Web3 in the Middle East: Do All Roads Lead to Riyadh？

The Middle East has been making strides in Web3. The United Arab Emirates (UAE) established digital assets regulators such as the Virtual Assets Regulatory Authority (VARA) in Dubai and the Abu Dhabi Global Market (ADGM) in Abu Dhabi. Last year, ADGM-based Hub71 launched a $2 billion initiative to support Web3 startups in the region. Thanks to its favorable stance towards cryptocurrency, innovation, and tax incentives, the UAE has become a hotspot for crypto and blockchain projects and funds. And now Saudi Arabia, its rival, is ambitious to prove it can become its own Web3 hub.

中东在 web3 方面取得了长足进步。阿拉伯联合酋长国 (uae) 建立了数字资产监管机构，例如迪拜的虚拟资产监管局 (vara) 和阿布扎比的阿布扎比全球市场 (adgm)。去年，总部位于 adgm 的 hub71 推出了一项 20 亿美元的计划，以支持该地区的 web3 初创企业。由于对加密货币、创新和税收激励的优惠立场，阿联酋已成为加密货币和区块链项目和基金的热点。而现在，其竞争对手沙特阿拉伯雄心勃勃地证明它可以成为自己的 web3 中心。

U.K.-based Outlier Ventures recently announced it is launching its own Web3 accelerator program in partnership with Saudis National Technology Development Program (NPDP). “The level of dedication, education, and international experience of the highly skilled workforce, as well as the people coming to the Kingdom, is very interesting to see,” said Outlier Ventures CEO Stephan Apel.

总部位于英国的 outlier ventures 最近宣布，它将与沙特国家技术发展计划 (npdp) 合作推出自己的 web3 加速器计划。outlier ventures 首席执行官 stephan apel 表示：“沙特的高技能劳动力以及来到沙特的人们的奉献精神、教育和国际经验水平令人非常感兴趣。”

“While the Web3 ecosystem in the Kingdom is still developing, we observe an extraordinarily fast rate of development and a huge potential,” Apel told CoinDesk.

apel 告诉 coindesk：“虽然沙特的 web3 生态系统仍在发展中，但我们观察到其发展速度极快，潜力巨大。”

Saudi Arabias $95 billion Public Investment Fund (PIF) has reportedly held partnership talks with Andreessen Horowitz (A16z), one the leading VC backers of Web3 startups. Animoca Brands, a leading Asian Web3 gaming VC, has partnered with King Abdulaziz City for Science and Technology (KACST) in the capital, Riyadh to advance the gaming ecosystem in the country.

据报道，沙特阿拉伯规模达 950 亿美元的公共投资基金 (pif) 已与 web3 初创公司的主要风险投资支持者之一 andreessen horowitz (a16z) 进行了合作谈判。亚洲领先的 web3 游戏风险投资公司 animoca brands 已与首都利雅得的阿卜杜勒阿齐兹国王科技城 (kacst) 合作，以推进该国的游戏生态系统。

Speaking at The Outer Edge Summit, held at The Garage, a 28,000 meter squared startup district in KACST, Robby Yung, CEO of Amonica Brands lauded opportunities in Saudi Arabia and the Middle East. “We are coming here a little bit late, we recognized the opportunity here a decade ago but didnt have the resources to tackle a new market at that time,” he said.

在 kacst 占地 28,000 平方米的创业区 the garage 举行的 outer edge 峰会上，amonica brands 首席执行官 robby yung 称赞了沙特阿拉伯和中东的机遇。“我们来得有点晚，十年前我们就意识到了这里的机会，但当时没有资源来开拓新市场，”他说。

“Here‘s a really big piece of the world map… Since 2020, the UAE has become a gathering place for Web3 as a community because of the regulatory framework. Here, you have a huge country and over 60% of them are under the age of 30. Those are gamers, those are our people. So, we want to be on the ground, we want to understand how we can communicate with them. We felt it was important to start here as a point of contact,” Yung told CoinDesk during Animoca’s Outer Edge Summit in Riyadh.

“这是世界地图上非常大的一块……自 2020 年以来，由于监管框架的原因，阿联酋已成为 web3 社区的聚集地。这里是一个庞大的国家，其中 60% 以上的人年龄在 30 岁以下。他们是游戏玩家，也是我们的人民。因此，我们希望脚踏实地，我们希望了解如何与他们沟通。我们认为从这里开始作为接触点非常重要，”yung 在利雅得 animoca 的 outer edge 峰会上告诉 coindesk。

Meanwhile Golden Gate Ventures, a Singapore-based VC firm, has expanded its offices to the Gulf region and sees Saudi Arabia as the next frontier.

与此同时，总部位于新加坡的风险投资公司金门风险投资公司 (golden gate ventures) 已将其办事处扩展到海湾地区，并将沙特阿拉伯视为下一个前沿。

“Overall, investment appetite in Saudi Arabia is very healthy, although we haven't seen Web3 as prominent as in other parts of the region. With the increased investment in artificial intelligence, we'll see more investments in Web3 follow swiftly,” Micheal Lints, a partner at Golden Gate, said.

