UAE Hub71 adds blockchain and digital asset startups to cohort

UAE Hub71 adds blockchain and digital asset startups to cohort

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.

Saudi NEOM invests $50 million in Animoca Brands and signs MOU to drive Web3 Blockchain initiatives

Saudi NEOM invests $50 million in Animoca Brands and signs MOU to drive Web3 Blockchain initiatives

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.”

UAE Verofax and Bantgo utilize blockchain to tokenize recycling ewaste rewards

UAE Verofax and Bantgo utilize blockchain to tokenize recycling ewaste rewards

UAE based BANTgo and Verofax have collaborated to enhance e-waste collection.  The partnership seeks to galvanize the masses into responsible recycling by rewarding their endeavors with tokenized incentives.

Verofax, was awarded the GITEX Supernova Web3 and Blockchain award, introduces its innovative technology to this eco-initiative. The venture encompasses the deployment of advanced smart bins explicitly designed for e-waste collection.  These bins are equipped with a validation system to ensure accurate assessment of the electronic devices being recycled, determining their equivalence in terms of recoverable materials.

BANTgo, renowned for its expertise in the blockchain domain, steps in to fortify this eco-friendly initiative. Recognizing and endorsing the responsible recycling behavior of individuals, BANTgo offers digital blockchain certificates. These certificates, apart from serving as a testament to the individual’s eco-contribution, also act as a robust incentive, encouraging more to tread the path of responsible recycling.

The synthesis of Verofax’s product validation and BANTgo’s blockchain creates a robust mechanism. This not only facilitates transparency in e-waste recycling but also ensures that individuals are appropriately acknowledged and rewarded for their proactive environmental actions.

Siarhei Zhyltsou, CEO of BANTgo, commented on this collaboration, “The alliance between BANTgo and Verofax is not just transformative but also imperative for our times. Encouraging responsible recycling through tangible rewards sets a new standard in environmental initiatives.”

Wassim Merheby, CEO of Verofax, shared his enthusiasm, “Pairing with BANTgo is a testament to Verofax’s commitment to leverage its technology for pressing global challenges. Together, we’re paving the way for a sustainable future, where technology and eco-responsibility converge.”

UAE based OKA2B ventures into digital assets funding connection service

UAE based OKA2B ventures into digital assets funding connection service

UAE based OKA2B is a Dubai-based high-net-worth connection service renowned for introducing boutique projects to eager investors which traditionally focused on real estate projects, has now diversified into the funding of companies rooted in digital assets, capitalizing on the rising interest and adoption of cryptocurrency among private investors.

The company provides a personalized introduction service that bridges the gap between keen investors and innovative projects. Despite the initial contact occurring in the digital sphere, the company places great emphasis on the value of initiating meaningful connections through face-to-face meetings, wherever the parties may be located.

While real estate and construction projects have traditionally formed the core of their introduction portfolio, the company is now steering its expertise towards digital asset initiatives. High-net-worth investors with a keen interest in projects exceeding 3 million USD are invited to connect with OKA2B, gaining access to an extensive network of investment opportunities and tailored introductions.

Angelo Dilibero, the Managing Partner of OKA2B, stated, “Our network acts as a bridge between individuals, and we’ve observed a growing appetite among high-net-worth investors for exposure to start-ups based on digital assets.”

Blockchain enabled UAE Trade Connect adds 13th bank to its platform

Blockchain enabled UAE Trade Connect adds 13th bank to its platform

Blockchain Trade Finance platform combating fraud, UAE Trade Connect has just added its 13th bank member. Invest Bank will be the 13th bank to join UAE Trade Connect which is paving the way for a secure, efficient and technologically advanced trade finance landscape.

Initiated in 2021 as a collaborative project between the banking industry and e& enterprise, UTC utilizes cutting-edge technologies such as blockchain, Artificial Intelligence (AI), and machine learning to offer a cloud-native solution. This solution enhances transparency by digitizing trade-related documents in real time, detects suspicious transactions, and prevents fraud.

