Saudi Arabian NTDP invests in UAE tokenization platform Byzanlink

Saudi Arabian NTDP invests in UAE tokenization platform Byzanlink

Saudi Arabian NTDP ( National Technology Development Program), an entity aimed to transform Saudi Arabia into a tech leader by fostering sustainable development and innovation has invested along with Outlier Ventures, Smart IT Frame, Sensei Capital as well as angel investors Murali Kulala (CEO, Smart IT Frame), Salman Butt (Co-founder, Salla), and Christopher, a seasoned fintech investor, along with several other prominent angel backers, a sum of $1 million in UAE based Byzanlink, a Blockchain enabled real-world asset (RWA) tokenization platform bridging traditional finance and decentralized finance (DeFi), in a private funding round.

Byzanlink, operating our of Dubai DMCC is building an infrastructure to modernize access to institutional grade investment opportunities using blockchain tokenization.

The platform is designed to bring greater transparency, operational efficiency, and broader accessibility to financial assets that have traditionally remained out of reach for many investors.

“Support from such a diverse and forward-thinking group of partners is a strong signal for what we’re building,” said Anbu Kannappan, Founder and CEO of Byzanlink. “We believe the next generation of financial infrastructure will be powered by transparency, automation, and access. We’re committed to building that foundation.”

As per the press release, the recent funding will be used to accelerate product development, deepen ecosystem integration and strengthen the operational frameworks to support regulatory alignment and institutional adoption.

The platform aims to align traditional investment structures with modern financial rails, creating a foundation where capital moves faster, more openly, and with greater programmability. The company is positioning itself as a core infrastructure layer supporting compliant, yield-bearing financial products for institutions, fintech, and digital-native treasuries.

This comes as both Saudi Arabia and UAE develop tokenization solutions in both countries. Recently DroppRWA, a sister company of Web3 technology provider DroppGroup, partnered with Saudi Arabia’s real estate developer RAFAL Real Estate Co, to execute a Saudi Arabian pilot that would (RWA) tokenization real estate transaction. The pilot will serve as a national feasibility benchmark for the future of tokenized property markets in KSA.

Additionally in the UAE EmCoin, recently regulated by UAE’s Securities and Commodities Authority, will launch an investment platform that brings together digital assets and traditional finance all within a single, seamless mobile experience. Users will be able to trade Virtual Assets, invest in UAE and global equities, buy commodities, and access expert-managed portfolios with full transparency and trust.

Bitcoin and Ethereum take 10th and 18th place in most traded instruments in GCC

Bitcoin and Ethereum take 10th and 18th place in most traded instruments in GCC

AvaTrade, aglobal trading company, released the latest data from its key GCC platforms, reinforcing its role as a source of real-time market intelligence. Covering activity across the region since April 1st, the data reveals the Top 25 most traded instruments by USD volume, with gold taking the lead and in the 10th and 18th place being Bitcoin and Ethereum. B

Based on AvaTrade’s platform activity over the past 2.5 months, collected from Bahrain, Kuwait, Iraq, Oman, Qatar, Saudi Arabia, and the UAE, gold appears as the most traded, with strong interest in U.S. equities, with all three major indices, NASDAQ 100, DJ30, and S&P 500, ranking within the top four, and the Russell 2000 close behind in eighth.

Commodities also featured prominently, with crude oil and Brent oil both placing in the 15 most traded instruments, and silver also making the list. Foreign exchange trading is also active, with major pairs such as USD/JPY, EUR/USD, and GBP/USD all ranking in the top ten. Other currency pairs like AUD/USD, USD/CHF, USD/CAD, and GBP/JPY follow closely behind.

Meanwhile, the inclusion of cryptocurrencies such as Bitcoin in 10th and Ethereum, ranked 18th, reflects a broader diversification in trading preferences across the region.

Reflecting on the recent data, Dáire Ferguson, CEO of AvaTrade, stated, ‘Sharing this type of trading insight is one of the many ways we aim to support our growing base of investors across the GCC. In an ever-changing global market, where regional dynamics also play a key role, timely data helps traders make more informed decisions.’

Established in 2006 as a pioneering online trading platform, AvaTrade is one of the most trusted brokers in the industry with nine regulations across six continents. Offering access to over 1,000 CFDs across forex, ETFs, indices, commodities, and crypto, the platform caters to both experienced investors and newcomers through a range of educational resources, trading tools, and market insights.

