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.

SandBox metaverse expands operations in Saudi with SandSoft collaboration

SandBox metaverse expands operations in Saudi with SandSoft collaboration

The Sandbox metaverse has announced further expansion into Saudi Arabia through a partnership with SandSoft, a Saudi based game developer, publishers, and investor powered by AAA talent.

Sandsoft will be a key partner in The Sandbox’s expansion into Saudi Arabia and the Middle East and will also be a driver in attracting local talent in the video game sector and growing education and job opportunities within the region.

The collaboration aims at building a team of Web3 gaming experts to create partnerships with local public and private industry actors, entertainment, IPs & Brands and celebrities to explore opportunities in gamified social experiences in The Sandbox, and to empower local creative talent by educating and onboarding developers and artists into its ecosystem.

“We’re excited to collaborate with Sandsoft in bringing new creators to contribute towards the open Metaverse and develop together a virtual neighborhood on our map. This partnership will allow brands and creators across Saudi Arabia and the Middle East to discover the creative opportunities The Sandbox provides,” said Sebastien Borget, COO and co-founder of The Sandbox. “It will also enrich The Sandbox’s global ecosystem with Saudi Arabia’s rich culture and history.”

“The Sandbox has great potential for game developers, creatives, brands and consumers from the Middle East and North Africa,” said David Fernandez, CEO of Sandsoft. “We’re pleased to announce this collaboration, which will drive opportunities for vibrant and diverse communities in Saudi Arabia and beyond, expanding on Sandsoft’s existing initiatives to nurture talent in the local gaming ecosystem.”

With a diverse global team of more than 60 people, Sandsoft is on a trajectory to become a leading mobile-first gaming powerhouse. Sandsoft’s ‘Press Start’ internship program aims to provide opportunities for talented young people in Saudi Arabia to enhance their game development skills under the supervision of leading games industry figures including VP Studio Yahsir Qureshi (formerly of EA, Zynga) and CTO Ahmed Sharif (previously at Meta, Sony, EA).

Indian Pyse utilizing Polygon Blockchain expands to UAE with EV and Solar green tokens

Indian Pyse utilizing Polygon Blockchain expands to UAE with EV and Solar green tokens

Indian headquartered Pyse which is utilizing Polygon blockchain to tokenize its green assets has announced its expansion into the UAE where it will tokenize EV and Solar projects with green tokens. Their web3 debut will feature an exciting EV leasing deal for some of Dubai’s top-tier 3PL companies.

According to Pyse press release, launching initially in India with a formidable investor community of 7,000+, Pyse has championed investments in transformative sustainability projects, including renewable energy, EVs, and water recycling. These investments have allowed individuals to offset their environmental footprints while realizing tangible financial returns.

“Many perceived green initiatives as either prohibitively expensive or purely philanthropic,” says Kaustubh, Co-Founder at Pyse. “At Pyse, we’re bridging the gap between sustainability and profitability. Historically, green assets – a sector where sovereign funds and HNIs thrived – were exclusive. We’re opening access to this market, enabling anyone to participate in a market that helps our planet and your wallet!

Pyse successfully built assets worth over $7 million, primarily for highly-regarded entities in India and now the company is setting up its operational base in Dubai, marking its maiden venture outside India and into the UAE.

As per the release this foray coincides with their expansion to web3, enabling tokenization of assets across India and the GCC, starting with the UAE. Pyse is primed to list an array of promising EV and Solar projects in prime regions like Dubai, Abu Dhabi, and Ras Al Khaimah. Their web3 debut will feature an exciting EV leasing deal for some of Dubai’s top-tier 3PL companies.

“By harnessing the latent potential of real-world asset tokenization, Pyse is leading the charge by offering greater accessibility to transparent and lucrative green investments,” said Sanket Shah, Head of Growth at Polygon Labs.” Polygon Labs has always strived toward sustainability via its environmentally conscious approach to blockchain development, which is why the Polygon protocol is already carbon-neutral and has committed to becoming carbon-negative in the foreseeable future. This is why Polygon is a perfect fit for eco-focused platforms like Pyse, and we are excited to help them power a greener future on-chain.”

