Saudi Arabia to host first Blockchain ticketed event, the Web3 Summit Blockchain and Beyond with IR4LABS

Saudi Arabia to host first Blockchain ticketed event, the Web3 Summit Blockchain and Beyond with IR4LABS

Saudi Arabia based IR4LAB, a specialized firm in disruptive technologies such as Blockchain and Artificial Intelligence with a MENA presence is implementing the first Blockchain enabled registration and certificate of attendance solution for the inaugural Blockchain Research Institute (BRI) Web3 summit being held on October 19th at the Four Seasons hotel in Riyadh KSA.

IR4LAB will be utilizing its blockchain based solution DocCerts to manage registration, and certificates of attendance for the inaugural Web3 Blockchain and beyond summit organized by the globally renowned Blockchain research Institute.

The Blockchain Research Institute Middle East, with branches all around the world, is known for their yearly summits led by their partner, the legendary Dr Don Tapscott who will be flying for the first time to the Kingdom addressing C-suites audience focusing on the topics of Blockchain for Oil&Gas, Supply chain & logistics, Smart Cities, Banking &Finance and Women in Web3. Organizers plan to hold this event yearly in Riyadh.

The Saudi Arabian events industry size was valued at $6.1 billion in 2021 and is expected to reach $17.6 billion by 2031. The solution implemented will offer, for the first time in the region, a blockchain registration certificate that will be granted to all attendees, be-it online or in-person.

The Web3 Summit: Blockchain and Beyond aims to bring together industry leaders, experts, and stakeholders to explore the advancements and potential of blockchain technology and web3. The summit will discuss five main relevant areas, all of which fall under the Saudi Vision 2030 focusing on the digital transformation which is currently happening in Saudi.

A keynote speech will be given by Dr. Don Tapscott one of the world’s leading Blockchain authors who has been vocal about the impact of technology on businesses and societies. Panels Topics will cover exploring the Use Cases of Blockchain in the Oil and Gas/Energy Market, implementing Blockchain in Supply Chain Logistics: Challenges and Best Practices, innovating Financial Services with Blockchain: Opportunities and Challenges, building the Cities of Tomorrow with Web3 Technology, and empowering Women in the Blockchain Ecosystem: Opportunities in a decentralized world.

Majd AL AFIFI Co-Founder and CEO of IR4LAB states, “Attendees and delegates to the summit will enjoy a novel event experience using blockchain technology. Our blockchain DocCerts solution will not only streamline the registration process and make it easier, simpler and more transparent but it will also grant certificates of attendance to attendees in a digital environmentally friendly fashion. We stand ready and work diligently to make blockchain a part of our everyday lives meeting the Kingdom’s Vision 2030.”

Mohamed EL KANDRI Co-Founder and CTO of IR4LAB, stated, “Blockchain technology can address four significant challenges in the industry: fake tickets, ticket scalpers and bots, security and data. I think that more than ever, it is crucial for organizers and venues to understand their audience better, to tailor specific offers and to create new and more qualified leads. Blockchain registration allows organizers to issue digital tickets that are unique, tamper-proof, and traceable. Additionally, blockchain enables organizers to track the entire lifecycle of a ticket, from its creation to its redemption, which can help prevent scalping and unauthorized reselling.”

Aline Daoud, Managing Partner at the Blockchain Research Institute Middle East added “We take pride in walking the talk. We have been internationally vocal about Blockchain and the successful use cases that are being implemented around the world; with the use of DocCerts solution in our event, we are allowing our attendees to have hands-on experience on a simple yet valid blockchain implementation. We look forward to having our prominent local, regional and international speakers who will be exposing other successful use cases covering the 5 themes that the summit focuses on, all of which are part of the Saudi Vision2030”

According to a report by MarketsandMarkets, the blockchain in the event ticketing market is projected to reach $468.3 million by 2023, with a compound annual growth rate of 39.3% from 2018 to 2023.

Another study by Grand View Research predicts that the global blockchain in the media, advertising, and entertainment market size will reach $1.57 billion by 2030, driven by the increasing adoption of blockchain in the ticketing industry.

