UAE decentralized ecommerce platform, Ayshei ( Aya Shee in Arabic), backed by Medad Holding will be launching in early 2024 as the first fully enabled Web3 AI marketplace.
Ayshei will incorporate cutting-edge features such as online auctions, virtual stores, delivery services, and AI technology, among other distinctive solutions as part of its decentralized ecommerce platform.
CEO of Ayshei, Mohammed Shaiba Al Mazrouei, emphasized that Ayshei.com represents more than just a marketplace—it signifies the dawn of a new era for online commerce in the UAE. Al Mazrouei stated that the platform empowers businesses, fosters innovation, and creates a thriving community. As the first platform to provide full transparency on fee structures and onboarding processes, Ayshei invites users to become early adopters and join the Ayshei Community, a space where limitless opportunities await.
Ayshei is positioning itself as a market enabler for SMEs, startups, and home businesses. The platform will offer an all-in-one virtual store, providing essential services such as a trade license, bank account, payment gateway, logistics (including end-to-end self-storage), and delivery. This approach aims to empower businesses to establish and flourish in the digital realm.
Being a decentralized platform leveraging web3 technology, Ayshei prioritizes user security and transparency. The platform implements multiple security measures, including profile verification through Emirates ID, UAE Pass integration, high-value product authentications, advanced transaction monitoring, property and car inspections.
The platform will offer intelligent solutions in real estate, auctions, and other domains.
South Korean, Wemade brings onboard Whampoa Digital as an ecosystem partner for its $100 million Web3 Fund in UAE. Wemade will also partner with Whampoa Digital for its WEMIX Play center in Dubai International Financial Center Innovation Hub ( DIFC Innovation Hub).
Both parties will engage in mutual deal and project referrals, particularly in the Web3 industry, and potentially co-invest in promising projects. In addition, Whampoa Digital and Wemade will also leverage each other’s technical and operational know-how to develop blockchain infrastructure and solutions for the gaming and Web3 industries. The solutions developed will be applied and integrated with financial institutions supporting these industries to promote seamless adoption of digital assets globally.
Wemade operates WEMIX PLAY, an established global Web3 gaming platform with over 250,000 concurrent players. It has developed a suite of blockchain solutions and has an established track record in investing in gaming studios, notably in Lionheart Studio, Shift Up and MADNGINE, the developer behind the massively successful NIGHT CROWS mobile and PC game.
Wemade is also developing the WEMIX PLAY Center, a global Web3 gaming hub at the DIFC Innovation Hub. The US$100 million Wemade Web3 Fund is targeted at promising gaming studios and blockchain projects that intend to set up an office in the WEMIX PLAY Center.
Whampoa Digital is the technology investment arm of Whampoa Group, a privately-held investment company owned by several established families in Asia. It is an early investor in digital assets and Web3 ventures, working with Web2 and Web3 visionaries to propel innovation and drive mass adoption of blockchain technologies.
Whampoa Digital was also approved in Bahrain to set up a digital Bank and has committed to investing $50 million in the country.
Whampoa Group Senior Partner Aureole Foong said,“We are excited to be joining forces with Wemade, a powerhouse in the gaming space. This partnership will allow us to pioneer new horizons in the digital asset industry beyond our already established sectors, as well as foster innovation in the Middle East, one of the world’s fastest-growing regions in the Web3 space.”
“Through our partnership with Whampoa Digital, a leading investment firm in Singapore, we strive to share valuable insights related to blockchain technology, each party bringing their unique expertise to the partnership,” said Wemade CEO, Henry Chang. “We are committed to consistently expanding collaborations with outstanding global partners.”
Under the patronage of H.H. Sheikh Mohamed Bin Rashid Al Maktoum, Oraseya Capital, launched from the Dubai Integrated Economic Zones Authority (DIEZ) will fund high technology startups from initial seed investment to Series B. The $136 million fund is aligned with the objectives of the Dubai Economic Agenda, D33 which aims to develop SMEs. Their investment tickets go up to $3 million but startups have to have some form of presence in Dubai, UAE.
The fund will serve as a strategic partner for startups, providing guidance, support, and the necessary tools to navigate the challenges of growth and innovation. Oraseya Capital is poised to play a significant role in shaping the future of technology startups, contributing to the sustainable development and progress of Dubai’s economy.
