Saudi Sanabil Investments launches accelerator for Web3 startups

Saudi Sanabil Investments launches accelerator for Web3 startups

Saudi Sanabil Investments, a wholly owned company by the Public Investment Fund (PIF), and Orbit Startups have launched a new accelerator program aimed to invest in tech, Web3, healthcare and mobility.

Sanabil Accelerator by Orbit aims to support early-stage startups from Saudi Arabia and the MENA region as well as global startups seeking to expand into the region, according to a press release. The program will focus on key sectors, including fintech, healthcare, e-commerce, mobility, and logistics, among others.

Startups will receive an initial investment of $100,000 and access to follow-on funding. They will participate in an in-person market orientation in Riyadh and receive hands-on support from Orbit’s network of partners, mentors and investors.

William Bao Bean, Managing General Partner of Orbit Startups, commented, “Our partnership with Sanabil reinforces our commitment to scaling startups cross-border in the MENA region. This partnership will support startups as they scale beyond their home markets, positioning them to grow in the Kingdom of Saudi Arabia and across the MENA region through 2030 and beyond.”

“Partnering with Orbit, we are committed to empowering early-stage startups across diverse sectors including technology, healthcare, web3 and mobility,” a spokesperson at Sanabil Investments highlighted.

UAE DAMAC properties investing $20 billion in US datacenters for AI and crypto

UAE DAMAC properties investing $20 billion in US datacenters for AI and crypto

UAE DAMAC Properties CEO, Hussain Sajwani, a close business partner of the Trump family will invest $20 billion in US datacenters used for AI ( Artificial Intelligence) and crypto. President-elect Donald Trump announced the $20 billion investment for data centers in the United States on January 7th 2025.

Trump said at a news conference that he believed Sajwani made the commitment because “he was very inspired by the election and wouldn’t do it without the election.” The president-elect emphasized his plans to get investments of $1 billion or more through the environmental regulatory review process quickly.

Sajwani briefly joined the news conference and said: “It’s been amazing news for me and my family when he was elected in November.”

Sajwani’s promised investment feeds into an existing boom for constructing data centers used in the development of artificial intelligence and expansion of cryptocurrency, as well as in other elements of an increasingly digital economy that relies on having greater sources of computer processing power.

In October, the financial company Blackstone estimated that the U.S. would see $1 trillion invested in data centers over five years, with another $1 trillion being committed internationally.

Sajwani would gain data centers in the United States, which thus far have not been part of his company’s EDGNEX data center portfolio. According to the company’s website, it already has or plans to build data centers in the UAE, Saudi Arabia, Turkey, Spain, Thailand and Indonesia.

Investment in datacenters globally and in the Middle East is growing. It is estimated that global spending on construction of new data centers is expected to surpass US$49 billion by 2030 (source: MicKinsey & Company). With over US$1.0 trillion funding gap in renewable energy, it is believed to be an opportune time to lay the groundwork to power the advancement of compute infrastructure for a vibrant digital economy.

Recently HODLER INVESTMENTS, a UAE based investment company, headquartered in the 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 the Digital Energy Infrastructure (DEI) Fund, a local decarbonization innovation fund.

UAE Bank invests in crypto custodian Zodia Custody

UAE Bank invests in crypto custodian Zodia Custody

A leading UAE bank, Emirates NBD, has invested in a crypto custodian service provider, Zodia Custody, which is seeking to be licensed in UAE. Zodia Custody is backed by Standard Chartered, SBI holdings and others.

As per the announcement, the strategic equity investment was made by Emirates NBD’s Innovation Fund, the bank’s corporate venture fund.

Headquartered in London, Zodia Custody tailors digital asset custody solutions for institutional clients in alignment to regulatory requirements, ensuring institutions can make informed investment decisions according to market trends with the highest levels of security.

Marwan Hadi, Group Head of Retail Banking and Wealth Management, Emirates NBD, stated, “Our strategic investment in Zodia Custody reflects our commitment to creating an environment where digital asset trading venues and forward-thinking institutions can interact safely, securely and without compromise. FinTech is changing the institutional landscape rapidly and we want to ensure our ongoing support to emerging technologies to bolster this growth by bridging the gap between financial services and digital assets.”