The forecast for the tokenized real-world asset market is promising. Expected to catapult from US$310 billion in 2022 to a staggering US$16.1 trillion by 2030, green assets are predicted to constitute over 20% of all on-chain listings.

As Pyse charts its ambitious roadmap for the near future, the target is clear: catalyze the development of green assets worth over $40 million across the GCC and India while neutralizing an impressive 60 million tons of CO2 by 2024.

UAE Enjinstarter launches AYA Web3 Launchpad to tackle climate challenges

UAE Enjinstarter launches AYA Web3 Launchpad to tackle climate challenges

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.

Global Blockchain Congress is back to Dubai in December 2023

Global Blockchain Congress is back to Dubai in December 2023

After a very successful first European Edition Global Blockchain Congress, Agora Group is coming back to Dubai for its 12th GBC on December 11 and 12, 2023!

The Global Blockchain Congress leverages the experience gained through the hosting of the first 11 editions of the event in Dubai and the international editions in Vietnam and the UK to ensure maximum return on investment for all our sponsors. The previous editions of the Global Blockchain Congress were a tremendous success and we were able to host 1,500+ investors and 300+ blockchain startups and were able to raise millions in funds for our participating projects

The theme of this edition is: “Will the Next Bull Market Be Different?”
Topics of the Congress:
• Land of Decentralized Milk and Honey? Why Crypto
• Companies Are Warming to the United Arab Emirates.
• Digital Assets Outlook 2024.
• Web3 Gaming and the Path to Open Metaverse.
• DeFI, CeFi and ReFi – What’s Next?
• Blockchain Marketing: Shaking Up the Game with Trending Strategies

The event is a closed-door, exclusive congress that can be attended by invitation only where the format of the event is focused on pre-arranged one-on-one meetings between projects and investors.
Agora will be hosting more than 150 Investors, 25 Projects, 60 A-list Speakers & 30 Media Partners from all over the world.

Learn more about the event: gbc-uae.com

Register here: bit.ly/12th-GBC

The Hashgraph Association partners with Dar Blockchain to develop Web3 Ecosystem in Africa

The Hashgraph Association partners with Dar Blockchain to develop Web3 Ecosystem in Africa

The Hashgraph Association, the non-profit organization accelerating the broad adoption of the Hedera network globally, has partnered with Dar Blockchain to nurture projects, facilitate growth, and profoundly shape the MENA technology landscape. The partnership focuses on the education and nurturing of Web3 talent within the region through facilitating meetups, hackathons, and university groups, as well as publishing a monthly podcast. Through their focus on Web3 talent, The Hashgraph Association and Dar Blockchain will strive to advance innovation within the region, furthering the expansion of Distributed Ledger Technology (DLT) and blockchain across the globe.

Together, Dar Blockchain and The Hashgraph Association will work to provide insight into blockchain ecosystems, as well as promote the Hedera network, the most innovative, sustainable, enterprise-grade public ledger for the decentralized economy. To foster curiosity and capabilities within the MENA region, Dar Blockchain and The Hashgraph Association are partnering to host four hackathons, starting in October 2023.

These events are part of a broader strategy that includes community-building activities and a sourcing phase for an upcoming incubation program tailored for the North African community. This incubation program, to be announced soon, will further support and nurture promising projects emerging from these hackathons. In addition to the hackathons, the collaboration will offer bespoke training sessions, fueling the growth of communities and enterprises, while showcasing the endless possibilities of Web3.

Mohamed Mnif and Jaafar Saied the Co-founders of Dar Blockchain, said: “At Dar Blockchain, our foundation is built on the belief that education is the cornerstone of innovation. We were established with a clear vision: to support and nurture local talents while forging a vital connection between our local Web3 ecosystem and the global blockchain landscape. By providing training sessions that dive into the Hedera Network, and setting up chapters in local universities to connect students from different backgrounds, Dar Blockchain and The Hashgraph Association will lay the foundation for the true realization of DLT. This partnership underscores our commitment to empowering the next generation of innovators across the MENA region, equipping them with the skills and knowledge to drive the widespread adoption of Web3 technologies on a global scale.”