“总体而言，沙特阿拉伯的投资兴趣非常强烈，尽管我们还没有看到 web3 像该地区其他地区那样突出。随着对人工智能的投资增加，我们将看到对 web3 的更多投资迅速跟进，”金门资本合伙人 micheal lints 表示。

Saudi Arabia has advantages and disadvantages when it comes to attracting Web3 investment. It ranks in 62nd place in the World Banks “Ease of Doing Business” country index, outperforming for criteria like “setting up a business” (38th place overall) and “getting electricity” (18th). It does less well for “getting credit” (80th place) and “trading across borders” (86th). Its policies on women in the workplace, and alcohol, may make it unattractive to startups used to operating in less socially-restrictive environments.

在吸引 web3 投资方面，沙特阿拉伯有优势也有劣势。它在世界银行“营商环境”国家指数中排名第 62 位，在“创办企业”（总体排名第 38 位）和“获得电力”（排名第 18 位）等标准上表现优异。在“获得信贷”（排名第 80 位）和“跨境贸易”（排名第 86 位）方面，它的表现较差。其对职场女性和酒精的政策可能会使其对习惯于在社会限制较少的环境中运营的初创企业缺乏吸引力。

A metaverse NEOM

元宇宙 neom

XVRS, the metaverse platform for NEOM, the $1.5 trillion desert city that was announced in 2017, is one of Saudi Arabias largest Web3-related projects to date. More than $1 billion has been invested in the creation of an immersive digital twin of NEOM, it has been reported. The space will offer immersive entertainment, a social platform, and a built-in digital marketplace for crypto and NFTs, the project backers say.

xvrs 是 neom 的元宇宙平台，neom 是一座耗资 1.5 万亿美元的沙漠城市，于 2017 年宣布，是沙特阿拉伯迄今为止最大的 web3 相关项目之一。据报道，已投资超过 10 亿美元打造 neom 的沉浸式数字孪生。项目支持者表示，该空间将提供沉浸式娱乐、社交平台以及内置的加密货币和 nft 数字市场。

During the Saudi Ministry of Investment Association‘s inaugural Leap Summit, in February, the Hashgraph Association announced a five-year partnership to support local tech startups, including DeepTech, a $250 million venture studio. Leap Summit, Saudi Arabia's annual tech conference, attracted more than 220,000 attendees this year – nearly double that of Las Vegas’ Consumer Electronic Show (CES).

今年 2 月，在沙特投资协会首届 leap 峰会上，hashgraph 协会宣布了一项为期五年的合作伙伴关系，以支持当地科技初创企业，其中包括一家价值 2.5 亿美元的创业工作室 deeptech。沙特阿拉伯的年度科技会议 leap 峰会今年吸引了超过 22 万名与会者，几乎是拉斯维加斯消费电子展 (ces) 的两倍。

Legislation

立法

While the Kingdoms legal provisions for cryptocurrency are unclear, a report from blockchain analytics firm Chainalysis reveals growing appetite for crypto among the Saudi population of 36 million. Saudi crypto investors amassed more than $350 million in crypto gains in 2023, overtaking the UAE, which recorded approximately $204 million in during the same period, the analysis shows.

虽然沙特王国对加密货币的法律规定尚不明确，但区块链分析公司 chainalysis 的一份报告显示，沙特 3600 万人口对加密货币的兴趣日益浓厚。分析显示，沙特加密货币投资者在 2023 年积累了超过 3.5 亿美元的加密货币收益，超过了同期约 2.04 亿美元的阿联酋。

Binance, the world's largest cryptocurrency exchange, is eyeing the country as a source of growth, according to Bandar Al Tunis, Development Lead for Binance in Saudi Arabia. Binance is talking with regulators, including the SAMA central bank and the capital markets regulatory authority, along with the Ministry of Communications and Information, he said. Al Tunis hopes for “high-level” regulation for digital currencies in the country as soon as this year.

据 binance 沙特阿拉伯开发主管 bandar al tunis 称，全球最大的加密货币交易所 binance 正将该国视为增长源。他表示，binance 正在与监管机构进行谈判，包括沙特阿拉伯央行和资本市场监管机构以及通信和信息部。al tunis 希望该国最早在今年就能对数字货币实施“高水平”监管。

“I think it's one of the most important places in the world in terms of opportunity, in terms of growth, in terms of the willingness of the leadership, in terms of nimbleness of the leadership and the capability of the local population,” he said.

他说：“我认为，无论从机遇、增长、领导意愿、领导灵活性还是当地民众的能力来看，这里都是世界上最重要的地方之一。”

“We are hopeful [the regulatory framework] will happen this year. Obviously that's not something that we have control over, but we're on the ground. We're ready.”

“我们希望 [监管框架] 能在今年出台。显然这不是我们能控制的事情，但我们已经做好准备了。”

Saudi Arabia's proactive approach to fostering innovation, coupled with strategic partnerships and its Vision 2030 initiative, positions the Kingdom as a significant contender in the global Web3 landscape. But time will tell if the current expectation, driven by government impetus, results in a sustainable Web3 industry.

沙特阿拉伯积极推动创新，加上战略伙伴关系和“2030 愿景”计划，使该国成为全球 web3 领域的重要竞争者。但时间将证明，在政府推动下，目前的预期是否会带来可持续发展的 web3 行业。