He added, “Our investment is significant in light of the UAE’s progressive approach to digital asset regulation and its ambition to become a global innovation and technology hub. Additionally, it aligns with the Dubai Economic Agenda D33 that envisages the Emirate among the top four global financial hubs and a preferred capital market in the Middle East, Africa and South Asia region.”

Neeraj Makin, Group Head of Strategy, Analytics and Venture Capital at Emirates NBD, said, “Emirates NBD has decades of experience in leveraging innovation to simplify banking. The investment in Zodia Custody’s robust and unique offerings positions Emirates NBD at the forefront of digital asset innovation, a trillion-dollar-asset class. The MENAT region is transforming rapidly into a key player in the crypto economy fuelled by institutional and enterprise activity and a growing appetite for DeFi and Stablecoins. In line with our vision to be a digital leader in the region, we are making strategic investments via the Innovation Fund and committed to fostering a culture of innovation.”

Julian Sawyer, CEO of Zodia Custody, said, “As the fifth bank to cast a vote of confidence in our proposition, we are beyond grateful to Emirates NBD for placing their trust in us. This investment is a monumental step forward, paving the way for Zodia Custody to become a leading player globally.”

Alex Manson, CEO of Standard Chartered Ventures, said: “Emirates NBD’s investment marks the fifth TradFi institution supporting our Digital Assets venture Zodia Custody. As we build an ecosystem of infrastructure to operate Digital Assets at institutional grade, we are grateful for this recognition, support and most importantly look forward to our partnership.”

This week as well, Emirates NBD, added, its fifth member of its Digital Asset Lab, Chainlink, the standard for onchain finance, verifiable data, and cross-chain interoperability. Chainlink will join other founding members including PwC, Fireblocks, R3 and Chainalysis.

This also comes days after UAE based Zand Bank, an AI powered digital bank, received a full VASP license from Dubai’s virtual assets regulatory authority (VARA) allowing it to offer crypto custodial services. The license allows Zand to offer crypto and digital asset custodial services to institutional investors and qualified investors.

Web3 Bank Klickl headquartered in UAE raises $25 million

Web3 Bank Klickl headquartered in UAE raises $25 million

UAE regulated Klickl International offering Web3 banking services, has closed an oversubscribed $25 million Series A funding round. This latest achievement brings Klickl’s valuation to $125 million.

The round was co-led by prominent Web3 investors Web3Port Foundation and Aptos Labs, joined by notable participants including Summer Ventures, Heritage Horizon Capital, V2 Capital, Alpha Square Group, Heng Feng Group, Trend Investment, and Bond Group.

This funding milestone positions the Web3 Blockchain enabled bank for accelerated growth in the burgeoning global Web3 banking space. Klickl Labs will spearhead strategic joint ventures leveraging its Web3 banking services, virtual asset servicing, and crypto payments/brokerage platform, targeting high-growth markets in the Middle East and Africa and act as an incubator for high-impact ventures, fostering scalable solutions in cross-border remittance and digital payment infrastructure.

Meanwhile, Klickl Foundation will channel investments into the Klickl Web3 ecosystem, setting new benchmarks for the PayFi industry.

Web3Port Foundation, a renowned investment and accelerator platform supporting over 1,000 Web3 projects, will play a pivotal role in Klickl’s expansion. As a founding strategic partner, Web3Port will serve as a Limited Partner for the Klickl Foundation’s Web3 Fund and leverage its expertise in tokenomics to drive mass adoption of Web3 technologies.

Bobby Zhou, Chairman of Web3Port UAE, commented, “We are thrilled to support Klickl in its journey to redefine global Web3 banking services. This partnership also marks a significant step in our UAE expansion strategy. In 2024, Web3Port has partnered with RPG Holdings in Abu Dhabi and 19 leading VC firms to establish a stronger Web3 presence in the UAE. Together with local government and regulators, we aim to foster rapid innovation and community growth in the Web3 ecosystem.”

