The Web3 Alliance of Saudi Arabia (WASA) has launched with three global Web3 players SandBox, Animoca Brands, and Outlier Ventures, as collaborators.
Outlier Ventures is a global Web3 accelerator, Sandbox is an immersive metaverse platform, while Animoca Brands is a Web3 leader that leverages blockchain to deliver digital property rights to consumers around the world to help establish the open metaverse.
The Web3 Alliance of Saudi Arabia (WASA) operates as a non-profit organization seeking to unite blockchain and digital innovation leaders to drive Web3 adoption in KSA in line with Saudi Arabia’s Vision 2030.
The trio of projects aim to create a collaborative ecosystem to empower businesses and drive sustainable growth within the country.
The alliance’s board consists of local stakeholders
The alliance’s board is composed of industry leaders and experts based in Saudi Arabia, actively driving the Kingdom’s digital transformation. Supported by both international and local companies, the board members include Dr. Abeer Al Humaimeedy, Yasser Alobaidan, Omar Elassar, Dr. Majid Almansouri, Wajd Badawi, Billal Yamak, Vincent Li, Bandar Altunisi, Ali Alasiri, and Stephan Apel. All the named members are engaged in advancing innovation within the country.
“The Web3 Alliance of Saudi Arabia represents a crucial step forward in realizing the Kingdom’s vision for a digital future,” said Billal Yamak. “By bringing together expertise from both local and international leaders in the blockchain space, we’re creating a powerful platform for innovation and growth.”
In 2023, Outlier Ventures launched its Saudi Base Camp Program which it noted marked the beginning of a concerted focus on the MENA region to accelerate the local technology and Web3 landscape.
In 2024, Animoca Brands and Saudi Arabian NEOM Investment Fund signed a strategic partnership that included $50 million convertible notes financing from NEOM into Animoca.
The WASA alliance will focus on four key pillars
As per the press release, the alliance will focus on four key pillars.
The first is awareness and education through workshops, seminars, and conferences. Secondly, WASA will focus on the development of standards and best practices.
Third on the list, it will support networking and collaboration opportunities. Finally, the alliance will lead research and development initiatives.
WASA will serve as the primary advocate for Web3 technology in the region, working independently to promote innovation rather than individual companies or entities.
The alliance’s governance structure includes a general assembly and an executive committee, ensuring transparent and effective leadership.
According to a recent KPMG report entitled, “Beyond the Hype: Balancing Speed, Security, and Value,” which provided insights into the Kingdom’s digital transformation, interest in Web3 technologies is also growing, with 69% expressing enthusiasm for innovation.
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