The Web3 Alliance of Saudi Arabia (WASA) has officially launched with three prominent global Web3 players SandBox, Animoca Brands, and Outlier Ventures, joining forces as collaborators.
Outlier Ventures, known as a global Web3 accelerator, Sandbox, a leading immersive metaverse platform, and Animoca Brands, a Web3 pioneer focusing on blockchain technology to provide digital property rights globally, are coming together to help establish an open metaverse.
WASA operates as a non-profit organization with the mission to unite blockchain and digital innovation leaders to drive Web3 adoption in Saudi Arabia in alignment with the country’s Vision 2030.
This strategic alliance aims to create a collaborative ecosystem that empowers businesses and fosters sustainable growth within the region.
The board of the alliance comprises local industry stakeholders
The alliance’s board consists of industry leaders and experts based in Saudi Arabia who are actively contributing to the Kingdom’s digital transformation. With support from international and local companies, 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 dedicated to advancing innovation within the country.
“The Web3 Alliance of Saudi Arabia is a significant milestone towards realizing the Kingdom’s vision for a digital future,” stated Billal Yamak. “By leveraging expertise from both local and international leaders in the blockchain space, we aim to create a robust platform for innovation and growth.”
In 2023, Outlier Ventures launched its Saudi Base Camp Program, signaling a strategic focus on the MENA region to accelerate the local technology and Web3 landscape. Meanwhile, in 2024, Animoca Brands partnered with the Saudi Arabian NEOM Investment Fund, securing a strategic partnership with a $50 million convertible notes financing from NEOM into Animoca.
Key focus areas of the WASA alliance
As outlined in the press release, the alliance will concentrate on four key pillars.
Firstly, WASA will prioritize awareness and education through workshops, seminars, and conferences. Secondly, the alliance will work towards developing standards and best practices in the Web3 space.
Thirdly, WASA will facilitate networking and collaboration opportunities, and finally, it will lead research and development initiatives in the sector.
WASA will be the leading advocate for Web3 technology in the region, promoting innovation independently rather than focusing on individual companies or entities. The alliance’s governance structure includes a general assembly and an executive committee to ensure transparent and effective leadership.
According to a recent KPMG report titled “Beyond the Hype: Balancing Speed, Security, and Value,” which sheds light on the Kingdom’s digital transformation, interest in Web3 technologies is on the rise, with 69% expressing enthusiasm for innovation.