The Aptos Network is a Layer 1 blockchain, renowned for its breakthrough technology and Move programming language. Aptos Network is designed to continuously evolve, deliver exceptional performance, and reinforce user security safeguards. It is the first blockchain to achieve sub-second end-to-end (E2E) latency, setting a new standard in blockchain performance.

Michael Zhao, Founder and CEO of Klickl, stated,“The support from Web3Port Foundation, Aptos Labs, and our long-term investors — including Summer Ventures, Heritage Horizon Capital, V2 Capital, Alpha Square Group, Heng Feng Group, Trend Investment, and Bond Group— highlights the strength of our vision. This funding empowers us to expand our Web3 banking services, focusing on emerging markets across MENA and beyond. We are especially grateful to the local authorities for their forward-thinking regulatory support under ADGM, which has been instrumental in positioning Klickl as the region’s first fully licensed Web3 banking service, offering crypto custody and brokerage solutions.”

Adaverse invests in Saudi sports tech company Grintafy

Adaverse invests in Saudi sports tech company Grintafy

Adaverse, Saudi based ecosystem accelerator and seed fund, has made a strategic investment in Grintafy, the Middle East’s premier football sports tech company to support its transition from a Web2 company to Web3 using blockchain technology.

Grintafy, established in 2019, has rapidly grown to become the go-to platform for amateur footballers, boasting over 2 million users across its ecosystem. The company’s approach to creating digital CVs for players has garnered partnerships with federations, ministries, and both local and international clubs.

Vincent Li, Managing Founder of Adaverse, expressed enthusiasm about the investment: “Grintafy’s vision aligns perfectly with our mission to support transformative Web3 projects. Their established presence in the sports tech industry, combined with their forward-thinking approach to blockchain integration, presents an exciting opportunity for growth and innovation in the Web3 space.”

The investment is set to accelerate Grintafy’s Web3 transition. Adaverse will provide crucial support in product development, particularly in integrating Web3 native features and enhancing user experience. Additionally, the partnership will facilitate connections with global resources, including football clubs and media networks, and assist in future fundraising efforts.

Majdi K. Allulu, founder of Grintafy, commented on the partnership: “Adaverse’s investment and expertise in the Web3 ecosystem will be instrumental in our evolution. We’re excited to explore how blockchain technology can enhance our platform, providing even more value to our users and partners in the football industry.”

This investment follows Grintafy’s previous backing from Chiliz, a major blockchain sports entertainment company, further solidifying its position at the intersection of sports and technology. The company plans to leverage these partnerships to expand its global footprint and introduce innovative features that will redefine talent discovery in football.

This investment follows Grintafy’s previous support from Chiliz in March 2024. Grintafy raised $2.1 million in a bridge round in 2022 from Aramco’s venture capital arm, Wa’ed, along with other investors.

ABO Digital invests $5 million in UAE Blockchain enabled Binary Holdings

ABO Digital invests $5 million in UAE Blockchain enabled Binary Holdings

ABO Digital, a digital asset investment firm has invested $5 million in UAE based The Binary Holdings, a UAE-based technology powerhouse valued at $16.9 billion.

As per the release, this investment will power The Binary Holdings to accelerate its mission of transforming the global digital economy. With a robust user base of 169 million across multiple verticals, The Binary Holdings is reshaping how businesses, consumers, and investors interact in the digital landscape, and is targeting one billion users by 2025.

The company seeks with this investment to drive the expansion of a decentralized open network that seamlessly integrates with Web2 infrastructure while unlocking the full potential of Web3, empowering businesses and users to benefit from digital services such as cross border payments, gaming, digital social and other compelling services.

The Binary Holdings has contracts with seven leading telcos and a growing network of non-telco partners. At the center of the Decentralized Open Network for Distribution and Commerce is The Binary Network, where users, businesses, and service providers can seamlessly connect and transact across borders.

