Saudi Arabia Launches New Web3 Alliance to Boost Digitization Efforts

Saudi Arabia has launched a new Web3 alliance designed to improve the pace of digitization in the Gulf nation, drawing participants from a pool of global and local ecosystem players with streaks of government support.

Saudi Arabia has launched a new Web3 alliance to support the government’s efforts in boosting adoption levels for blockchain technology and Web3 solutions.

The new association will also bring together global and local ecosystem members for a faster pace of digitization in the Gulf nation.

According to a press release statement, the new alliance is named the Web3 Alliance of Saudi Arabia (WASA), and it will be focused on supporting the use cases of the technology for both enterprises and individual utilities.

Founding members of the alliance include industry heavyweights such as The Sandbox, Outlier Ventures, Animoca Brands, and a group of local blockchain service providers in the country, as well as academics and blockchain experts including Stephan Apel, Wajd Badawi, and Yasser Alobaida.

Four cardinal principles guide WASA in the push to trigger ecosystem growth. For starters, WASA’s primary objective is hosting learning workshops and seminars to educate the general public on Web3 use cases and benefits in enterprise applications.

The alliance will also roll out best practices for the industry to ensure uniformity among industry players. WASA is expected to provide stakeholders and new entrants with a platform for networking and collaboration by hosting conferences in Saudi Arabia.

Finally, WASA will be supporting research and innovation in Saudi Arabia, providing avenues for pilot projects and funding promising studies.

The alliance will adopt a decentralized governance model made up of an executive committee and a general assembly with extensive voting powers. Keeping to its mantra of Web3 adoption, WASA will use blockchain for its voting decision-making processes while remaining independent from government influence.

The official statement confirms that WASA intends to operate as a non-profit and will not earn funds from endorsing blockchain projects. Instead, it will focus its attention on blockchain adoption initiatives, “creating a neutral ground” for ecosystem growth in the country.

Emerging technologies in Saudi Arabia

In recent years, Saudi Arabia has made its stance on emerging technologies clear for its digitization objectives. While the government remains skeptical about blockchain use in finance, it has made a play in exploring central bank digital currencies (CBDCs) to reduce cash usage and explore cross-border transaction settlement.

An improvement in the ease of doing business has seen industry heavyweights set up shop in the country, driving up interest. On the flip side, the government is pitching its tent with artificial intelligence (AI) to drive digitization as it seeks to keep pace with the United Arab Emirates (UAE).