Moroccan advisory firm to offer blockchain cyber security solutions

Moroccan advisory firm to offer blockchain cyber security solutions

Moroccan BDO advisory has partnered with Naoris Consulting to integrate Naoris’s solutions including their blockchain based security protocol into their service offerings.

According to the announcement the integration is specifically designed to meet the unique challenges of the French-speaking African market.

The synergy between BDO Advisory and Naoris will make it possible to develop tailor-made digital transformation strategies, with a particular emphasis on cybersecurity. The objective is to use Naoris’ advanced technology to strengthen the resilience and competitiveness of African organizations and businesses, explains BDO Advisory.

On LinkedIn, Zakaria Fahim Managing Partner of BDO Morocco, stated, “We are excited to promote our strategic partnership for advancing decentralized cybersecurity using blockchain technology. This collaboration is key to providing innovative, secure solutions for Morocco and Africa.”

He added, “Our shared goal is to develop advanced cybersecurity systems leveraging blockchain’ s decentralization and transparency. This partnership will enable us to offer robust solutions tailored to the unique challenges faced by our enterprises in Africa and globally.”

Naoris Consulting on LinkedIN noted, “We are excited to share a pivotal chapter in our story. We’re embarking on a strategic partnership with BDO Morocco, a union of vision and expertise to revolutionize digital transformation with cybersecurity as a backbone in Francophone Africa. Envision a landscape where every organization in Francophone Africa is empowered to thrive digitally, bolstered by unyielding cybersecurity. This partnership is our stride towards turning that collective dream into a tangible reality, ensuring a safer and more innovative future for all.”

More and more Blockchain companies are moving to Morocco to serve the African region, including entities such as The Hashgraph Association, IR4Labs and others.

Blockchain DeFi Finance platform receives a license in Saudi Arabia

Blockchain DeFi Finance platform receives a license in Saudi Arabia

MRHB a halal, decentralized finance (DeFi) platform built for Ethical and Inclusive DeFi has expanded into the Saudi market after receiving a license from the Ministry of Investment.

MRHB plans to relocate its research and development team to Riyadh KSA.

According to the press release, “At $830bn Saudi Arabia has the largest Islamic Banking market globally and as such it was inevitable for MRHB.Network – the world’s most mature halal web3 ecosystem – to come onshore. By securing the license, MRHB.Network is now better able to partner with local, regulated institutions to drive its vision of a more inclusive, ethical, and halal approach to the world of decentralized finance and digital assets.”

The relocation of MRHB.Network’s R&D team to Riyadh is a strategic decision to tap into the vibrant and innovative fintech and venture capital ecosystem in the region. Riyadh’s dynamic, tech-forward environment offers the perfect backdrop for MRHB.Network to spearhead research and development efforts to bring the six trillion dollar Islamic economy into the digital assets era.

On LinkedIn Founder of MRHB Naquib Mohammed stated, “With great pleasure, I am excited to announce that MRHB.Network has received the local license from The Ministry of Investment, Saudi Arabia and has now expanded to the Kingdom. Our R&D team will soon relocate to Riyadh, where we will begin the next phase of our research and development. We are committed to providing empowering fintech solutions to the GCC, MENA region, and beyond.”

Prior to the move to KSA, MRHB Network partnered up with Shari’ah Review Bureau (“SRB”), a Bahrain-based Shari’ah advisory firm, to independently assess and review its new product EMPLIFAI (Earnings Amplified with Algorithms & AI) which aims to provide Sharia-compliant passive income.  

At the time Mohammed stated, “The MRHB ecosystem aims for a wide array of crypto-based DeFi solutions. After a successful launch of the Sahal Wallet app, a multichain self-custodial digital wallet, we are pleased to present our new product to the Muslim community – a liquidity harvester product, EMPLIFAI which incorporates a Sharia-compliant mechanism and structure for users to invest and generate passive income.”

Phoenix group purchases $567 million of crypto mining hardware

Phoenix group purchases $567 million of crypto mining hardware

UAE Phoenix Blockchain, crypto mining group has purchased a total of $567 million of Bitcoin mining Hardware. The group made a new Bitcoin mining hardware purchase of $187 million from Bitmain, just a few months after it purchased $380 million worth of crypto mining hardware from Whatsminer.

Prior to this Phoenix Group invested in Lyvely, a UAE-based platform poised to reshape how creators and consumers interact and monetize online acquiring 25% of the company.