This launch comes days after Saeed Al Darkmaki, a UAE national well known in the crypto, blockchain and DeFi circles as an entrepreneur and investor joined BoCG, a Venture firm focused on an Arabian Peninsula Fund in MENA region, to oversee the growth of blockchain-based venture portfolios seeking the next stage of growth through their Venture Operating Model (VOM).
In early October, Deus X Capital with offices in the UAE launched with $1 billion in assets according to an article published in CoinDesk. As per the article the family office backed investment firm launched on October 2nd with Tim Grant as CEO.
Hub71 has accepted seven startups into its Hub71+Digital assets cohort which include blockchain ad digital asset enabled startups from the region and globe.
One of the seven startups welcomed into the cohort is Param Labs a game and blockchain development studio that delivers the highest quality blockchain-integrated games to the masses through player-owned digital assets.
Another startup is Overnight Finance an asset management protocol offering passive yield products based on delta-neutral strategies, primarily for conservative stablecoin investors.
While Momint enables accessible funding and trade of solar photovoltaic1 (PV) investments with a built-in digital wallet, specializing in putting real assets and legal contracts on the blockchain.
In addition to the ones mentioned above is UK based Avantgarde Finance which provides digital asset investment managers a platform to plug into, launch their strategies, and grow at scale.
Seven startups in the cohort will join Hub71+ Digital Assets, the specialist ecosystem focused on unleashing the growth potential of Web3 and digital assets. Startups in Hub71+ Digital Assets can tap into a network of 13 dedicated partners, including leading digital asset exchanges, global technology providers, venture capital funds, blockchain platforms and other commercial and investment opportunities required to scale.
Following a rigorous selection process, the successful startups will enter Hub71’s new Company Building Program and benefit from up to AED 250,000 worth of in-kind incentives and AED 250,000 in cash for equity. High-performing startups from the latest cohort will also be eligible to receive a top-up of up to AED 250,000 in exchange for additional equity, after one year.
Hub71 received a 107 per cent increase in applications from over 100 countries, reinforcing Abu Dhabi’s increasing global appeal as an innovative destination of growth for the world’s leading entrepreneurs. The new cohort comprises tech startups hailing from countries across the region, including the UAE, Egypt, and Saudi Arabia, as well as companies from the UK, Canada, India and Armenia, which will establish a presence in Abu Dhabi. Additionally, around 40% of the startups in the latest cohort are from the US. This reflects the growing interest from mature tech hubs in Abu Dhabi’s favorable innovation ecosystem. Operating in 11 diverse industries, the startups will support the advancement of sectors aligned with Abu Dhabi’s strategic economic priorities, including FinTech, ClimateTech, HealthTech and EdTech.
Ahmad Ali Alwan, Deputy CEO of Hub71, said: “With each cohort, we are noticing increasing interest from high-growth startups worldwide seeking to establish their businesses and expand from Abu Dhabi. Tech entrepreneurs recognize the distinct advantages of setting up their companies in the UAE capital, which provides a favorable environment for developing and marketing innovative products and services that can transform the business world. By attracting startups with immense growth potential, Hub71 is building on its powerful community of visionary entrepreneurs who will pave the way for the future of innovation.”
In addition to a customized three-month course to receive expert mentorship, tailored advice and critical support, startups joining Hub71 will also gain access to a broad network of corporate, government, investment, and talent partners operating within Abu Dhabi’s technology ecosystem, significantly heightening the prospects of securing commercial deals, investment and market growth opportunities.
In June 2023 Hub71 announced that Digital assets infrastructure provider for financial institutions, Fuze Finance had been chosen as one of 15 startups to participate in Abu Dhabi’s Hub 71 2023 cohort.
Metaverse creator Animoca Brands Corporation Limited has announced that it has signed a Memorandum of Understanding (“Strategic Partnership”) with NEOM Company (“NEOM”) to drive regional Web3 initiatives in line with the Saudi Vision 2030 plan, after NEOM investment fund signed a term sheet for $50 million investment in Animoca Brands.