By using BNRY, the network’s single digital currency, The Binary Network is redefining the way value flows between participants, ensuring that payments are frictionless and accessible to users worldwide. This bold vision of using a single digital currency across its vast ecosystem enables true interoperability and cross-pollination amongst its diverse range of partners in both the telco and non-telco sectors, allowing for commerce to flow in a way that was previously unimaginable, eliminating the barriers between platforms and national borders.

The platform’s ability to facilitate seamless transactions and interactions across multiple industries has already garnered attention from some of the world’s largest companies. With contracts signed with seven major telcos, The Binary Holdings is on track to reach 1 billion users by December 2025, becoming a true global player in the decentralized economy.

In Q2 2025, The Binary Holdings will launch Millenia, a digital bank aimed at simplifying cross-border payments and remittances for users within The Binary Network. Designed to empower seamless transactions for individuals and businesses, Millenia will offer a low-cost, fast, and transparent service powered by the secure decentralised and interoperable infrastructure of The Binary Network, with BNRY as the primary transaction digital currency.

The Binary Holdings’ blockchain infrastructure is gaining strong traction among dApp developers. Through partnerships with over seven Layer 1 and Layer 2 blockchain networks, The Binary Holdings has created unique bridges which provide dApps immediate access to Binary’s expanding user base of 169 million, projected to reach one billion by 2025, creating unmatched engagement and utility.

“The Binary Holdings is at the forefront of creating a new global standard for digital distribution and commerce,” said Siddharth Sahi, CBO, The Binary Holdings. “With the launch of the Binary Digital Bank, support from ABO Digital, and an expanding network of partners, we’re excited to continue pushing boundaries and bringing innovative solutions to our global community.

A Tech Powerhouse in Southeast Asia and the Middle East and a Global Leader in the Digital Economy through Mass Adoption

The Binary Holdings is rapidly establishing itself as one of the region’s most valuable and innovative tech companies, with a valuation of $16.9 billion. With strong partnerships, an expanding user base, and a commitment to essential infrastructure, The Binary Holdings is on track to become a global digital economy leader. Its blockchain technology drives innovation in decentralized finance (DeFi), NFTs, gaming, and digital commerce at scale, building a robust ecosystem that redefines business, payments, and global interactions.

“We are excited to collaborate with The Binary Holdings at such a pivotal time in the evolution of the digital economy” said Talal Samy, Investment Associate at ABO Digital. “The company’s ability to innovate, scale, and bring real-world solutions to a global audience is unmatched. Their groundbreaking work in creating seamless global interoperability and fostering mass adoption of decentralised technologies aligns perfectly with our mission, and we are proud to support them as they continue to shape the future of Web3.”

BlackRock sets up in Abu Dhabi UAE as it plans regulatory approval from ADGM

BlackRock sets up in Abu Dhabi UAE as it plans regulatory approval from ADGM

The global fund manager BlackRock, which has a Bitcoin ETF, known as IBIT where in just 211 days since its launch has amassed $40 billion in assets, has received a commercial license in Abu Dhabi as it seeks regulatory approval to operate from the Abu Dhabi Global Market ( ADGM).

In a statement to Bloomberg, BlackRock stated, “Building on the long-standing relationships BlackRock has built with clients in Abu Dhabi and across the region over more than 20 years, the new office reflects BlackRock’s continued commitment to the UAE, and its dedication to fostering strong relationships with clients and partners in the country.”

The US headquartered company has assets under management of $11 trillion plus. Earlier in the year, BlackRock appointed Mohammad AlFahim as Head of the UAE. Ben Powell relocated to the region to serve clients as BlackRock Investment Institute’s first Chief Middle East & APAC Investment Strategist.

“Our presence in ADGM will enable us to better serve our clients around the world on whose behalf we engage with sovereigns, wealth managers and specialist investment vehicles based in Abu Dhabi, operating in sectors such as infrastructure, renewable energy, and technology,” said Charles Hatami, Head of Middle East and Global Head of the Financial & Strategic Investors Group, BlackRock. 