The landmark purchase worth $187 million is for cutting-edge mining machines from industry giant Bitmain. This strategic acquisition comes just after its IPO on the Abu Dhabi Securities Exchange (ADX).

“This latest deal, following our successful IPO and partnerships, signals our relentless pursuit of excellence and solidifies our leadership in this dynamic space,” declared Bijan Alizadehfard, Co-Founder & Group CEO of Phoenix Group. “Partnering with titans like Bitmain and Whatsminer equips us with the best tech, fuels our growth, and redefines the future of efficient and sustainable mining.”

Phoenic Group has a  market cap of $3.95 billion as of January 4th, 2024, the Bitmain deal further amplifies Phoenix Group’s hashing power and market share.

But for Phoenix Group, it’s not just about numbers. It’s about building a better future. The company remains dedicated to green practices, integrating hydro cooling technology in collaboration with both Bitmain and Whatsminer. “Our environmental responsibility is core to our values,” emphasized Munaf Ali, Co-Founder & Group MD of Phoenix Group. “Partnerships like these, coupled with our commitment to hydro cooling, pave the way for a greener blockchain future.”

This comes as the USA and crypto enthusiasts around the world await announcements of the first Bitcoin ETFs.

Ministry of transportation in Oman pilots Blockchain solution

Ministry of transportation in Oman pilots Blockchain solution

The Ministry of Transport Communications and Information Technology in Oman will be piloting Blockchain Land transport eWay Bill on February 4th 2024.

The land transport eway bill is a blockchain enabled digital document used to authenticate and secure the process involved in land freight transportation. It includes crucial information such as quantities weights, origin, and destination of goods

As per the statement on X, the key objectives of the eWaybill include simplifying logistical operations and streamlining procedures for efficient and smooth tracking and documentation of shipments.

It will ensure service quality and enhance transportation operations; preserve and protect the interests of all parties involved, and elevate the overall quality of logistic services.

NAFITH a company that develops and operates technology-driven services that increase the productivity of trade processes and shared freight transportation infrastructure to benefit the public and advance commerce will be implementing the solution for Oman.

Nafith operates in Oman, Iraq and Saudi Arabia.

In 2023 Oman also announced that Oman’s telecom operator Omantel, and Indonesian Telkomsel signed up to GSMA’s ebusiness network accelerator program to trial next gen telco blockchain network for roaming. The new network would speed up roaming processes, support roaming agreement negotiations and expedite billing and settlement. The trials  went live in June 2023.

While Oman blockchain ID tech startup, Nashid was selected by Swiss Tech4trust accelerator to participate in their program out of Trust Valley of Lausanne, Switzerland.

Hedera and Dar Blockchain launch Web3 hackathon in Tunisia

Hedera and Dar Blockchain launch Web3 hackathon in Tunisia

Tunisia is set to witness the first Hedera Hackathon taking place from January 26th to 28th, 2024. The event is a collaborative effort between Dar Blockchain, The Hashgraph Association, ESPRIT University, and SUP’COM University. The aim of the Hackathon, backed by the Hedera Network, is to boost the adoption and understanding of Distributed Ledger Technology (DLT) in the country.

Dar Blockchain, a pioneer in the blockchain technology space, dedicated to redefining the digital landscape toward decentralization, and The Hashgraph Association, a non-profit organization that supports training and education programs across multiple industry verticals through broad adoption of Hedera-powered, enterprise-grade solutions, have partnered with two leading universities in Tunisia to establish a platform that explores the latest in Web3 technologies. 

ESPRIT University, a distinguished institution specializing in engineering and technology, and SUP’COM, the Higher School of Communication of Tunis or Engineering School of Communication of Tunis, will utilize the Hedera Hackathon to emphasize the innovative possibilities offered by the Hedera Network.

Participants will have the opportunity to learn, collaborate, and contribute to the transformation of industries through engaging activities and access to a specialized Web 3.0 Decentralized Academy.

Mohamed Mnif and Jaafar Saied, the Co-founders of Dar Blockchain, said: “ We are proud to be launching the first Hedera Hackathon at two reputable universities as part of our aim to set up chapters in local universities and offer training as we lay the foundation for a real understanding of DLT and blockchain. Tunisian youth and university students will be equipped with the skills and knowledge needed to foster Web3 adoption, not only in MENA but globally.”

