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Adaverse Releases Report on the Web3 Landscape in Saudi Arabia
Adaverse has unveiled its inaugural report titled “The Web3 Landscape in Saudi Arabia,” highlighting the nation’s emergence as a vibrant hub for Web3 entrepreneurs, investors, and talents globally.
Saudi Arabia: A Thriving Ecosystem for Digital Innovation
Saudi Arabia is rapidly establishing itself as a premier destination for Web3 innovations, driven by various factors. With 63% of its population under the age of 30 and a high level of internet engagement, the country creates an ideal environment for digital advancements. The Saudi government actively supports Web3 initiatives through favorable regulations, channeling significant financial resources into the sector.
Investment Landscape in the MENA Region
In the first quarter of 2024, startups across the Middle East and North Africa (MENA) secured a total of $429 million in funding, with Saudi startups attracting 51% of this capital. This indicates a strong investment interest in the region, particularly in the Web3 space.
The Booming Gaming Industry
The gaming sector in Saudi Arabia is also experiencing remarkable growth, currently valued at $1.8 billion, and is projected to reach $6 billion by 2027. Additionally, the fintech sector is expanding, with a market valuation of $746 million, showcasing the diverse opportunities within the digital economy.
Growth of E-commerce
Another significant area of growth is e-commerce, which generated $10 billion in 2023, with 34.5 million Saudi citizens engaging in online shopping. Adaverse predicts that this sector will continue to expand at an annual rate of 13.5% through 2027, reflecting the increasing digital engagement among consumers.
The Web3 Competitive Landscape in the Middle East
In the UAE, regulatory bodies for digital assets have been established, including the Virtual Assets Regulatory Authority (VARA) in Dubai and the Abu Dhabi Global Market (ADGM). Last year, ADGM’s Hub71 launched a $2 billion initiative to support startups in the Web3 domain, further solidifying the UAE’s status as a significant center for cryptocurrency and blockchain projects.
Saudi Arabia’s Strategic Investments
The Public Investment Fund (PIF) of Saudi Arabia, valued at $95 billion, is also playing a pivotal role in the sector. Reports indicate that it is in discussions with Andreessen Horowitz (A16z), a leading venture capital firm that backs Web3 startups. Furthermore, Golden Gate Ventures is expanding its presence in the Gulf region, viewing Saudi Arabia as a promising new frontier for investment.
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