot, derivatives, and fiat services, including USD and AED deposits, withdrawals and spot-pairs, to institutional and qualified retail customers.

OKX Global Chief Commercial Officer Lennix Lai said, “We’re thrilled to receive the MVP preparatory licence from VARA. Regulated entities are the future of digital assets and capital markets and Dubai and VARA have succeeded in creating a unique environment where VASPs can thrive. With the expansion into a new office this year, we are focused on hiring local staff and senior management. The MENA region has incredible potential as a centre of excellence for Web3 and virtual assets, we look forward to the opportunity to expand the already growing ecosystem across the region.”

OKX Chief Marketing Officer Haider Rafique  added “We’ve been waiting to enter the UAE and we want people here to experience our products first hand. We’re different – we do things in a measured and transparent manner. May was our seventh consecutive month of publishing our proof of reserves, making us the only crypto exchange globally with that commitment. This attitude is consistent with the brand partners who represent us, Manchester City Football Club, McLaren Racing, and the Tribeca Festival. We take our time, and do things the right way.”

But on VARA’s website OKX is not listed in its public register, while Crypto.com, Binance, and BitOasis are. This is despite the fact that both Crypto.com and Binance have the same license approval as OKX.

This is not the first crypto exchange or virtual asset service provider to unilaterally announce they have received a license yet have never been put on VARA’s public register. Examples include, Aquanow, Maskex crypto exchange, Fasset tokenized assets exchange, and many others.

The question that is puzzling is why? Why put some names and not others, why highlight some companies in VARA press releases, like for example BitOasis, Crypto.com, GCEX, Enjinstarter, Binance, Hextrust, , but not Maskex, OKX and many more?

It might seem to be a small discrepancy, but to those who look at the VARA website as a legitimate source for knowing the status of VASP entities regulated in Dubai, it is a significant slip-up or maybe not!

As an update to this article, OKX has now been listed on VARA’s registry page on its website, still waiting to see Maskex, Aquanow and others 

UAE Ferg money exchange group to start accepting crypto after UAE central bank regulations come out

UAE Ferg money exchange group to start accepting crypto after UAE central bank regulations come out

UAE money exchange company, Ferg ( Foreign Exchange and Remittance Group) CEO has stated that the company as well as other money xchanges will start to accept crypto after Central Bank regulations are out sometime at the end of 2023 or early 2024. 

Adeeb Ahamed, Vice Chairmen of Ferg and managing director of LuLu exchange stated, “We are constantly in conversation with the Central Bank and waiting for the regulations. The Central Bank understands the use case of cryptos – CDBC (central bank digital currency). Cryptos is something that has definitely been taken up by the world. It needs to be part of the payment ecosystem. We are very sure that with the regulations coming out by the Central Bank, we will also start accepting.”

Ahamed expects regulations around digital currency are likely to come out later this year or early next year.

These statements were made on the sidelines of Ferg’s Techno meet 23 in Dubai UAE.

Ahamed added that exchange houses could no longer be content by being traditional models of doing business. “In the fast era of digitalisation, it is very important that we find partners that make the journey of customers much easier.

UAE Blockchain tokenization exchange for Carbon credits partners with UK BeZero Carbon

UAE Blockchain tokenization exchange for Carbon credits partners with UK BeZero Carbon

UK based  BeZero Carbon has partners  with UAE Blockchain security token platform for carbon credits ACX (formerly known as AirCarbon Exchange) to host its carbon credit ratings on ACX’s Abu Dhabi exchange – bringing transparent carbon ratings to a new audience in the Gulf States.

The ACX Abu Dhabi exchange is the world’s first fully regulated carbon trading exchange built on blockchain. All users of this exchange will now be able to access BeZero’s Carbon’s ratings for carbon offset projects in real time, allowing them to make informed decisions about carbon credit quality before investment.

This new partnership expands on an existing partnership between BeZero and ACX, which saw BeZero’s ratings hosted on other ACX platforms across the world.

BeZero’s risk-based ratings are essential to scale investment in the Voluntary Carbon Market, providing market participants with the information they need to make informed decisions about carbon credit investments.

Tommy Ricketts, CEO and Co-founder of BeZero Carbon stated, “We are pleased to extend our partnership with ACX and bring our expert assessment of carbon credit quality to a new audience in the Gulf. The Voluntary Carbon Market is a critical tool for climate action, and companies need access to risk analytics to help them make informed decisions about how to invest in high quality credits. By offering our carbon ratings on the exchange, we hope to scale investment in the VCM and support the allocation of vital capital towards high quality projects to enable the Net Zero transition.”

William Pazos, Co-CEO and Co-Founder of ACX, added, “Transparency is integral to scaling the Voluntary Carbon Market. We are proud to be building upon our existing partnership with BeZero Carbon to offer their carbon ratings to participants on our Abu Dhabi exchange. The risk-based ratings they provide will help our members better understand their carbon credit investments, and we are pleased to continue our partnership with a knowledgeable business committed to upholding integrity in this rapidly scaling market.”