The Web3 Summit Blockchain and Beyond will host 500+ delegates from the Gulf region and 70+ experts from all over the world created as a practical initiative aligned with the vision of 2030 objectives by paving the way towards Blockchain adoption under the emerging technologies umbrella set by the Kingdom’s vision.

UAE based Blockchain payments platform WadzPay in final stages of licensing and live testing of payments solution in KSA

UAE based Blockchain payments platform WadzPay in final stages of licensing and live testing of payments solution in KSA

In a recent tweet, the Founder of WadzPay, a blockchain technology payment provider with a presence in the UAE, Anish Jain, offered an update to the community stating that WadzPay had made strides on the licensing front and are in the “final stages”. In addition he added that WPC token would be listed on a Tier1 regulated exchange in the Middle East.

As for the WadzPay product it will be ready for launch in Q3 of this fiscal year with live terminals on WadzPay soon.

Prior to this in a LinkedIn post, WadzPay announced that its blockchain enabled payments platform was now technically live for Pilgrims in Saudi Arabia. The solution is intended to facilitate digital payments and creates a cashless experience in KSA.

As per the announcement, WadzPay works with large payment companies, banks, and global entities to enable virtual asset-based transaction processing and settlement.

Their private blockchain program will enable pilgrims to use mobile app-based wallets issued by an approved institution in their home country. Once the wallet is loaded before travel, the user can make purchases at the merchant POS terminals present at the various pilgrimage points. The solution is intended to facilitate digital payments and creates a cashless experience in Saudi Arabia.

The pilgrims can easily get their un-spent money back after they return to their home country.

Using this platform, WadzPay allows merchants to offer improved service to international pilgrims at a fraction of the current cost.

This program will be used for issuing wallets to pilgrims and acceptance of these wallets in merchant outlets in KSA. As per WadzPay brochure, “We have partnered with a major aggregator from KSA to enable the world’s first cross-border ‘cashless’ Hajj & Umrah program”. In November 2021 WadzPay had partnered with Geidea in KSA for cashless payments. 

BingX to offer Fiat to crypto Peer to Peer trading services in MENA and Turkey

BingX to offer Fiat to crypto Peer to Peer trading services in MENA and Turkey

BingX, a cryptocurrency exchange, has introduced  Peer-to-Peer (P2P) trading services for multiple countries in the MENA region including UAE, Qatar, Jordan, Egypt, Kuwat, Saudi Arabia and Turkey. This means that trading includes fiat currencies such as  AED, DZD, EGP, JOD, KWD, QAR, SAR, MAD, TRY, and more. By opening up this feature, BingX aims to foster greater accessibility and convenience for users seeking to purchase cryptocurrencies with their local fiat currencies.

According to BingX press release, this strategic move empowers merchants and users in the MENA region and Turkey to engage in direct cryptocurrency transactions with zero transaction fees. Building on its successful P2P trading services available in over 40 countries and regions with support for 300+ payment methods, BingX now extends its user-friendly and cost-effective trading experience to the MENA and Turkey market.

BingX is seeking merchants in the Middle East and Turkey.

“We are delighted to introduce our P2P trading services with more accessibility for all users,” said Elvisco Carrington, PR and Communications Director of BingX. “As we continue to enhance our platform’s offerings, we are committed to providing our users with professional, secure, and cost-effective trading solutions. By expanding into the MENA and Turkey market and offering zero-fee P2P trading, we aim to create a dynamic trading environment that caters to the unique needs of local users and merchants.”

Highest salaries for Blockchain developers are in KSA, followed by Oman, Bahrain and Qatar

Highest salaries for Blockchain developers are in KSA, followed by Oman, Bahrain and Qatar


The Blockchain related job market in the GCC MENA region is growing, and salaries differ between varying GCC countries depending on need, and availability.

According to Salary Explorer 2023 reports, the average blockchain developer salary in the UAE per month is $3348 ( 12,300 AED), in Oman $3922 (1,510 OMR), in KSA $3945 (14,800 SAR), in Qatar $3597 (13,100 QAR), in Bahrain $3630  ( 1,370 BHD), while in Egypt and Morocco the average salary is $266 ( 8,230 EGP), and $1810 ( 17,500 MAD).

