Saudi’s $250M Tech Innovation Boost with Hashgraph (HBAR)

The Hashgraph Association and Saudi Arabia’s Ministry of Investment have launched a $250 million DeepTech Venture Studio in Riyadh, supporting over 500 companies in developing advanced AI, blockchain and VR solutions.

The Hashgraph (HBAR) The association, in a groundbreaking move, announced a strategic partnership with the Ministry of Investment of Saudi Arabia (MISA) to launch the DeepTech Venture Studio in Riyadh. This collaboration, encapsulated in a five-year agreement worth $250 million, marks an important milestone in the promotion of Web3 and deep technological development in the Kingdom. The enterprise aims to empower more than 500 companies by providing them with the necessary tools and resources to develop innovative technology solutions using advances in AI (AI), distributed ledger technology (DLT), robotics, Internet of Things (IoT), virtual reality (VR) and quantum computing​​​​​​

The DeepTech Venture Studio is designed to become a hub for technological innovation in Riyadh, highlighting Saudi Arabia’s commitment to diversifying its economy and embracing technological advancement. Through this initiative, Hedera Hashgraph aims to drive growth in the technology sector, leading to significant breakthroughs in various industries. This partnership not only highlights the Kingdom’s strategic shift away from the traditional oil-based economy, but also demonstrates its commitment to fostering a dynamic ecosystem for start-ups and entrepreneurs.

In addition to providing technical engineering, training and certification, and project delivery services, DeepTech Venture Studio will offer support in product development, business strategy, commercialization, marketing, legal and regulatory compliance, and venture capital investment. This includes support for an IPO listing on the Saudi Exchange (“Tadāwul”). Managed by The Hashgraph Group, this initiative is part of a broader effort to improve the competitive advantage of Saudi companies on a global scale.

This partnership reflects a mutual commitment to invest in the digital future and contributes positively to the three pillars of Saudi Vision 2030 aimed at fostering a thriving digital economy in Saudi Arabia. The initial phase of the Venture Studio will focus on scaling up local operations and onboarding the first group of 100 projects, with subsequent phases aimed at accelerating and expanding operations both locally and globally.

Overall, the DeepTech Venture Studio represents a significant step forward in the Kingdom’s efforts to become a leading hub for fintech and technology innovation, in line with its broader economic diversification and innovation strategy.

Image source: Shutterstock

Leave a Comment