BlackRock’s growing focus on this region saw CEO Larry Fink as one of the headline speakers at Riyadh’s Future Investment Initiative (FII) forum last month, where he spoke about the largest macro trend in the world today is the amount of capital needed to digitize and decarbonise and rebuild infrastructure, amounting to trillions of dollars.

In May, BlackRock Inc. also revealed plans to set up a new investment platform in Saudi, backed by up to $5 billion from the country’s sovereign wealth fund the Public Investment Fund (PIF).

BlackRock’s strategic positioning and the increasing acceptance of Bitcoin as a viable investment option have contributed significantly to this success. The ETF’s performance highlights the potential for digital assets to become a mainstream component of investment portfolios.

UAE Quantix Capital invests $1 million in Tezos blockchain TZPAC

UAE Quantix Capital invests $1 million in Tezos blockchain TZPAC

UAE Venture Capital firm, Quantix Capital has invested one million dollars in Tezos, through its Singapore adoption hub TZ APAC, with the aim of boosting blockchain gaming innovation on the Tezos platform.

As per the press release, the global blockchain gaming market was valued at $128.62 billion in 2022. By 2030, it’s expected to skyrocket to $614.91 billion, growing at 21.8%.

Blockchain technology allows players to gain true ownership of in-game assets, creating new economic opportunities for players around the world. At the core of this category are Play-to-Earn (P2E) games. These attract new players and provide additional revenue for developers. These games create a real-world use of gaming assets, allowing developers to earn royalties on secondary sales and greatly enhance the gaming ecosystem.

Jake Seltzer, Managing Director of Quantix Capital stated, “Tezos Web3 is uniquely positioned to lead innovation in this space.” He adds, ‘Our investment goes beyond financial backing; it’s a commitment to empowering the creators who are reshaping the future of games and interactive experiences.”

His counterpart, Jeremy Foo, Head of Gaming at TZ APAC, shares this ambitious vision. With a focus on nurturing a fair and inclusive gaming ecosystem, they are paving the way for a new era of gaming that goes beyond mere entertainment.

Eco-Friendly and Efficient Tezos operates on an eco-friendly Proof-of-Stake (PoS) model, slashing energy consumption compared to traditional blockchains. In an era where sustainability is a hot topic, this approach resonates with developers and eco-conscious gamers.

With Quantix Capital’s backing, the Tezos blockchain is set to welcome a wave of pioneering gaming projects. Many projects using Tezos are already underway, spanning a variety of genres—from real-world economy and interactive role-playing games (RPGs) to co-op games.

Saudi Web3 blockchain fund invests in Tharawat Green Exchange

Saudi Web3 blockchain fund invests in Tharawat Green Exchange

Adaverse, Cardano Web3 and blockchain fund in Saudi Arabia, has invested in KSA based Blockchain enabled TGE (Tharawat Green Exchange), a startup leveraging Web3 technology to support environmental sustainability initiatives in line with Saudi Vision 2030.

TGE is working on carbon offsetting in Saudi Arabia, connecting carbon offsetters with local nurseries and land projects via a blockchain-enabled platform. This innovative model supports Saudi Arabia’s goal of planting 10 billion trees by 2040, while also promoting economic growth and environmental health.

Unlike global providers that invest in projects abroad, TGE is fully localized, focusing solely on Saudi-based projects to build the local environmental ecosystem. The business model involves three key stakeholders: projects requiring trees, nurseries supplying them, and offsetters funding the planting to meet their carbon goals.

The investment, totaling 1.69 million SAR, ( $450,000) will be used primarily for infrastructure and blockchain development, sales and marketing efforts, and obtaining Vera certification for TGE’s carbon credits. This certification will ensure that TGE’s carbon crypto is recognized and valued in the global market.

Vincent Li, Founding Partner of Adaverse, commented, “Our investment in TGE aligns perfectly with our mission to foster innovative Web3 solutions that address real-world challenges. TGE’s approach to combining blockchain technology with environmental sustainability has the potential to transform how we approach carbon offsetting and tree planting initiatives in the region.”