Interestingly others have noted that the average crypto salary per month in Dubai is $6582. As per their report salary estimates are based on anonymous submissions by cryptos, website users collected in Dubai from past and present job posts.

Concurringly a number of entities in the UAE are requesting job positions. One example is Crypto.com that is hiring a Web3 senior regulatory reporting analyst, in Dubai.

Recently as wel the Commercial Bank of Dubai was searching for Head of CBDC digital technology with yearly salary of $350,000.

Emagine Solutions FZE in Abu Dhabi was also requesting a job as it has been retained on a CBDC project within the UAE. The candidate could have experience as Head of Digital Banking, Head of Technology, EVP or SVP level.

As per the job description, the candidate will  work within a specialist business unit focused on developing the the Central Bank Digital Currency (CBDC) which will be responsible for analysing the opportunities and challenges presented by CBDC and developing the design of a CBDC. The candidate will be expected to offer input to and be the principal source of technological advice on other forms of digital assets (e.g., stablecoin). The monthly salary range is set anywhere between $30,000- $50,0000.

These job postings for blockchain, CBDC, and other crypto related opportunities are increasing in the region. Prior to this, there were requests for blockchain developers in UAE, for example at FuCoin, Swisstronic, Deriv, Storm2, as well as digital assets custody professional for Binance UAE.

A CoinJournal crypto job research published in November 2022 stated that the UAE has 137 crypto career listings or 14.51 jobs per one million people, which is the ninth highest globally, the research showed. There are more crypto-related jobs in the UAE than in other markets like Australia, Canada, France or Germany

The growth of the blockchain and crypto ecosystem in the region is pushing the growth of jobs in the field. We should see more of these postings in the future especially in KSA, Oman, and Qatar, as well as the UAE.

Arab Brazilian Chamber of Commerce and Morocco customs align next steps to using Ellos Blockchain trade platform

Arab Brazilian Chamber of Commerce and Morocco customs align next steps to using Ellos Blockchain trade platform

Arab Brazilian Chamber of Commerce ( ABCC) in a recent visit presented Morocco’s customs entity with the features and benefits of Ellos Blockchain and aligned the next steps to use the platform.

ABCC developed Ellos Platform as a distributed digital ledger to enhance its supply chain documentation, effectively tracking all information regarding any product being sold across the Brazilian and Arab markets, including all commercial, banking, trade, and export transactions from end to end. Buyers will be able to access relevant product information upon scanning a QR code on its packaging, ensuring customer satisfaction and quality of goods. Within the blockchain, stakeholders will be able to review the involvement of manufacturers, transporters, point of sale (POS), and others through immutable data.

Using the highest technology, the Arab Brazilian Chamber of Commerce developed Easy Trade, the Ellos Blockchain system responsible for sending the documents required by the Arab customs authority to clear the cargo in its country.

ABCC that was established back in 1952  aims to bring closer together Arabs and Brazilians through trade and business cooperation, keeps fulfilling its mission in new and innovative ways.

As a major supporter and driver of this relation, the ABCC has adapted and reinvented itself for these new times that call for more agility in trade, lower costs, unending partnerships, and more advanced, safer goods that are manufactured under principles of ethics and sustainability. A such according to its President, Osmar Chohfi , “We’ve established an important platform, Ellos, that uses blockchain technology for digitizing the trade process, thus reducing times and costs. Exports to Jordan have already seen the elimination of paper, and the same will soon happen in trade with Egypt and other Arab countries.”

ABCC has also established an innovation lab the ABCC Lab, taking Brazilian startups to the Midde East and North Africa. ABCC has also opened offices in the United Arab Emirates and Egypt, and will soon launch one in Saudi Arabia.

Chohfi adds, “We’re carrying out together with the Brazilian Trade and Investment Promotion Agency (ApexBrasil), the Halal Brazil project that aims to make Brazilian food companies to supply to Muslim countries, bringing more profits and opportunities for our country, and providing the Islamic nations with the products they demand. Halal manufacturing means manufacturing with sustainability and quality standards.”