MENA Fintech Association opens chapter in Saudi

MENA Fintech Association opens chapter in Saudi

The MENA Fintech Association (MFTA), has opened a chapter in Saudi Chapter noting that it is a pivotal move to accelerate innovation, collaboration, and fintech growth across the Kingdom of Saudi Arabia.

The MFTA Saudi Chapter will be co-chaired by two recognised fintech leaders: Mona Alsemayen, a strategic force in digital transformation and regulatory advancement in the GCC, and Sophie Guibaud, a prominent European fintech executive with deep expertise in embedded finance and digital banking.

“This launch marks a new era of opportunity for the Kingdom,” said Mona Alsemayen, Lead of MFTA Saudi. She adds, “Saudi Arabia is poised to be a regional fintech powerhouse. By aligning MFTA’s global network with Vision 2030 and the Kingdom’s fintech strategy, we will unlock new synergies between innovation, policy, and ecosystem development.”

Mona Alsemayen brings decades of cross-sectoral leadership experience, having held senior roles at the Saudi Central Bank (SAMA), Gulf Payments Company, and Amazon Payment Services. She played a central role in launching AFAQ, the first cross-border payment system in the GCC, and has represented Saudi Arabia at global forums including the Bank for International Settlements (BIS).

Joining her as Co-Chair, Sophie Guibaud adds a global perspective to MFTA Saudi’s mission. “Saudi Arabia’s fintech landscape is evolving at an unprecedented pace. I’m honored to support this next wave of growth, where embedded finance, open banking, and inclusive design can deliver real-world impact,” said Guibaud.

Sophie has led digital banking and embedded finance strategies across major European fintechs. Her expertise in innovation-driven transformation will be instrumental in aligning Saudi’s fintech ecosystem with emerging global trends.

MFTA Saudi will serve as a convening platform for fintech companies, regulators, banks, investors, and technology leaders to collaborate, co-create, and shape the future of finance in the Kingdom. The chapter will focus on key areas including, policy & regulation dialogue, digital payments and embedded finance, open banking and cross-border innovation and ecosystem development and talent empowerment.

Saudi Arabia Pilots tokenization with DroppRWA and RAFAL Real estate

Saudi Arabia Pilots tokenization with DroppRWA and RAFAL Real estate

DroppRWA, a sister company of Web3 technology provider DroppGroup, has partnered with Saudi Arabia’s real estate developer RAFAL Real Estate Co, to execute a Saudi Arabian pilot that would (RWA) tokenization real estate transaction. The pilot will serve as a national feasibility benchmark for the future of tokenized property markets in KSA.

The pilot built on blockchain and AI systems will allow Saudi citizens to have fractional ownership of high value real estate assets with amounts starting for as low as single-digit Riyals.

droppRWA will conduct a full feasibility study for property tokenization across RAFAL’s portfolio. A fully regulated proof-of-concept will be developed and executed, with RAFAL supplying live real estate assets for controlled transaction testing.

Faisal Al Monai, droppRWA co-founder and founder of DroppGroup stated, “This transaction marks a paradigm shift. Around the world, we are witnessing the greatest digital transformation of the 21st century, the transformation of capital itself. The mission of this partnership positions Saudi Arabia at the forefront of programmable economies, with real-world impact for every citizen ,starting at just 1 Riyal,you can “own a piece of Vision 2030.”

Al Monai, added, ” For institutional and global capital, this will be a fully regulated pilot that provides a secure on-ramp for institutional-grade Foreign Direct Investments (FDI) into Saudi Arabia. It merges stablecoin liquidity with sovereign-grade infrastructure, bringing real-world assets onto the blockchain with trust, speed and scale.”

Elias Abousamra, CEO, RAFAL Real Estate, “At RAFAL, we have always believed that real estate should be both aspirational and accessible. This partnership with droppRWA is not just about technology – it’s about democratizing real estate investment and creating a global platform for foreign direct investment into the promising Saudi market. For the first time, a young Saudi can own a piece of a premium development with just a few Riyals. That’s a powerful idea. Together with our partners, we are proud to pioneer a new model of ownership that speaks to the inclusive and innovative spirit of Vision 2030.

DroppGroup offers an AI quantum resilient platform

In 2017, Faisal co-founded droppGroup, an enterprise Web3 and AI infrastructure company based in Miami, which was embedded in the Middle East’s digital transformation. droppGroup’s flagship product, droppOne, is an AI-native, quantum-resilient infrastructure platform designed for governments and enterprises to operate in a world where AI agents transact, identities are decentralized and economies no longer need intermediaries.