Recently, the MENA region has been a frontrunner for Web3 growth and innovation. In October 2022, it was announced that the region was home to the world’s fastest-growing cryptocurrency markets. In August 2023, the Dubai AI and Web 3.0 Campus committed to cutting license fees of Web3 and AI firms by 90% in an effort to encourage the move of companies and organizations to the city. 

Kamal Youssefi, President of The Hashgraph Association, said: “The Hashgraph Association’s partnership with Dar Blockchain will accelerate the mass adoption of DLT in the MENA region. With the favorable outlook on crypto in the region, we wish to support this growth and ensure its continued upward momentum. It is a result of this openness to Web3 that we are partnering with Dar Blockchain and committing to advance the MENA Web3 industry.”

With each event and initiative, Dar Blockchain and The Hashgraph Association hope to provide a starting point for those interested in the world of Web3. By establishing ways to support Web3 talent in MENA, The Hashgraph Association and Dar Blockchain will further advance MENA’s blockchain boom and its position as a leader in the field. More details about the collaboration can be found at: Darblockchain.io

UAE Ghaf Labs partners with blockchain Sui Foundation

UAE Ghaf Labs partners with blockchain Sui Foundation

UAE based Ghaf Labs, a boutique consultancy and advisory firm specializing in web3 ventures partners with Sui Foundation, a Blockchain Foundation that supports the growth and proliferation of the Sui blockchain protocol (“Sui”) and associated ecosystem.

Sui is a Layer 1 blockchain and smart contract platform designed from the bottom up to make digital asset ownership fast, private, secure, and accessible to everyone.

This strategic alliance is aimed at driving Sui Foundation’s expansion within the UAE and the MENA region, fostering the growth of web3 adoption.

Established in 2019, Ghaf Capital Partners, a private investment firm, has solidified its position as a pioneering player in the web3 investment space, boasting an impressive portfolio of 75 portfolio companies. The team’s extensive business background and strong web2 exposure have uniquely positioned them to navigate the dynamic landscapes of both traditional and blockchain-based industries.

In response to the growing demand from companies seeking exposure in the MENA region, Ghaf Capital introduced Ghaf Labs, a boutique advisory and consultancy service dedicated to web3 ventures. The Labs’ philosophy is centered on providing personalized attention to a select number of clients each year, ensuring that their unique needs and goals are met with utmost precision and care.

As part of this groundbreaking partnership, Sui Foundation will be supported holistically through Ghaf’s expertise and market insights. With ambitious plans to expand its ecosystem in the UAE, Sui Foundation aims to tap into the region through a series of direct objectives, such as university partnerships, discussions with regulators, organizing regional hackathons and supporting local web3 projects.

Sui Foundation shall kick off its presence in the region by participating in some of the most prominent web3 summits in the UAE for Q4 2023, such as, Future Blockchain Summit, World Blockchain Summit and Global Blockchain Congress.

Sui Foundation will also host a monthly meet up in Dubai called “Sui Connect” which will act as an enabler for community building while fostering local ecosystem stimulation.

“We are delighted to partner with Sui Foundation on their journey to become the leading choice for web3 partnerships,” said Sheikh Al Mualla bin Ahmed Al Mualla, Co-founder of Ghaf Labs. “Their team’s commitment to excellence and groundbreaking innovations aligns perfectly with our vision of fostering the growth of web3 technologies in the MENA region,” Said Feras Al Sadek, Co-founder of Ghaf Labs.

Greg Siourounis, Managing Director at Sui Foundation, also expressed his enthusiasm about the partnership, saying, “Together with Ghaf Labs, we are poised to ignite an era of transformative advancements in web3 technologies in the MENA region and beyond, bringing Sui’s state-of-the-art blockchain-based technologies to bear addressing real world challenges that have not been solved by traditional centralized networks. We believe our shared vision will pave the way for building a global decentralized web3 ecosystem based on the most advanced technologies and inclusive of all people.”