USA based Meer Energy aims to bring Carbon Credit NFTs, Bitcoin mining and Blockchain AI datacenters to KSA

USA based Meer Energy aims to bring Carbon Credit NFTs, Bitcoin mining and Blockchain AI datacenters to KSA

USA based Meer Energy, Co-Founder Abdullah Han, was one of the speakers in June 2023’s 10th Arab China Business Conference, in Riyadh KSA, under the patronage of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, where he met with positive feedback for his concept of developing a Blockchain AI Bitcoin and carbon credit mining datacenter in the country.

In an interview with LaraontheBlock, Han explains why he participated at the Arab China Business Conference and how his business model was received.

According to Han, Meer Energy a US based company for Bitcoin mining which utilizes flared gas to power its datacenters is working to expand its business model which includes Blockchain, AI datacenter as well as Carbon Credit tokenization to the Middle East, African and Asian region.

Han believes that the future of industrialization will be driven by blockchain and AI (Artificial Intelligence) and this requires energy and hashpower, more specifically sustainable hashpower that can support AI and Blockchain development of use cases.  He states, “We are trying to use waste energy from oil and gas, flared energy and renewable energy to create cheap energy that powers AI and Blockchain, Bitcoin mining, and carbon credit tokens. We already have a joint venture with Asian investors to deliver datacenters in the USA.”

Meer Energy’s value proposition is to utilize the flare gas sites in the MENA region, such like those in Iraq, KSA and others to power big datacenters. As he explains, countries such as Iraq have a huge headache in dealing with their flared gas as they are unable to connect it to the electricity grid given their remote location, and the inability to connect pipelines to dry processed gas. So by combining energy from flared gas with AI and Blockchain a lot of projects become viable and economically  attractive.”

For Han, Meer Energy will use 95% of the hashpower of its datacenters to mine Bitcoin, and use the remaining 5% to power high performance blockchain, and AI projects. He gives the example of carbon credits NFTs which will be mined directly from the datacenter. The datacenter will use smart contacts to monetize carbon credits into NFTs creating revenues of $1 million per month.  He explains, “Each Megawatt produced by a datacenter can produce 5000 carbon credits, nearly 1 million dollars in revenue alone , I call it your mining.”

Another example that HAN gives for utilizing datacenters is in the mining of CBDCs. As Han explains, “While countries in developing nations start to issue CBDCs they will face two issues either using private blockchains such as for example Hyperledger or public blockchains such as Ethereum, they will face issues of not holding hashpower of these blockchains, not having a stake in them. By utilizing datacenters on the sovereign ground of a country, central banks can utilize flared gas to power their own CBDC.”

So Han believes that while governments may not want to discuss Bitcoin mining they are interested in discussing how integrated datacenters can support blockchain use cases in combination with AI while affording a sustainable climate program using carbon credits.

According to Han, he is approaching MENA governments and investors with a new concept. While in the USA, Bitcoin is connected to Wall Street, in developing countries the government is behind it. 

As per Han today we are seeing a move towards de-dollarization in KSA, Russia, Iran, and UAE. He explains, “All governments will realize that strong money will drive weak money out of the system. In the 1970s crude oil and dollar were anchored together, but today we can have what I call gas Bitcoin or energy Bitcoin, which could replace the petro dollar.  The new possible global monetary system could be Bitcoin, utilized as a new global reserve system and settlement system. Those leaders with a vision and forward looking approach understand this. They by mining Bitcoin can have a share of a global decentralized banking system. This is one way to understand Bitcoin from a geo-political perspective. So when I speak to MENA policy leaders I don’t invite them to mine Bitcoin, I invite them to subscribe in shares to a decentralized global bank.”

Han believes this could be tested in for example NEOM city which is powered by Blockchain and AI, because in the city of the future there is also need for the governance of the future and this includes circulation of money. This according to Han could be tested in a controlled environment to see what happens.

Meer Energy is seeking to raise $5-6 million at a valuation of $40-50 million. During Han’s trip to KSA there was very positive feedback not only from investors but policy makers. Han states, “The concept was well received.” 

