Switzerland-based Hedera Hashgraph has launched the DeepTech Venture Studio in Riyadh, Saudi Arabia, in collaboration with the Saudi Ministry of Investment, marking a significant milestone in the technological landscape of the region. This is evidence of Saudi’s diversification from crude oil, of which it is a major producer globally.
The initiative which aims to accelerate the development of innovative technological solutions, with a substantial investment of $250 million over five years, particularly in the Web3 world was unveiled by Hedera on its X post.
Hedera to Catalyze Technological Innovation in Riyadh
The DeepTech Venture Studio, unveiled by Hashgraph, is poised to become a hub for technological innovation in Riyadh, the capital city of Saudi Arabia. Through strategic collaborations and initiatives, Hashgraph aims to propel the growth of the technology sector in the region, paving the way for pioneering advancements in various industries.
As part of a five-year agreement valued at $250m with the Saudi Ministry of Investment (@MISA), @The_Hashgraph Association has announced the launch of the DeepTech Venture Studio – empowering companies to develop innovative technological solutions. #web3https://t.co/wnqA9H4rm4 https://t.co/Yi6EJWqEh6
— Hedera (@hedera) February 6, 2024
Hedera as a cryptocurrency for instance, functions on the Hashgraph technology. Hashgraph, renowned for its non-profit initiatives supporting education and training programs, is committed to playing a pivotal role in nurturing the next generation of tech entrepreneurs and startups in Saudi Arabia.
By providing resources, mentorship, and access to a network of experts, the DeepTech Venture Studio seeks to empower innovators to transform their ideas into viable technological solutions that address real-world challenges such as virtual reality, quantum computing, blockchain, robotics, Internet of Things, and artificial intelligence.
Strategic Partnerships for Entrepreneurial Growth
The inauguration of the DeepTech Venture Studio was marked by the presence of esteemed dignitaries, including representatives from the Saudi Ministry of Investment and Hashgraph association.
During the Saudi-Swiss Roundtable Meeting, a Memorandum of Understanding (MoU) was signed, reaffirming the commitment of both parties to fostering a conducive environment for entrepreneurial growth and technological innovation in Saudi Arabia.
The MoU outlines strategic objectives aimed at facilitating local and global partnerships to bolster the entrepreneurship ecosystem within the Kingdom. By leveraging the expertise and resources of both public and private sectors, the initiative aims to create collaborative opportunities that drive economic growth and job creation in Saudi Arabia.
Environment for Startup Success
The DeepTech Venture Studio represents a significant step forward in advancing technological innovation and fostering entrepreneurship in Saudi Arabia. By providing a supportive ecosystem that nurtures creativity, collaboration, and experimentation, Hashgraph aims to cultivate a new generation of technology-driven startups that contribute to the Kingdom’s socio-economic development.
Saudi Arabia is not new in the fintech community as the Saudi Arabian Monetary Authority (SAMA), considered the Central Bank Digital Currency (CBDC) in early 2023.
Through tailored programs, mentorship initiatives, and access to funding opportunities, the DeepTech Venture Studio endeavors to empower startups and companies to develop cutting-edge solutions that address global challenges and drive positive change.