Zul Javaid, CEO, Trade Connect said: “Invest Bank’s inclusion in the UTC consortium demonstrates our commitment to strengthening the UAE banking industry while also playing a fundamental role in advancing the nation’s digital strategy and contributing to its ambitious growth plans. Our platform is not just a technology solution; it serves as a driving force for economic growth and ensures enhanced risk management.”

Helmi Abdullah, Chief Wholesale Banking Officer, at Invest Bank said: “Joining UAE Trade Connect as a member bank is a significant milestone in our journey, as it reinforces our commitment to enhance our digital trade capabilities supports our growth of Trade Finance business in a secure and efficient manner. This decision demonstrates UTC’s dedication to raising banking standards in the UAE.”

As an official member, Invest Bank gains access to a robust system that validates trade finance transactions, identifies duplication, and combats potential fraud in real time. This empowers the bank to make informed lending decisions, increasing lending confidence and safeguarding funds.

The UTC blockchain platform plays a pivotal role in enhancing lending confidence and transparency, facilitating increased lending opportunities towards mitigating risks, enhancing operational efficiency, and validating invoice transactions worth over AED 170 billion equivalent to $46 billion while detecting multi-million-dirham frauds. UTC has made significant progress towards establishing itself as a national invoice registry.

UAE Trade Connect seeks to expand its offering to other banking entities in the region. In a recent LinkedIn post, Zul Javaid, CEO of UAE Trade Connect, the UAE’s first trade finance platform to combat fraud, announced that they had hired Wissam Massud to lead their international expansion. One of the countries on its list is KSA.

Blockchain startups get recognized at Gitex 2023

Blockchain startups get recognized at Gitex 2023

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.

Scalo tech venture firm supports blockchain mobile gaming

Scalo tech venture firm supports blockchain mobile gaming

UAE tech venture company Scalo Technologies is backing plans to integrate blockchain technology into mobile gaming, a trend that it believes will revolutionize the way games are played.

Dubai-based Scalo has been working closely with mobile game developer and publisher Hexacore, one of its portfolio companies, on a new strategy built around blockchain giving players long overdue ownership of their in-game assets, and the time they devote to playing.

Hexacore, whose central team is located in Poland, has now fast-tracked development and publishing of its flagship space fantasy product, ‘Pocket Space,’ which boasts multiplayer modes and asset ownership mechanics.

In July2023 Scalo Technologies, led a $3.5 million investment round for Hexacore, mobile game publisher specialising in hybrid mobile web3 games. The funding was also supported by Xsolla, Estoty, and other angel investors, will fuel the expansion of Hexacore’s team, known for creating games that have garnered over 350 million downloads. Notable titles include Sushi Roll, Blend It 3D and Merge Animals.

“We believe that blockchain technology will usher in a new era of mobile gameplay experiences,” said Abdumalik Mirakhmedov, Director and co-founder of Scalo Technologies, which led a US$3.5 million investment round for Hexacore earlier this year.

“By integrating blockchain into their gaming ecosystem, Hexacore intends to elevate the overall user experience, with the main focus on enhancing asset ownership, and the ease of in game transactions. This will not only make the game more exciting, but also increase a player’s value to the game.”

The ‘Pocket Space’ community launch will take place in Q4 2023, with the soft launch scheduled for H2 2024 and the global release to follow in 2025.

One of the main problems for mobile gaming, which is forecast to be worth $160.6 billion by 2025, is that players are increasingly distracted by multiple entertainment options, and prefer shorter gaming sessions. Hexacore is tackling the challenge to retain their attention head-on.

“The strategy is to firstly embed a game IP across multiple platforms and media,” says Rashit Makhat, Director and co-founder at Scalo Technologies, who have been working with Hexacore for almost two years.

