Saudi's $250M Tech Innovation Boost with Hashgraph (HBAR)
Jessie A Ellis Feb 08, 2024 03:36
The Hashgraph Association and Saudi Arabia's Ministry of Investment have launched a $250M DeepTech Venture Studio in Riyadh, supporting over 500 companies in developing advanced AI, blockchain, and VR solutions.
The Hashgraph (HBAR) Association, in a groundbreaking move, has 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 a significant milestone in fostering Web3 and deep technology development within the Kingdom. The venture aims to empower over 500 companies by providing them with the necessary tools and resources to develop innovative technological solutions, leveraging advancements in artificial intelligence (AI), distributed ledger technology (DLT), robotics, the 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 advancements. Through this initiative, Hedera Hashgraph aims to stimulate growth in the technology sector, leading to significant breakthroughs across various industries. This partnership not only underscores the Kingdom's strategic shift from its traditional oil-based economy but also showcases its dedication to fostering a dynamic ecosystem for startups and entrepreneurs.
In addition to providing technical engineering, training and certification, and project delivery services, the DeepTech Venture Studio will offer support in product development, business strategy, commercialization, marketing, legal and regulatory compliance, and venture capital investments. This includes IPO listing support on the Saudi Exchange ("Tadāwul"). Managed by The Hashgraph Group, this initiative is part of a broader effort to enhance the competitive edge of Saudi companies on a global scale.
This partnership reflects a mutual commitment to investing in the digital future and contributes positively to the three pillars of Saudi Vision 2030, aiming to foster a thriving digital economy in Saudi Arabia. The initial phase of the Venture Studio will focus on ramping up local operations and onboarding the first batch of 100 projects, with subsequent phases aimed at accelerating and scaling up 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 technological innovation, aligning with its broader economic diversification and innovation strategy.
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