February 22, 2023

Saudi Aramco Forays into Web3 World

Saudi Aramco Forays into Web3 World Featured Image

Energy Giant Saudi Aramco inked a memorandum of understanding (MoU) with droppGroup, a software development company, to explore opportunities in Web 3.0 technology.

According to Coindesk, the application of Web3 technologies will help Aramco’s employees in training ecosystems, onboarding, a tokenized network, and a rewards program.

This is not the first time Aramco joined the Web 3.0 world as it earlier in 2020 pumped investments worth $5 million into Vakt, a blockchain-based commodities post-trade processing platform.

The New York-based company droppGroup also has an operational office in Saudi Arabia.

Recently, Saudi Arabia has witnessed applications and agreements related to Web3 technologies, topped by metaverse, during the LEAP 23 Conference, held lately in Riyadh. The Saudi Arabia Digital Government Authority (DGA) has inked a memorandum of understanding with metaverse giant The Sandbox to boost cooperation in the virtual space.

Meta also plans to set up a Metaverse Academy in Saudi Arabia to be the first of its kind in the Middle East and North Africa (MENA) region. In addition, KPMG, the financial audit, tax, and advisory provider, announced the establishment of a Center of Excellence (CoE) to accelerate the application of metaverse and digital twins in Saudi Arabia.

The Gulf country also collaborated with King Abdulaziz Foundation for Research and Archives to bring the Saudi National Day to the metaverse.

The metaverse is expected to contribute $15 billion to the economies of the Gulf countries by 2030 given that their governments are tapping into the virtual space, according to a study by Strategy&.

Saudi Arabia topped the GCC countries in terms of metaverse contributions, as it is predicted to account for $7.6 billion by 2030 (more than half of the figure. While the UAE came second with an expected share of $3.3 billion.

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