As per the Convertible Notes Financing Term Sheet (“Term Sheet”). NEOM Investment Fund is proposing to invest US$50 million in Animoca Brands, of which US$25 million will be via the issuance of convertible notes at a conversion cap price of A$4.50 per share, with substantively the same terms as the strategic funding round previously disclosed by the Company in the announcement of 8 September 2022; and the remaining US$25 million will be invested in purchasing the Company’s shares on the secondary market.
As part of the strategic relationship, Animoca Brands will work with NEOM on building Web3 enterprise service capabilities with global commercial applicability, which will be deployed to support technology advancements in Riyadh and the NEOM region. These projects will include a range of Web3 initiatives, including plans to establish a hub within NEOM to nurture the local Web3 ecosystem and bring in extensive capabilities from across Animoca Brands and its subsidiaries, partners, and broad portfolio of investments.
The execution of definitive documents for the Convertible Notes Financing are subject to a number of conditions precedent.
Majid Mufti, CEO of NEOM Investment Fund, commented: “We are excited to partner with Animoca Brands to support the development of NEOM’s digital infrastructure. Web3 technology and infrastructure development will not only be an important foundation of NEOM’s tech stack and architecture, but also has potential to revolutionize global industries. By partnering with a market-leading company like Animoca Brands, we hope to accelerate Web3 technology development and adoption.”
Yat Siu, the co-founder and executive chairman of Animoca Brands, commented: “We are honored and excited to partner with and receive investment from NEOM, one of the world’s most ambitious projects seeking to use innovation and technology to redefine how we live, work, and play. We have always referred to the growth of the Web3 ecosystem as the emergence of a new meta-nation, and now NEOM could well become the first region to fully harness the power of blockchain.”
Blockchain startups such as IR4LAB and Verofax are just a few of the startups that are making waves in the region and being recognized during Gitex 2023 held in Dubai UAE.
IR4LAB R4LAB, a Saudi-based company Blockchain and AI specialized startups in disruptive technologies announced on LinkedIn that their startup was selected to join the “Expand North Star Launchpad” accelerator Market entry program. This would as noted enabled them to forge business opportunity in the UAE and beyond given that it is under the auspices of the Dubai Chamber of Digital Economy.
According to Mohamed El Kandri, Founder and CEO of IR4LAB “This is another step towards global expansion after the launch of IR4LAB Africa during Gitex Africa 2023 in Morocco.”
We are thrilled to announce that IR4LAB has been selected for the Launchpad Accelerated Market Entry Program at Expand North Star, to help launch and expand its business in Dubai, another step forward towards Global Expansion after the launch of IR4LAB Africa during Gitex Africa in Morocco.
In addition, Verofax won the GITEX Supernova Web3 and Blockchain Award. As per their linkediN post, “We’re pleased to announce that Verofax has been recognized with the prestigious GITEX Supernova Web3 & Blockchain award at this year’s GITEX Impact’s Supernova Challenge Pitch Competition in Dubai.
UAE based Verofax is a blockchain enabled traceability specialist for consumer packaged goods (CPG) brands. By creating a digital passport for each item in an inventory, and situating all of those passports within a digital twin, the startup makes inventories interactive and entirely traceable
The Supernova Challenge stands as one of the most significant pitch competitions across the Middle East, Africa, and South Asia, offering startups a platform to present innovative solutions.
Web3 KEY Difference has received from UAE Freezone DMCC its business incubator license, a move that signals the next chapter for the company as they launch KEY Difference Labs, their new accelerator.
Over the last decade, starting from 2013, the blockchain landscape witnessed the steadfast growth of KEY Difference Media, the precursor to KEY Difference DMCC. Founded by Mr. Karnika E. Yashwan To has a wide range of accomplishments ranging from marketing for several Fortune 100 companies to assisting in the monumental fundraising of over $550 million during the 2017 ICO phase, the firm’s trajectory is nothing short of remarkable.
KEY Difference Media’s emphasis on incubating promising enterprises, its hands-on involvement in establishing extensive blockchain ecosystems, and its advisory role for potential future unicorns showcase the company’s forward-thinking approach.
Yashwan To explains, “The focus of the accelerator is to assist Web2 powerhouses in seamlessly transitioning to Web3 using the blockchain infrastructure. It’s disheartening to observe the crypto space riddled with scams and short-sighted strategies. My passion is about championing businesses that exemplify long-term, steady growth. This is achievable by harnessing the value ingrained in the Web2 sphere and appealing to its vast user base through simple, effective business use cases.”