Yakeen Al Zaki, CEO and Co-founder of TGE, stated, “With Adaverse’s support, we are poised to make a significant impact on Saudi Arabia’s sustainability goals. Our platform simplifies the process of contributing to environmental initiatives, making it accessible for anyone to participate in building a greener future.”

Tharawat Green Exchange is targeting a $500+ billion market, with plans to expand globally, eyeing a $1 trillion annual market expected to grow by 6% year over year. Looking ahead, TGE aims to raise an additional 1.5 million SAR to further product development, technology infrastructure and market penetration.

This is not the first investment Adaverse has made in startups in Saudi Arabia. Recently it invested half a million dollars ($500,000) as a pre-seed investment in Saudi loyalty platform, Mithu, a platform aggregator for restaurants and cafes in Saudi Arabia. Mithu aims to solve a critical problem in the loyalty program market, where customers struggle to manage multiple loyalty programs and billions of dollars worth of points expire annually.

Aurum Equity Partners $1 billion tokenized fund to invest in datacenters in UAE and KSA

Aurum Equity Partners $1 billion tokenized fund to invest in datacenters in UAE and KSA

Aurum Equity Partners, a private equity firm, has launched a combined equity and debt tokenized $1B fund, utilizing Zoniqx’s asset real world tokenization solutions and leveraging XRP Ledger (XRPL) Blockchain, for datacenter investments in United States, UAE, KSA, India and Europe.

Zoniqx (“Zoh-nicks”) is a global fintech leader based in Silicon Valley, specializing in converting real-world assets into Security Tokens. Their compliant infrastructure enables tokenization across public, private, and hybrid blockchains, driving global liquidity and DeFi integration.

As per the press release, this initiative will harness Zoniqx’s cutting-edge Tokenized Asset Lifecycle Management (TALM) solution and the Dynamic Compliant Interoperable Security Token (DyCIST) protocol to transform Aurum Equity Partners’ assets into tokenized financial instruments. This development marks a significant step forward in integrating blockchain technology with traditional financial markets.

Key Highlights:

  1. Innovative Tokenization: Zoniqx will enable Aurum Equity Partners to launch the world’s first combined equity and debt tokenized fund, leveraging the XRPL to provide investors with greater flexibility and diversification.
  2. Global Data Centers: The initiative will establish cutting-edge data centers across the United States, United Arab Emirates, Kingdom of Saudi Arabia, India, and Europe, showcasing the scalability and global reach of tokenization technology.
  3. Enhanced Liquidity: Utilizing Zoniqx’s TALM framework, the trading of tokenized assets on secondary markets will be more efficient and accessible, offering investors improved liquidity options.
  4. Compliance and Security: The DyCIST protocol, combined with the XRPL’s built-in safety compliance features, ensures all tokenized assets adhere to global regulatory standards, including AML and KYC protocols, providing secure and compliant transactions.
  5. Interoperability: The initiative will facilitate seamless integration across multiple blockchain networks, offering flexibility and accessibility for a wide range of investors and financial institutions.

“We are excited to work with Zoniqx to bring this groundbreaking project to life,” said Venkat Bussa, CEO and Chairman, General Partner at Aurum Equity Partners. “This development aligns with our commitment to leveraging cutting-edge technology to enhance liquidity, transparency, and overall investment efficiency for our investors.”

Prasanth Kalangi, Founder and CEO of Zoniqx, added, “Working with Aurum Equity Partners on this innovative project is a significant milestone in our mission to advance asset tokenization. Our technology is designed to meet the evolving needs of the financial industry, and we are excited to demonstrate its potential in the private equity space.”

David Schwartz, CTO of Ripple and Co-creator of the XRP Ledger, added “Tokenizing private equity is another emerging use case in RWA, tackling the challenges of illiquidity and limited access in these markets. By using XRPL’s ability to process transactions efficiently and securely, Aurum and Zoniqx are showing how real-world assets can be managed more effectively harnessing a decentralized blockchain.”

During Gitex Aurum Equity Partners and DEWA signed an agreement for edge infrastructure developments.