UAE Deca4 partners with Hedera powered HashPack to bring Web3 to the MENA sports industry

UAE Deca4 partners with Hedera powered HashPack to bring Web3 to the MENA sports industry

UAE based Deca4, a specialised blockchain consultancy studio, and HashPack, a non custodial wallet built on Hedera Hashgraph DLT (Distributed Ledger Technology) platform have partnered together to bring Sphera World, which is leveraging the largest football and sports fans community in the Arab world with the latest technology and trends of Web3 NFTs, and Blockchain, into the world of non custodial wallets and the Hedera network.

Sphera world is powered by the largest sports media website in the Middle East, Kooora.com, and is backed by the Hashgraph Association. Sphera World is also incubated and managed by UAE Deca4.

May Chan, Co-Founder, and CEO of Hashpack stated, “This partnership is a monumental step towards our shared vision of expanding the reach of Web3 technology and bridging the gap between traditional Web2 users and the progressive Web3 ecosystem.”

She adds, “At HashPack, it has always been our mission to deliver an unparalleled user experience, exploring the transformative power of Web3 technology as a unique advantage for conventional companies and digital brands.”

Chan believes the alliance with Deca4 is a significant landmark as it goes beyond the tech stack and engages with community members and companies. The utilisation of Distributed Ledger technology needs to be harnessed effectively and this is done thoroughly by Hedera Hashgraph.

Mohammed Mahfoudh, Founder and CEO of Deca4 consultancy adds, “Working with HashPack to bring Sphera World, powered by Kooora, with a staggering 30+ million active users, will provide a unified platform that meets the needs of Web savvy users while introducing Web2 natives to the Web3 world.”

Above all, the project is supported by Hashgraph Association, a non profit organisation that promotes and provides funding for innovation, research and development for the benefit of economic inclusion and with a positive environmental, social, and governance (ESG) impact.

Kamal Youssefi, President of The Hashgraph Association, explained, “We are proud to be supporting organisations in the MENA region, especially those in the sports and gaming industries which are set to grow by 8.7% by 2026 according to The World Economic Forum. Our association is here to support companies in their journey towards Web3, helping them deliver unmatched value to stakeholders and users.”

Varys Capital to enter GCC market with $75 million digial asset blockchain fund based out of UAE

Varys Capital to enter GCC market with $75 million digial asset blockchain fund based out of UAE

Venture capital fund Varys Capital is looking to enter the GCC market, and is working to raise $75 million for its equity fund focused on blockchain innovation. The fund aims to achieve long-term growth from a curated portfolio of high-quality, early-stage businesses utilising blockchain to solve addressable needs in the wider software, gaming, and finance industries. 

To govern its entry into the UAE, Varys Capital has secured reputable local services, including Al Tamimi, one of the GCC’s most prestigious law firms, as its primary counsel.

According to the press release, the company has received inquiries from local institutions and prominent investors. The fund has 12 commitments in place across decentralised (DeFi) and centralised (CeFi) finance, GameFi/Web3, infrastructure, and emerging technologies.

Darius Askaripour, Managing Partner, Varys Capital said, “We are looking at entering the UAE market first encouraged by supportive local government directives, its high innovation levels, robust infrastructure, and forward-thinking mindset, but plan to deploy across the Middle East and North Africa with multiple deals already at the final stages of due diligence.”

The move comes as the International Market Analysis Research & Consulting Group (IMARC) forecasts the GCC’s digital asset management market will be worth US$222 million by 2028, registering a compound annual growth rate of 12.9% over the next five years.

Since 2018, Varys Capital has managed an equity-focused venture fund and a distinguished quantitative trading fund. Its blockchain venture fund boasts a total value to paid-in capital returns of 440% and over triple-digit internal rate of return since capital deployment in March this year.

The fund has made five investments in prominent blockchain, cloud technology, and games projects such as modular blockchain network developer Movement Labs, games studio SunSpear Games, blockchain enhancer for mobile operators Bloxtel, competitive multiplayer first-person shooter games producer Shrapnel, and cloud hardware and software developer, Nirvana Labs. Two of the projects have already experienced significant uprounds boosting returns