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Adaverse Unveils Landmark Report Positioning Saudi Arabia as Premier Web3 Hub

From Oil to Code

Riyadh, Saudi Arabia – August 1, 2024 – Adaverse proudly announces the release of its inaugural report, “State of Web3 in Saudi Arabia,” aimed at positioning Saudi Arabia as a prime destination for Web3 entrepreneurs, investors, and talent from around the globe. This comprehensive publication offers an in-depth analysis of the Kingdom’s rapidly evolving Web3 ecosystem, emphasizing its readiness for international players to enter, invest, and launch their ventures in Saudi Arabia.

Report Highlights

From Oil to Code:

Vision and Strategy: The report examines Saudi Arabia’s Vision 2030 initiative, highlighting its strategic focus on economic diversification through technology and digital transformation.

Ecosystem Overview: Insights into the current state of the Web3 landscape, spotlighting government initiatives, market potential, and the shift from an oil-dependent economy to a tech-driven powerhouse.

The Web3 Ecosystem:

Startups: Showcasing innovative Web3 startups and their contributions to the ecosystem, emphasizing the pivotal role of local entrepreneurs in driving technological advancements.

Investors: Detailing the synergy between domestic and global investors, fostering a fertile ground for startups and enhancing Saudi Arabia’s appeal as an investment hub.

Opportunity Knocks:

Gaming: Highlighting Saudi Arabia’s position as the largest gaming market in MENA, with substantial growth opportunities in Web3 gaming, NFTs, and play-to-earn models.

Fintech: Analyzing the booming fintech sector with significant growth projections in decentralized finance (DeFi) and blockchain applications.

eCommerce: Exploring the explosive growth of Saudi Arabia’s eCommerce market, driven by a tech-savvy population and supportive regulatory environment.

Proptech: Discussing the potential for Web3 innovations in real estate and property technology, backed by robust government support and investment.

Looking to the Future:

Regulatory Frameworks: Stresses the importance of establishing clear and comprehensive regulations to create a stable and supportive environment for Web3 businesses.

Talent Development: Calls for educational initiatives and training programs to bridge the talent gap and nurture a skilled workforce in blockchain and decentralized technologies.

Innovation and Collaboration: Encourages ongoing collaboration among industry stakeholders to overcome challenges and ensure the sustainable growth of the Web3 ecosystem.

Regarding his contribution to the report, Talal Al Hammad, Editor-in-Chief of entArabi, explained that entArabi continues to support outstanding entrepreneurs and startups in the field of Web3

At entArabi, we are committed to advancing the Web3 ecosystem by spotlighting the stories of pioneering founders across the MENA region.

About Adaverse

Adaverse is a blockchain and Web3 investment fund, accelerator, and venture builder dedicated to supporting Web3 founders through funding and mentorship. With a portfolio of 60 investments across 13 countries, including six Saudi Web3 startups, Adaverse is at the forefront of the Web3 revolution in Saudi Arabia.

Quote from Vincent Li, Managing Partner of Adaverse:

Since 2021, we have been actively building in the Web3 space across Asia and Africa. In 2023, we were excited to expand our efforts to the Middle East, with Saudi Arabia being an obvious choice due to its young, tech-savvy population and supportive, forward-looking government. Numerous industries in Saudi Arabia are poised to adopt Web3 technology as part of the nationwide effort to digitize. We believe that Web3 technology can generate new sub-sectors, empowering users and creating new forms of interaction and value, thereby accelerating Vision 2030.

For further details and to access the full report, visit Adaverse Report.

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