It has deployments spanning the governments of Saudi Arabia andQatar, Saudi Aramco, Cisco and Oracle, utilized for digital ID, AI agents negotiating real-time contracts, real world assets like energy being tokenized and national data rails stitched into smart city backbones.

At its core, droppOne enables a new kind of economy. Its architecture supports >500,000 TPS, seamlessly bridges on-premise enterprise environments with public blockchains. Every AI agent has a wallet. Every transaction is programmable. Every interaction – sovereign.

In 2023 Saudi oil giant Aramco entered a collaboration agreement with droppGroup, a US-based company with operational hubs in Canada and Saudi Arabia. The partnership entailed that Aramco and droppGroup work together on deploying the latter’s proprietary Web3 technology to support the Saudi Vision 2030 quality of life program. The companies worked to develop a range of innovative Web3 solutions to benefit Aramco employees, including an on-boarding and training ecosystem, a tokenized network, and a rewards program.

The partnership also intended to explore creating a global tokenised network connecting all Aramco stakeholders.

Recently Faisal Al Monai was at Aramco with Tether, the issuers of USDT. On LinkedIn he noted, “A great feeling representing droppGroup and Tether.io meeting with aramco – The digital economy is the future and the future is here. Real World Asset tokenization transforms today’s capital into tomorrow’s value and profit.”

Saudi Digital economy worth $131 billion the largest in MENA

Saudi Digital economy worth $131 billion the largest in MENA

Saudi Arabia stood out as the largest digital economy in the Middle East and North Africa (MENA), having made significant strides in artificial intelligence (AI), data centers, digital government, and human capital development, aligning with the goals of Saudi Vision 2030.

As per aa report by World Telecom and Information Society, Saudi Arabia’s digital economy is valued at over SR495 billion OR $131 Billion, representing 15% of the gross domestic product (GDP).

The telecommunications and information technology market registered record growth of more than SR180 billion or $47 billion in 2024, driven by increased private sector investment and heightened innovation, further reinforcing the Kingdom’s position as the largest technology market in the Middle East.

This reflects a significant shift in the national economic landscape and highlights the Kingdom’s success in accelerating income diversification through a smart economy.

In its pursuit of transitioning to the smart era, the Kingdom has invested over SR55 billion or $14 billion in AI technologies and data centers, establishing itself as a regional hub for future industries. Earlier this year during LEAP Summit KSA attracted $22.4 billion in AI and datacenter investments.

By empowering digital human capabilities, Saudi Arabia has boosted its regional prominence as a major hub for digital talent, generating over 381,000 quality jobs in the technology sector.

In the field of digital governance, Saudi Arabia has made exceptional progress in United Nations indicators, ranking sixth globally in the E-Government Development Index. It also ranked fourth globally in the Digital Services Index, second among G20 countries, and first in the region. In sub-indicators, the Kingdom ranked first globally in digital skills and open digital government, and seventh worldwide in the E-Participation Index.

Saudi Central Bank invests in MicroStrategy who are Big on Bitcoin

Saudi Central Bank invests in MicroStrategy who are Big on Bitcoin

Saudi Central Bank better known as SAMA in a recent SEC ( Securities and Commodities Exchange) 13F filing has disclosed that it has invested and holds 25,656 shares in MicroStrategy Inc. For those not familiar with MicroStrategy, now known as Strategy, it is an award-winning AI (Artificial Intelligence) and Business Intelligence platform trusted to deliver intelligence everywhere, on any cloud, at enterprise scale.

It is also one of the biggest buyers of Bitcoin. Its strategy has been to issue equity, debt and preferred stock to acquire the digital currency, and it has been on a buying spree. Its Bitcoin holdings have more than doubled since Sept 2024, when it held 252,200 coins. It had about 447,000 coins at the end of 2024. Now, MicroStrategy owns 568,840 bitcoins as of May 12, 2025.

Its CEO Michael Saylor in an interview on Al Arabiya encouraged countries like Saudi Arabia, Qatar, UAE, and Kuwait to purchase Bitcoin as well. In the Al Arabiya English interview with Hadley Gamble, he works to convince the globe on why Bitcoin is the center of the AI economy, and why countries including KSA, Kuwait, Qatar, and UAE as well as the rest of the world should buy Bitcoin. He then states that GCC region with its low taxation, its digital asset regulations, and its trusted banking sector could become the trusted digital asset custodians for the digital economy.