The aim is to onboard the masses by introducing Web2 value-driven entrepreneurs to the transformative potential of Web3 technology. He adds, “We’re working towards building a brighter future.
He adds, “But what makes this business incubator license so great? Not every firm gets this nod. The DMCC reserves it for the best, those who’ve proven their mettle. This exclusive license isn’t just a feather in KEY Difference DMCC’s hat; it symbolizes their dedication and unmatched expertise in the field.”
Dfinity Foundation a major contributor to the Internet Computer Platform (ICP) blockchain and a Swiss-based not-for-profit organization with the largest R&D team in blockchain is making waves in the MENA and Asian region with partnerships such as with Roland Berger on UAE launched Voluntary recycling credits, as well as a $20 million grant to Asian startups and grants to MENA based startups such as ChainSight, an inter-chain data processing network to be able to use on-chain data with smart contracts.
The Internet Computer is a general-purpose, layer one blockchain that acts as a Cloud 3.0. The network has been operating for over two years, and has grown its daily transactions size to over 750 million, a 425% increase from its first year of operation. Notably, Dfinity Foundation asserts that its service has been provided with zero downtime.
Partnership with UAE Recycling Project
Most recently Roland Berger, a global strategic management consultancy firm with a strong presence in MENA selected Switzerland-based Dfinity Foundation as the technology partner for the development of the ‘Voluntary Recycling Credits’ standard announced by UAE’s BEEAH Group with Roland Berger and the International Solid Waste Association.
As per their announcement the three companies aim to develop a new standard powered by the blockchain that can help beef up recycling numbers in the waste sector. As such businesses with sparse recycling infrastructure who are keen on aligning with Sustainable Development Goals can buy credits on the forthcoming marketplace. These credits are provided by companies with surplus recycling capabilities. Meanwhile, the flow of funds will free up more money to boost investment in further enhancement and emerging recycling technologies.
“We have a unique opportunity to redefine waste management and make tangible strides in environmental stewardship,” said Hani Tohme, managing partner at Roland Berger in the Middle East.
The Voluntary Recycling Credits standard is being built on blockchain technology. According to the initiators, blockchain is a “foundational element critical to the success” of the standard, guaranteeing a transparent, auditable, and secure record of recycling credits and transactions. “This transparency ensures that all parties – whether waste producers or recyclers – can trust in the veracity of the credits they purchase, sell, or trade.”
“Selecting the right blockchain technology that harmoniously balances decentralization, security, usability and storage space is key for a project of this importance. We are happy to have selected Dfinity Foundation as our technology partner. The Internet Computer is one of the most advanced blockchains in the world, its efficacy and security make it the perfect platform to build this project on,” said Pierre Samaties, partner at Roland Berger.
“We are honored to have been selected by the Roland Berger team to collaborate on the Voluntary Recycling Credit. This initiative aligns with the core values of our team at Dfinity and Internet Computer, as we always look to ensure the blockchain remains at the forefront of sustainability and work with leading enterprises,” said Dominic Williams, Founder of Dfinity Foundation.
Through the partnership, Dfinity Foundation will develop the underlying technology for standard. The first milestone will take place at COP28 in Dubai, when the private-public coalition behind the standard will display the first-ever live recycling credits transaction.
Launch of ICP Hub GCC
As part of Dfinity’s efforts to support the ICP blockchain platform, ICP Hub GCC has been launched to support the growth of the ICP ecosystem in the GCC ( Gulf Cooperation Council) region as well as the in MENA region.
Saed Ereiqat, Co-Founder of ICP Hub GCC tells LaraontheBlock, “The UAE is undoubtedly amongst the most advanced countries to deploy and develop on Web3 and Blockchain. It was therefore only a matter of time, that the ICP.Hub GCC launched in the UAE, where it is accelerating the mass adoption of the Internet Computer Protocol in the Gulf Region.”
As per Saed the ICP.HUB GCC has ambitious plans in the region as a community based project aiming to empower users and providing a robust platform for the development and hosting of secure software systems and open internet services.