“The IP of your game should be everywhere. Not just on smartphones and social networks, but also in cartoons, books, toys, clothing, on the streets, and even billboards.

“Then you have a higher likelihood that users will stick with you for the long term. In addition, strong community engagement will be another vital tool in retaining players, so we are focusing on community to provide a strong sense of belonging to a specific circle of people.” Scalo and Hexacore see mobile games becoming the gateway for new web3 users, driven by the growing adoption of crypto wallets on smartphones, attracting investors and fostering innovation in gaming worldwide.

“Both traditional and web3-focused investors are now attracted to mobile gaming,” said Mikita Khazau, co-founder and CEO of Hexacore. “This continuous influx of funds will drive innovation, creativity, and deliver new gaming experiences that captivate audiences across the globe.

Singapore-based VC firm Scalo Technologies shifted its headquarters to Dubai UAE in April 2023 and had announced an investment of $100 million in MENA startups over the next three to five years.

Web3 business incubator KEY Difference receives license from UAE DMCC

Web3 business incubator KEY Difference receives license from UAE DMCC

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.”

Saudi Digital advisor discusses embracing DeFi at Ethereum Riyadh 2023

Saudi Digital advisor discusses embracing DeFi at Ethereum Riyadh 2023


The Ethereum Riyadh 2023 conference held on October 11th brought together an array of blockchain experts and entities, including Saudi Digital advisor for a Saudi governmental entity, who gave a presentation on embracing DeFi for business excellence. As per the press release, Abdulelah Aloshayni, digital transformation advisor at a Saudi Governmental entity provided a clear understanding of DeFi and discussed potential applications for large companies and government organizations.

This is no surprise given the work that for example SAMA ( Saudi Central Bank) is doing on CBDC, virtual assets and DeFi. Saudi Central Bank had hired Mohsen Al Zahrani to lead their digital assets and CBDC projects.

Abdulelah Aloshayni gave a presentation on “Embrace DeFi for Business Excellence.” He provided a clear understanding of DeFi and discussed potential applications for large companies and government organizations.

ETH Riyadh 2023 conference successfully took place at the CODE Lab of King Saud University at Riyadh, the capital city of Saudi Arabia. ETH Riyadh 2023, Web3 technology summit, was dedicated to the Ethereum ecosystem and blockchain technology, aiming to gather developers and builders from Riyadh, Saudi Arabia, and other regions in the Middle East.

ETH Riyadh emphasized a strong technical focus and aimed to provide insights from industry experts, fostering discussions on blockchain and Web3 cutting-edge technologies.

The ETH Riyadh organizing committee was composed of Tharawat Technology, Studio1727, ChainIDE, Coffee with Crypto, and Mask Network. The event received guidance and support from the Saudi Ministry of Communications and Information Technology, the Saudi Internet Association, and the KACST Digital Entrepreneurship Center. It was generously sponsored by Ankr (Title Sponsor), with presenting sponsorship from Chiliz, as well as support from Zilliqa, Adaverse, SAO Network, Onekey, Matrix World, and more than ten other Web3 projects.

Over 150 participants attended the event.  The ETH Riyadh 2023 conference kicked off with a keynote address by Tim Beiko, a representative of the Ethereum Foundation, who presented “Ethereum Governance Overview.” Tim Beiko outlined various ways to engage in Ethereum technology development and contributions, along with collaboration opportunities.

In the first roundtable discussion, Anton Agafonov, Product Lead at Zilliqa, Arpit Sharma, Managing Partner for the Middle East, India, and East Asia at the Near Foundation, and Aqeel Mohammad from the Ethereum Foundation discussed “L1/L2: Web3 Infrastructures and Innovations  from various perspectives, sharing their insights on Web3 infrastructure and innovation.

Xiao Wu, the founder of ChainIDE, then spoke on “The Road to Mass Adoption: Web3 Ecosystem in East Asia x Middle East Africa Region.” He shared insights into the development of Web3 ecosystems in East Asia and the Middle East and Africa regions, discussed the digital economy’s opportunities, and analyzed attempts and cases of large-scale applications in different regions.