MicroStrategy states the average purchase price as $66,384.56 USD per bitcoin with a total cost of $33.139 billion USD.

Now, Saudi Central Bank, has indirectly become an investor in Bitcoin with its 25,656 Shares in MicroStrategy.

The Saudi Central Bank is not the first with exposure to Bitcoin. Prior to this Mubadala Fund of UAE invested in Bitcoin ETF with BlackRock. More recently Mubadala increased its investment in Black Rock’s Bitcoin ETF. It now holds a $408.5 million stake in IShare Bitcoin Trust (IBIT). While MGX, UAE sovereign Fund and a big investor in AI, recently invested $2 billion into Binance.

Even Bahrain based Al Abraaj Restaurants Group B.S.C. (Ticker: ABRAAJ) (“Company”), a public listed company on the Bahrain Bourse, has announced that it put Bitcoin on its balance sheet. The Group has purchased Bitcoin in partnership with U.S. based 10X Capital, becoming the first publicly traded company in the Kingdom of Bahrain, the Gulf Cooperation Council (“GCC”), and the Middle East to acquire Bitcoin as a treasury asset.

While Saudi Arabia has yet to come out with its crypto regulation, it has been investing heavily in Web3 technologies, including AI, Blockchain and others. Could this be the beginning of an opening up to crypto after the United States seems to have changed its stance on the asset, or just another AI investment? It just might be both!


Saudi Ministry of IT partners with Blockchain accelerator Adaverse

Saudi Ministry of IT partners with Blockchain accelerator Adaverse

Adaverse, Venture Fund and Cardano Blockchain accelerator has partnered The Saudi Arabian Ministry of Communications and Information Technology.

As per the press release, the partnership aims to accelerate the development of Web 3 technologies and promote innovation in blockchains in the Kingdom of Saudi Arabia. This collaboration will leverage the Ministry’s leadership in national digital transformation and Adaverse’s expertise in blockchain investments and technology infrastructure. It aims to equip local talent with access to the latest global advancements in this field.

Vincent Li, CEO of Adaverse Saudi Arabia, stated, “We take pride in contributing to Saudi Arabia’s digital transformation by sharing our global expertise and resources. This partnership will help build a strong Web3 community in the Kingdom and drive innovation in blockchain technology.”

The partnership will include training and awareness programs to help local talent gain expertise in Web3 and Blockchain. It will also foster innovation with community meetups and hackathons and provide access to cutting edge technologies to support KSA’s tech ecosystem.

Additionally Adaverse will work with the Minsitry to establish startup accelerators in Web3 sector.

This announcement coincides with the new Web3 alliance that has been formed in KSA . Animoca Brands, SandBox, and Outlier Ventures announced that they have united key Blockchain and digital innovation players towards to goal of driving adoption and Web3 technologies aligning with Saudi Arabia’s Vision 2030.

Saudi based Oumla Blockchain has partnered with Chainlink

Saudi based Oumla Blockchain has partnered with Chainlink

Oumla, a Layer 1 blockchain platform that allows applications to be built on any blockchain with ease, as well as offers a secure vault infrastructure for storing digital assets has announced its partnership with Chainlink.

Chainlink Labs is one of the primary contributing developers of Chainlink, the standard for onchain finance, verifiable data, and cross-chain interoperability. Chainlink is unifying liquidity across global markets and has enabled over $17 trillion in transaction value across the blockchain economy. Major financial market infrastructures and institutions, such as Swift, Fidelity International, and ANZ Bank, as well as top DeFi protocols including Aave, GMX, and Lido, use Chainlink to power next-generation applications for banking, asset management, and other major sectors.

In an X post Oumla stated, “We are pleased to announce that Oumla is partnering with chainlink and adopting the Chainlink standard on OumlaChain, a compliance-focused, permissioned blockchain in Saudi Arabia.”

The post adds, ” Bringing Chainlink SmartData to OumlaChain empowers enterprises, financial institutions, and government entities to move onchain, supporting the Kingdom’s blockchain innovation and digital transformation.”

Oumla in KSA, offers an intuitive infrastructure that caters to both businesses and government entities. The platform offers a suite of APIs and SDKs, enabling developers to build applications on top of any blockchain, including Ethereum Virtual Machine (EVM)-based networks, without the need to master complex, low-level blockchain-specific protocols.