ICP.HUB GCC is supported by Dubai based Crypto Oasis while partnering with UAE VC firm Cypher Capita. .Together with local Education Institutes, the hub aims to further raise awareness and provide education for young developers and entrepreneurs to learn about Blockchain and how to effectively apply it for future-ready developments. Investors are offered an opportunity to invest in the rapidly expanding Ecosystem and projects therein.
Through its grant program UAE based ChainSight an inter-chain data processing network to be able to use on-chain data with smart contracts. ChainSight gains financial and technical support and with the connection to the hub, they are also provided with community support and communities to raise awareness for their development.
UAE Enjinstarter launched in 2021 as a Launchpad, incubator, crowd funding, and advisory platform for Web3 metaverse, gaming, entertainment and impact and sustainable projects has announced the launch of AYA, ( means miracle in Arabic) dedicated to empowering innovators to tackle climate challenges.
“MENA is at the forefront of climate change, with temperatures expected to rise by 2.5 degrees by 2050. The UAE is emerging as a global leader in sustainability and Web3, attracting builders, investors, and climate warriors,” says Prakash Somosundram, our CEO.
With a focus on areas like reforestation, mangrove conservation, and sustainable agriculture, AYA aims to bridge the climate financing gap, offering a platform for high-impact startups to access innovative technologies, raise funds, and leverage tokenized carbon credits.
At the beginning of 2023, Enjinstarter appointed Vasseh Ahmed as the new Managing Director to lead the Web3 efforts in the MENA region. Vasseh spoke with LaraontheBlock discussing Enjinstarter’s plans to help companies reach their Web3 ambitions while positioning Enjinstarter as the go to provider for impact and sustainability projects.
In the interview Ahmed states, “Web3 has a major role to play in addressing the climate crisis. Carbon credits, in particular, can benefit from Web3’s underlying technology to increase transparency and accessibility. We want to support projects that are looking for ways to shift incentives away from exploitation and toward preservation and regeneration.”
In May 2023 EnjinStarter MENA, a web3 Launchpad and incubator, became the first Launchpad globally to receive initial approval by Dubai’s virtual asset regulatory authority.
UAE based Solarix Ventures is seeking to invest in Web3 technology entities and will be participatiog at the Abu Dhabi Family office Summit on the 23rd of November 2023.
IOTA, distributed ledger built for the “Internet of Everything” , has announced that it is establishing a foundation and another headquarter in Abu Dhabi UAE, as part of their commitment to developing a digital infrastructure and innovation ecosystem in the UAE. IOTA’s Tangle is an open, feeless and scalable distributed ledger, designed to support frictionless data and value transfer.
The IOTA foundation will grow IOTA’s reach and importance around the globe. As per IOTA news release, the purpose of this entity is to become one of the primary organizations to foster the growth, adoption, and global expansion of IOTA.
IOTA states, “As we open up a new chapter with IOTA, we need to match technology with the right support to establish IOTA as a global ecosystem. We can only do this by operating out of the right environment. We are convinced that the UAE will offer IOTA the best environment to realize its global ambitions.”
IOTA considers the new entity in Abu Dhabi as an additional headquarter, to further decentralize the governance of IOTA.
The news adds that IOTA is to become one of the leading DLT ( distributed ledger technology) entities in the UAE. The news adds, “ Being established under the new regulatory framework, we intend to work closely with regulators, business leaders, and government entities to further advance the UAE’s global role as a leader in technology and business. This distinction highlights our dedication to embracing robust oversight and well-defined procedures to support and enhance the crypto community within the UAE and worldwide.”
According to Dominik Schiener, Chairman of the IOTA Foundation: ”From the very beginning, we have experienced a very warm welcome and unwavering support from leaders, regulators, and businesses in Abu Dhabi. I am simply amazed at how the country operates and how it is being led by visionary and open-minded leaders. This “can-do” mentality is the perfect environment for us to take IOTA to the next level. We are excited to play a role in helping to establish the UAE as a hub for technology innovations.”
One of its primary objectives of the UAE based IOTA entity will be to provide essential funding and support to the rapidly growing IOTA ecosystem. This commitment aligns with our mission to foster innovation and development within the broader DLT space.
The move doesnt come as a surprise as in May 2023, IOTA executives and UAE governmental leaders had fruitful discussions on IOTA’s role in the UAE digital strategy.
