Hedera secures $250 million deal with Saudi Ministry of Investment for Web3 and deep tech development

The partnership is set to promote the adoption of advanced technologies among Saudi Arabia's fintech entrepreneurs and startups.

Hedera secures $250 million deal with Saudi Ministry of Investment for Web3 and deep tech development

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Hedera has secured a five-year, $250 million partnership agreement with the Saudi Ministry of Investment to foster Web3 and deep tech development within Saudi Arabia, according to Hedera’s tweet today. The official announcement of this collaboration took place during the Saudi-Swiss roundtable meeting in Riyadh.

As part of the strategic deal, Hashgraph Association, a Switzerland-based non-profit organization that supports the development of Hedera Hashgraph technology, has established DeepTech Venture Studio. This initiative aims to support local Saudi and international companies in developing innovative technological solutions.

Saudi media outlet Leaders reported that the partnership seeks to empower companies to develop innovative solutions across various sectors, utilizing advanced technologies such as artificial intelligence, blockchain, robotics, the Internet of Things, virtual reality, and quantum computing. DeepTech Venture Studio is designed to drive innovation and enhance the competitive edge of Saudi companies in the global marketplace.

Hedera’s ecosystem has seen significant growth in recent months. Last month, key industry players from the Hedera and Algorand ecosystems, including the HBAR Foundation, the Hashgraph Association, and the Algorand Foundation, announced the launch of the DeRec Alliance. This joint venture aims to build a ‘decentralized recovery’ protocol for digital assets.

Besides, Hedera has also forged a key partnership with fintech powerhouse Hitachi US. This collaboration is set to leverage Hedera’s blockchain technology to enhance and power Hitachi’s extensive ecosystem.

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