Oumla already partnered with Avalanche Blockchain

Prior to this announcement, Oumla partnered with Avalanche Blockchain to create Saudi Arabia’s first Layer on Blockchain fully hosted in the country.

At the time Oumla stated, “This collaboration will support startups and SMEs, driving technological innovation across Saudi Arabia and the MENA region. It will bring a secure, locally-hosted blockchain platform closer to home, we’re paving the way for growth and innovation aligned with Saudi Vision 2030. This partnership is part of our larger mission to develop the products the region needs to thrive in Web3 and blockchain technology, preparing the MENA market for a seamless transition into the digital future.
We’re excited to bring this vision to life and drive the next wave of technological transformation!”

Adaverce, the venture capital fund and Web3 accelerator with a base in KSA, invested in Oumla. In 2024 Adaverse published its first Web3 ecosystem report for the Kingdom of Saudi Arabia showcasing growth, opportunities, as well as challenges. Since its inception, Adaverse has funded 54+ startups across Asia, the Middle East and Africa.

In addition Outlier Ventures has also chosen Oumla for its Spark accelerator program.

Chainlink has a presence in the UAE

In December 2024, Chainlink Labs, expanded its presence in the Middle East and North Africa (MENA) region, and set up an office and an entity in Abu Dhabi under the Registration Authority of ADGM.

At the same time, UAE Emirates NBD, a leading banking group in the Middle East, North Africa, and Türkiye (MENAT) region, added a fifth council member of its Digital Asset Lab – Chainlink.

Saudi Arabia attracts $22.4 billion in investments for AI and Datacenters

Saudi Arabia attracts $22.4 billion in investments for AI and Datacenters

Saudi Arabia in the first two days of the LEAP 2025 conference has attracted $22.4 billion worth of investments in technology and artificial Intelligence fueling as well datacenter expansions in the country.

Datacenters grow exponentially in KSA

Datacenters for AI and other technologies has become the major cornerstone of investments in Saudi Arabia.

Examples of these investments include NEOM’s collaboration with Datavolt to invest $5 billion to build the world’s first fully sustainable AI data center with a capacity of 1.5 gigawatts in OXAGON. Not only that but Mobily telecom announced an investment of $911 million in strategic projects to develop digital infrastructure, including submarine cables and the development of data centers in Saudi Arabia.

Alfanar Company revealed an investment of $1.4 billion to develop four data centers with a capacity of 88 gigawatts, to support the growth of the digital economy and develop business solutions. While Zoom is investing $75 million to boost artificial intelligence and innovation, and to establish new data centers to support technology companies and government agencies in Saudi Arabia.

Further more, Palo Alto-based AI company SambaNova Systems announced $140 million in investments in Saudi Arabia’s AI infrastructure, partnering with the Ministry of Communications and Information Technology (MCIT) and the RDIA’s National Semiconductor Hub. SambaNova CEO Rodrigo Liang announced that the company is also launching a Sovereign LLM-as-a-Service in collaboration with STC AI, offering the world’s largest open source model LAMA 405B and running other capabilities such as STC’s Enterprise GPT. Liang also announced that SambaNova will soon offer the full DeepSeek 671 billion parameter R1 model on SambaNova Cloud. The model will be made available to select customers first, before being made more widely accessible.

Saudi Arabia unveiled technology investments and strategic partnerships worth $14.9bn at the LEAP technology conference in Riyadh on February 9, marking a significant expansion of the kingdom’s artificial intelligence and digital infrastructure.

Groq also announced it would $1.5bn to establish the world’s largest AI-focused data center in the kingdom. Even Google will also launch a global cluster in Saudi Arabia to meet regional and international AI demand.

“If you look at Saudi Arabia alone and put it in the EU region, it would be the fifth-largest tech hub in Europe,” said Communications Minister Abdullah Al-Swaha, noting that the region’s digital economy has grown 73% to reach $260bn, with Saudi Arabia representing 15% of this market.

There is also a $2bn joint venture between Ālat and Lenovo to build an advanced AI and robotics-driven manufacturing and technology centre, alongside establishing Lenovo’s regional headquarters in Riyadh.

Additionally, Zoom is set to announce the launch of a dedicated data center in Saudi Arabia along with new AI-driven innovations designed to meet the needs of businesses, government entities, and individuals in the Kingdom. Setting out plans for significant investment in Saudi Arabia over the next three years, Zoom’s VP – METAP Region, said the organization is aligned with Saudi Vision 2030 and the Kingdom’s rapid journey to becoming a global technology hub.