The Hedera Hackathon will offer tracks that include DeFi (Decentralized Finance), revolutionizing finance with accessible and secure financial services for the Tunisian and African community, DAOs (Decentralized Autonomous Organizations), reimagining organizational structures for innovative university organization management and collaboration across the country, as well as tracks on the metaverse and NFTs (Non-Fungible Tokens). 

Teams of three to five members are eligible to participate and must send in their applications no later than January 20th , 2024. At least one member of the team needs to be certified on the Hedera ecosystem.

Participants will be required to build solutions that leverage Hedera’s DLT, addressing real and current needs within the African community and showcasing practical applicability and positive impact.

At the end of the Hackathon, teams will need to submit a live and functioning project which includes a URL, a PowerPoint presentation outlining the business case and functionalities, and a three to five minute demo video demonstrating the project’s key features.

Selection criteria for the best projects will be based on relevance to the Hedera Hackathon’s themes, effective usage of the Hedera DLT Network, technical functionality, clear business case, scalability, team composition and collaboration, and effective presentation capabilities.

Kamal Youssefi, President of The Hashgraph Association, added, “Our support of the proliferation of innovative DLT solutions in the African continent is one of our key objectives. We believe that it is through the utilization of the Hedera Network and distributed ledger technology that we can empower future generations to build enhanced economies, technologies, and societies. Working with DAR Blockchain and future-driven universities such as ESPRIT, and SUP-COM is a privilege and an honor.”

In 2023 Dar Blockchain and The Hashgraph Association signed a partnership agreement to develop blockchain in Tunisia and the African continent.

UAE blockchain agri platform raises $3 million

UAE blockchain agri platform raises $3 million

UAE Based Maalexi, a Blockchain and AI enabled SME agri business platform has raised $3 million in a pre-series A fund raise led by Global Ventures,  a leading MENA venture capital firm. Global Ventures joins existing venture capital investors Rockstart (Amsterdam) and Ankurit Capital (New Delhi). 

UAE Maalexi will use the funds to develop its AI and Blockchain technology and enhance its full stack platform to  help SME agri-buyers procure faster, cheaper, and safer from globally placed SME sellers. It will also use the funds to drive customer acquisition – specifically more buyers in the UAE and Saudi Arabia and to add sellers from 50+ origin countries.

Maalexi’s platform helps the millions of small agri-businesses active in the $3 trillion global, cross-border food trading market.

Maalexi’s proprietary technology has embedded risk management tools such as digital contracts,  AI enhanced inspections, and blockchain-authenticated documentation – all on a user-friendly web platform. Maalexi’s solution increases participation and automates trade – leading to higher customer revenues, more bankability, and more sustainable enterprises.

Maalexi has grown significantly in 2023 recording a Cumulative Monthly Growth Rate of 60%, adding hundreds of users, and helping SME buyers procure millions of kilograms of food supplies – across 70 products, from 27 countries. The Company’s overall focus and strategy is to build resilience in the food supply chain - strengthening food security in the UAE, and then to replicate the same model across the GCC.

Dr. Azam Pasha, co-founder and CEO of Maalexi, said, “We are delighted to complete our $3 million pre-Series A round – with the exclusive participation of MENA’s leading VC firm – Global Ventures. It is a very exciting time for Maalexi; we have a huge market opportunity which we know needs our solution – a proprietary automated process that makes life easier and more lucrative for SME agri-buyers and sellers. The per-transaction costs of our platform are very low, and we enable safer, faster trades cross-border.

At the same time, we are strengthening food security in our home country and region. We look forward to 2024, and our regional expansion, with great confidence.”

Noor Sweid, Founder and Managing Partner of Global Ventures, commented, “We are delighted to lead Maalexi’s funding round. Focused on empowering small to medium agri-businesses, the company is streamlining the transborder exchange of agriculture products, using AI-driven risk management tools to address payment and performance risks in regional and global supply chains.  The $3 trillion global, cross-border food trading market is still weighted against SME agri-businesses. Despite the fact that they constitute 90% of global agribusinesses, they only control 30% of the cross-border trade market. Maalexi’s business model aligns with our thesis on the role of technology in disinter mediating supply chains to make them more efficient and productive, as well as reducing the GCC’s 85% dependency on food imports. We are excited to partner with Azam and Rohit as they enhance the engagement of small agri-businesses in trade, and improve food security in the Gulf, and beyond.”

The AI strategy of Egypt includes blockchain and Big data

The AI strategy of Egypt includes blockchain and Big data

According to Egypt’s communications and Information technology Minister Amr Talaat, Egypt has started with phase two of its AI strategy which will focus on increasing the scope of AI investments and conducting public awareness campaigns while pursuing integration with Big Data and blockchain technology.