As for the future Han believes that his proposal allows Bitcoin mining datacenters to survive the halving of Bitcoin. He states, “By combining bitcoin mining with carbon credits regardless of what happens to the price of Bitcoin after halving whether it remains the same or goes up to $50,000 we will still be able to make revenues from carbon credits and will survive while other companies go bankrupt.”

He also believes that these datacenters can create smart contracts for Islamic economy whether related to Hajj, Sukuk and others.

According to the data provided by the Hashrate Index, bitcoin miners in the UAE should produce approximately 13 EH/s, which is equivalent to 3.7% of the total Bitcoin hash rate at an assumed average energy efficiency of 30 J/TH. This comes as the UAE becomes an attractive hub for crypto mining. 

Marathon Digital Holdings confirmed earlier in 2023 that the company along with Abu Dhabi based Zero Two (Registered name FS Innovation), an emerging blockchain and digital assets infrastructure development company, will be launching the two digital asset mining sites with a combined capacity of 250 Megawatts in the sustainability hub of Abu Dhabi Masdar City and the port zone of Mina Zayed by the end of 2023.

KSA is looking for DLT, Ethereum, Hyperledger and DeFi talents with tokenization skills

KSA is looking for DLT, Ethereum, Hyperledger and DeFi talents with tokenization skills

The senior advisor of Saudi Central Bank  Anthony Butler  for blockchain, AI and digital assets recently posted  on LinkedIn new job positions opening up in Riyadh KSA.

The roles he mentioned included sSoftware engineers with hands-on experience working with DLT ( Distributed Ledger Technology) protocols and applications. According to Butler the role requires someone with experience implementing solutions using tech such as Ethereum, Hyperledger Besu, Hyperledger Fabric, and/or R3 Corda.”

He adds  these talents should particularly  be knowledgable of solutions involving tokenisation of real world assets. The job applicant should understand the functional and non-functional aspects of designing such solutions and be able to work with broader engineering teams to lead design and implementation. Understanding of DeFi and emerging areas, such as self-sovereign identity.

Also required are software engineers/full-stack developers at all levels of seniority. These applicants should be able to work independently on software development projects and potentially lead a team of other engineers by providing architectural and engineering guidance. Hands-on experience working with common front-end frameworks, architecture patterns, cloud-native design practices, and languages.

Finally Butler also mentions jobs for thos talented in AI ( Artificial Intelligence), machine learning (ML) and DS techniques and tools to solve complex classification, anomaly detection and prediction problems. Deep knowledge of common libraries such as PyTorch, TF, etc. and knowledge of tech and tools needed to implement AI at scale, such as vector databases (e.g. Pinecone), data pipeline tech (e.g. Airflow), orchestration tools (e.g. Langchain), MLOps tooling (e.g. Weights and Biases), etc. Will be working with SOTA and emerging areas, such as GenAI, so should be intellectually curious and self-driven to learn.

This comes as the Central Bank of Saudi Arabia moves forward with its CBDC ( Central Bank Digital Currency) national project as well as digital asset’s strategy.

Anthony Butler, the Chief Technology Officer for IBM MENA region who was based out of KSA, and is a blockchain, AI, metaverse expert joined Saudi Central Bank (SAMA) as a senior advisor in May 2023.

He announced the new position on LinkedIn saying, “I’m happy to share that I’m starting a new position as Senior Advisor at Saudi Central Bank – SAMA! As a senior advisor to SAMA I will be focused on  first of a kind applications of emerging technology, such as artificial intelligence, distributed ledger technologies, quantum, and advanced cryptography in support of payments innovations (such as CBDC, stable coins, and tokenization), transformation of Suptech/Regtech, green finance,  open finance, decentralized finance (DeFi), and cybersecurity.

Prior to that, The Saudi Central Bank ( SAMA) appointed Mohsen AlZahrani, as virtual assets and CBDC lead.

With the new job postings listed by Anthony Butler it seems the move towards digital assets, DeFi, and blockchain in the capital of KSA is moving forward at a faster pace.

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.

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.