“Our presence in Saudi Arabia reflects the power of innovation, ingenuity, and collaboration,” said Mohannad AlKalash, VP – METAP Region. “Through investments in local infrastructure and the development of Arabic-language AI solutions, we are enabling businesses to thrive and lead in a rapidly evolving digital landscape. Together with the Kingdom, we are helping to build a future where technology fuels progress, opportunity, and sustainable growth.”

Furthermore, AMD has now opened a branch office in Riyadh to better support customers and partners in the Kingdom of Saudi Arabia (KSA).

“Saudi Arabia is one of the world’s fastest-growing technology marketplaces and Leap 2025 serves as an ideal opportunity to showcase our leading-edge technologies and innovative solutions for the HPC and Enterprise markets”, said Zaid Ghattas, META Regional Lead, AMD. “Establishing an official presence in the Kingdom underlines the growing importance of the Kingdom and we are excited about the opportunities this will bring”.

DeepSeek enters KSA

Chinese artificial intelligence firm DeepSeek has begun operating through Aramco Digital’s data centres in Dammam, Saudi Arabia, marking another significant development in the kingdom’s expanding AI infrastructure, company officials announced on February 9 at the conference.

“The data is stored locally and never transferred elsewhere once used,” said Tariq Amin, former CEO of Aramco Digital, during his conference address in Riyadh. “We anticipated the world’s need for proper AI model inference and operations, particularly with DeepSeek,” he added.

The announcement comes as DeepSeek, has expanded into Saudi Arabia through Aramco Digital’s facilities.

Prince Alwaleed KBW ventures to invest 30% in MENA

In an interview with AGBI magazine, Saudi investor Prince Khaled bin Alwaleed’s KBW Ventures which historically has invested 90 percent of its funds in US companies is now keen to invest closer to home, according to its chief investment officer. CIO Ekta Tolani says KBW Ventures now wants to invest at least 30 percent of its funds in the Mena region, particularly Saudi Arabia, and has a renewed focus on profitability, not just growth.

Hodler Investments launches NEXGEN to energize datacenters in KSA

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.

UmrahCash and Saudi Hajj services to offer stablecoin payment solutions

UmrahCash and Saudi Hajj services to offer stablecoin payment solutions

Saudi based UmrahCash, a Blockchain fintech stablecoin issuer platform, has signed a Memorandum of Understanding (MoU) with the Muttawffys of Arabs Hajj Company (Ashraqat) aimed to revolutionize the pilgrimage experience for millions of Hajj and Umrah visitors to Saudi Arabia.

UmrahCash is a fintech platform dedicated to advancing Islamic financial inclusion. Using stablecoin technology, it simplifies currency exchange and payments for Hajj and Umrah pilgrims, processing over $1 million in monthly transactions, less than a year since launch.

The partnerships will offer seamless, efficient, and innovative solutions for pilgrims allowing them to access local currency easily in Saudi Arabia, developing innovative solutions, joint marketing campaigns, and most importantly expanding the financial and logistical services available to pilgrims.

William Phelps, CEO and Founder of UmrahCash, remarked: “Pilgrimage is a sacred journey that should be enriching and seamless. Through our partnership with Ashraqat, we aim to eliminate barriers, providing pilgrims with financial and logistical support that is transparent, reliable, and in line with modern standards. Together, we are creating a future where pilgrims can focus solely on their spiritual journey.”

Founded nearly 40 years ago by royal decree, Ashraqat has revolutionized the service of Hajj pilgrims, transitioning from individual efforts to an institutionalized model.

Umrah Cash is supported by Cardano Accelerator

Cardano Blockchain accelerator Adaverse had invested and supported Umrah Cash among other startups in Saudi Arabia. Adaverse had published its first Web3 ecosystem report for the Kingdom of Saudi Arabia showcasing growth, opportunities, as well as challenges. Since its inception, Adaverse has funded 54+ startups across Asia, the Middle East and Africa.

This announcement comes as Neom, Saudi Arabia’s futuristic city being built on the shores of the Red Sea has partnered with Saudi Arabian NTDP ( National Technology Development Program) and Outlier Ventures, a global Web3 accelerator, to launch the first Web3 accelerator and the FutureSpark Base Camp Demo Day.