Talaat confirmed that the second phase will commence in Q2 of 2024 and will cover several key economic sectors. He explained that Egypt’s AI plans will see the government introduce initiatives across governance, human resources, technology, information infrastructure, data, and environment. A significant portion of the second stage of the national strategy builds upon the accomplishments of the first round of AI initiatives introduced by the government.

He added that the second phase will roll until the middle of 2027 and will consolidate the impressive gains made by Egypt over the last two years.

The NAIS is part of the Ministry of Communications and Information Technology’s Digital Egypt initiative announced in 2017. The strategy comprises three phases until 2030. The published document only focuses on phase one, with hints about the following two. That phase “deepens the use of AI technologies to transform the economy, going beyond just adopting technology.” The ultimate goal is that companies and the government would have to “fundamentally [rethink] business models, and [make] big changes to reap productivity gains and create new areas of growth.”

Its primary focus is to introduce AI solutions in government services, agriculture, manufacturing, healthcare, finance and economic predictions, and natural language processing (NLP). Another emphasis is training schoolchildren, postgraduate students, and professionals in the latest AI technologies, regulations, ethics, and use cases. The strategy also aims to cooperate with international partners to ensure technology transfer.

Set for completion in May 2024, phase one explored the deployment of AI in a valiant attempt to achieve Egypt’s sustainable development goals (SDGs). A series of government-backed initiatives were introduced to explore a myriad of AI use cases and deepen the existing talent pool for local and global AI developers seeking to set up operations in Egypt.

Data from Tortoise Media shows Egypt has gone up seven places in the Global AI Index in under 12 months, buoyed by increasing adoption of the technology.

IHC launches new holding company which will invest in crypto

IHC launches new holding company which will invest in crypto

UAE based International Holding Company (IHC), has approved the initiation of the transfer of 2PointZero, a next generation Holding Company comprising several diverse and dynamic companies, which will invest in several industries including crypto ecosystem.

The new Holding company will include a combination of entities holding over $27 billion in assets (transfer will be completed after obtaining all regulatory approvals).

One of the most relevant entities now under 2PointZero is Citadel Technologies.

Citadel is a leading player in the cryptocurrency mining industry and operates a state-of-the-art crypto mining facility in Abu Dhabi, UAE. The company specializes in Bitcoin extraction and is committed to sustainable and efficient mining practices. Citadel’s strategic location in the UAE allows it to leverage the region’s advanced infrastructure. In FY22, Citadel reported a revenue of AED100 million and an asset size of AED2.7 billion. IHC recently acquired a 10% stake in Phoenix Group, which manages the ‘Citadel Project’. Citadel’s facility is recognized as the Middle East’s largest crypto-mining facility.

IHC Chairman, Tahnoon bin Zayed Al Nahyan said: “Today, we are proud to announce the formation of 2PointZero, a next generation holding company that stands at the forefront of pioneering advancements across multiple sectors. Embracing the future with open arms, 2PointZero is committed to having a transformative impact globally. Our dedication to Technology and Artificial Intelligence (AI) is evident in our commitment to developing solutions that redefine industries such as Financial Services, Investment Banking, and Resource Management. Our vision transcends boundaries, and our mission is to build sustainable ecosystems that empower communities, cultivate technological excellence, and ensure financial resilience.”

2PointZero will invest across  verticals including Private Equity and Alternative Investments, Venture Capital Operations, Credit/Asset Management, Financial Services (including Micro Financing and Insurance) Investment Banking, Securities Brokerage and Research, Artificial Intelligence (AI) and Technology, Mineral and Resource Management, Digital and Cryptocurrency Ecosystems and Mobility.

“2PointZero’s collective strength lies in its diversity, shared vision, and unwavering commitment to progress. Its thriving ecosystem of industry leaders is interconnected, each contributing unique value and drawing strength from their collective purpose,” said Syed Basar Shueb, IHC’s Chief Executive Officer. “By harnessing our expertise and acumen across these industry verticals and operating at an unprecedented scale, 2PointZero is poised to create a transformative impact on the world.”

2PointZero Holding will also include the following entities, Chimera Investments, Lunate, Beltone, International Resources Holding (IRH), and Sagasse Investments.  

A week prior to this announcement, UAE IHC Holding, which bought 10 percent of UAE Phoenix Group, a leading Bitcoin mining entity spurred its growth in Blockchain, AI and IoT in a joint venture with Indian Adani Group.