Blockchain solutions provider Avanza Innovations to unveil metaverse solutions with UAE Banks and governmental entities

Blockchain solutions provider Avanza Innovations to unveil metaverse solutions with UAE Banks and governmental entities

UAE based Blockchain enterprise solution provider, Avanza Innovations, has announced the Orion metaverse platform and will unveil metaverse solutions for banks and governmental entities during Gitex 2023.

Avanza has been offering blockchain solutions built on its Cipher blockchain platform to governmental banking, and enterprise clients across the UAE and GCC region, adding to this offering Avanza Innovations has now introduced its metaverse platform, Orion.

Orion is specifically tailored for businesses and enterprises that want to go beyond existing metaverse platforms to offered a comprehensive digital channels for interaction and transactions.

Speaking to LaraontheBlock, Waqas Mirza, CEO of Avanza Innovations explained, “ We will be offering Orion in the UAE in two verticals, banks and government tier one entities. Both industry sectors will be launching something, they all want to go beyond just 3D immersive  content to offering actual services on the metaverses. We are working with quite a few government entities here and banks and you will see a lot of solutions getting unveiled at Gitex.”

While Orion is a totally different product it does use some of the offerings available in Blockchain platform Cipher. Mirza explains, “ Cipher and Orion are very different products  obviously the team has used a lot of things from Cipher but I wouldn’t say Orion is built on Cipher architecture or framework. In terms of AI we integrate with AI models such as Chat GPT or anything else for self service bots or AI driven bots, we ride on other AI models.”

Avanza believes that a metaverse platform designed for enterprises must not only offer immersive 3D experiences, but also encompass a robust toolkit and a comprehensive range of enterprise-ready features that secure and assist both enterprises and their customers across various journeys and transactions.

Orion bridges the gap between current metaverse platforms and enterprises’ expectations of a comprehensive 3D digital channel that adheres to their security and customer service policies. With extensive experience working with top-tier government entities and large enterprises, the company comprehends the requirements and expectations of businesses for an all-encompassing 3D channel.

Avanza believes that enterprises face two major challenges in adopting the metaverse: finding a metaverse platform that aligns with their security, customer service, and governance policies, allowing for enhanced customer interactions, engagements, and transaction experiences, and identifying suitable use cases and journeys that meet the criteria for integration with a metaverse platform.

Orion, equipped with a comprehensive set of features and enterprise-ready frameworks, is poised to redefine enterprises’ perception of metaverse adoption. By unlocking a plethora of new use cases and customer engagement models, Orion will revolutionize business operations and customer experiences.

Blockchain Research Institute partners with Saudi IR4LAB to spur Blockchain adoption in KSA

Blockchain Research Institute partners with Saudi IR4LAB to spur Blockchain adoption in KSA

The Blockchain Research Institute – Middle East (BRI-ME), the exclusive partner of The Blockchain Research Institute, an independent, global think tank, dedicated to exploring and sharing knowledge about the strategic implications of blockchain on business, government, and society co-founded by Dr Don and Alex Tapscott, has signed a partnership agreement with KSA based IR4LAB, a Saudi-based company specialized in disruptive technologies such as Blockchain and Artificial Intelligence, to develop and spread the blockchain adoption in Saudi Arabia and the MENA region.

The signing ceremony was held under the auspices of the Saudi Arabia’s Ministry of Communication and IT (MCIT) in Center of Digital Entrepreneurship (CODE) Riyadh headquarters. In attendance live from Canada was Dr Don Tapscott, well renowned global blockchain author and expert, and founder of BRI.

Key representatives from several Saudi governmental and private entities were present including MCIT, Communications space & Technology Commission, Saudi Aramco Entrepreneurship, Plug and Play as well as the Canadian embassy.

Both BRI-ME and IR4LAB will work together to collaborate in the area of blockchain technology research, consulting and development of solutions, use cases, as well as cooperate to organize blockchain events, training programs and workshops in the Kingdom and the MENA Region.

Majd AL AFIFI Co-Founder and CEO of IR4LAB, stated,”We are very proud of this partnership; it will bring much needed collaboration and cement Saudi Arabia’s position in Blockchain technology.”

Mohamed EL KANDRI Co-Founder and CTO of IR4LAB added, “Partnering with the largest Blockchain Think tank in the world is a landmark development for Blockchain adoption in the region, and we are happy to lead the way alongside likeminded partners”

Aline Daoud, Managing Partner and Founder at the Blockchain Research ME, said, “We are proud to join forces with IR4LAB who have been revolutionizing the Blockchain adoption in the Kingdom and the region. Together we will be fostering, growing, and supporting the interest in the blockchain technology in the country as we offer our joint trainings, research, events and consultancies. “

BRI-ME and IR4Lab took the opportunity to announce about the first upcoming event in Riyadh which will take place on the 19th of October 2023, The Web3 Summit: Blockchain and Beyond, will be a private event covering Blockchain for Oil & Gas, Banking & Finance, Supply chain & logistics, Smart Cities and Women in Web3. Dr Don Tapscott will be flying in all the way from Canada to address the audience with a 45-min keynote speech for the first time in Saudi Arabia. (More on the event can be found: https://web3summit-ksa.com/)

This comes after IR4LAB announced its expansion into Africa.