While Dr. Waleed Aloriny, Chairman of the Saudi Internet Association, delivered a welcome address and moderated a special roundtable discussion on “Opportunities of Web3 Technology in Saudi.” Yasser Alobaidan, CEO of Tharawat Technology, Xiao Wu, Founder of ChainIDE, Stanley Wu, CTO of Ankr, and Alex Dreyfus, CEO of Chiliz, participated in the discussion. Representatives from various sectors engaged in lively discussions on Saudi’s entrepreneurial environment, policy regulations, Web3 development, digital economic opportunities, and international cooperation. Web3 entrepreneurs present recognized Saudi Arabia as a significant opportunity and expressed their desire to deepen their business and collaborations in the region.

ETH Riyadh 2023 marked a significant milestone as the first dedicated Web3 developer and blockchain technology summit in the Saudi Arabian region, particularly in Riyadh. This event represents a major advancement in the Web3 developer ecosystem of Saudi Arabia. ETH Riyadh has contributed to the flourishing of the local blockchain developer community, providing a platform for learning and networking for local developers and entrepreneurs.

The event has not only attracted local participants but also garnered attention from experts and investors from around the world. It serves as a crucial role in driving the development of blockchain technology in Saudi Arabia, offering a pivotal opportunity for exploring and shaping the future of the blockchain field. Furthermore, it plays a role in promoting digital innovation and economic growth in Saudi Arabia.

Xiao Wu, Founder of ChainIDE and a member of the ETH Riyadh organizing committee, expressed, “ETH Riyadh is the first summit in the Saudi region that focuses on blockchain technology and Web3 developers. It serves as a superhub for the local technology community and ecosystem development. Saudi Arabia is currently experiencing a pivotal period of rapid growth in the digital economy, and blockchain and Web3 technologies are integral components of the next generation of digital economies. We look forward to ETH Riyadh 2024, expecting to attract more builders in blockchain technology and facilitate increased collaboration and exchange among developers in the East Asia and Middle East and Africa regions.”

Qatar Financial Centre Authority signs MOU with Asian Institute of Digital Finance for Web3 and digital assets projects

Qatar Financial Centre Authority signs MOU with Asian Institute of Digital Finance for Web3 and digital assets projects

The Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC have signed an MOU with the Asian Institute of Digital Finance (AIDF), a research institute of the National University of Singapore (NUS), to embark on projects encompassing ESG, Fintech, digital assets, Web3 and other emerging technologies.

In addition to these efforts, both partners will actively facilitate the exchange of knowledge and insights to further their common goals and objectives.

Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC, expressed his optimism about this partnership, stating, “We are excited to join forces with the Asian Institute of Digital Finance at the National University of Singapore to explore and capitalize on the numerous opportunities in the ever-evolving digital landscape. This partnership reflects our commitment to innovation and our belief in the power of collaboration to drive positive change. We see this collaboration as a significant step, not only in the direction of constructing a more inclusive financial sector but also in forging a path towards a more sustainable future.”

Likewise, Associate Professor Huang Ke Wei, Executive Director, NUS Asian Institute of Digital Finance expressed their enthusiasm for the collaboration, saying, “The NUS Asian Institute of Digital Finance empowers the future of finance through digital innovation and academic excellence, and provides thought leadership through a holistic blend of education, research, and business incubation. Our vision is to catalyse the evolution of the digital economy by fostering innovation and imparting knowledge. This collaboration with QFC marks a significant step towards fostering cross-regional knowledge exchange, setting the stage for a brighter, interconnected digital future.” The partnership between the QFC and NUS AIDF underscores their shared commitment to innovation and sustainability and catalysing positive global transformation by leveraging technology.

QFC has been moving forward with its digital asset strategy and framework.