Saudi STC backs Blockchain AlephZero hackathon

Saudi STC backs Blockchain AlephZero hackathon

AlephZero, a layer 1 blockchain that allows the deployment of Web3 applications quickly, securely and at low cost has collaborated with Saudi Telecom Company, STC global Venture capitalist as well as T-Mobile, for its upcoming Hackathon called CTRL+Hack+ZK. The Hackathon will start on January 10th 2024 until January 31st 2024.

The winners of the Hackathon will receive up to $75k bounties and up to $500k EFP funding.

CTRL + HACK + ZK is the premier hacking event for Aleph Zero, the highly scalable blockchain platform with blazing speed and state-of-the-art privacy engine. The Hackathon will include 3-week journey of workshops, educational programming, and hands-on mentorship with the core dev team and ecosystem partners.

There are various tracks one of them is the Telco track which will challenge participants to redefine the future of telecommunications using Aleph Zero’s cutting-edge features by optimizing infrastructure or even creating new services.

Another track is the DiD track which explores identity-related solutions such as AZERO.ID, leveraging Aleph Zero’s native privacy stack to enable secure and decentralized identity management. Also included in the Hackathon is the  Tooling track which focuses on developing applications, node providers, libraries, and tools that enhance the developer experience and ecosystem around Aleph Zero, and finally the gaming track for building gaming solutions such as in-game items as NFTs smart contract templates for payouts and collectibles, or indexers for gaming data, the possibilities are endless. 

The Final track is DeFi where developers are encouraged to leverage its robust infrastructure and create unique financial solutions that help expand the ecosystem’s functionality.

Saudi Arabia has shown interest in developing CBDC (Central Bank Digital Currencies) as well as utilization of blockchain for tokenization projects. The collaboration of Saudi’s telecom conglomerate STC is another reflection of the Kingdom’s interest in Blockchain and its solutions.

The Saudi Islamic Development Bank Institute (IsDBI) is working to patent a Blockchain system for smart stabilization for CBDCs and digital assets after receiving a positive evaluation for its Blockchain smart stabilization system patent

SBI Holdings launches its blockchain JV with UAE Tradefinex

SBI Holdings launches its blockchain JV with UAE Tradefinex

Japanese SBI Holdings continues to forge stronger partnerships in the MENA region with the announcement of the launch of its joint venture SBI XDC Network APAC with UAE based TradeFinex.

TradeFinex is the promoter of XDC Network, an enterprise-focused blockchain for the purpose of enhancing efficiency in trade finance. Prior to this in September 2023, the two entities had announced that they would be creating the joint venture.

The purpose of the joint venture is to develop the XDC Network which is a community-driven platform established in 2017 specifically designed for trade finance and payments. It provides a smart contract system that facilitates global trade operations through the tokenization of real-world assets (RWAs) like bonds, tokenization of trade assets, and digitization of trade documents, on high-speed, highly secure, and low-cost blockchain.

Up to now, the SBI Group has been providing various services related to the XDC Network, including becoming the Japan’s first exchange to start handling XDC tokens, through a partnership agreement with SBI VC Trade Co. Ltd. (Head office: Minato-ku, Tokyo; President: Tomohiko Kondo), a company providing crypto asset exchange services within the SBI Group.

Moving forward, the SBI Group will not only focus on services related to the XDC token, but also strive to expand the use cases of the XDC Network’s blockchain technology in global economic activities,  particularly in the fields of trade finance and cross-border payments.

According to the press release, “As the first project after the establishment of the joint venture, we have started a proof-of concept (PoC) experiment that connects XDC Network and the Corda platform provided by SBI R3 Japan Co., Ltd and Corda Bridge provided by US based IMPEL GLOBAL. In this experiment, FIAT payments generated by business-to-business transactions will be conducted in XDC via Corda and Corda Bridge. By utilizing a hybrid blockchain with both private and public characteristics, it is possible to provide a one-stop service that settles both private, such as information of transactions, and public, such as the transfer of value, at once. As a result, this offers an efficient and smooth payment method for cross-border transactions including international trade, compared to conventional fiat currency transactions.”

SBI Holdings over the past months has been forging a variety of partnerships across the region. It signed an MOU with Saudi based Aramco, for digital assets research. SBI Holdings also announced a partnership with Standard Chartered to launch a $100 million Fund in the UAE to also establish a digital asset joint venture.