April 26, 2023

Saudi Ministry, WeMade Ink Deal on Boosting Blockchain Growth

Riyadh

Riyadh

The Saudi Ministry of Investment (MISA) signed with WeMade, a South Korean video game developer, a memorandum of understanding (MoU) on bolstering the development of blockchain and gaming sectors in the Kingdom.

The MoU comes following WeMade’s participation in the Saudi Korean Investment Forum, held in November, in which Saudi Arabia’s Investment Minister Khalid A. Al-Falih and other officials held discussions with the South Korean company’s representatives.

According to Cointelegraph, a MISA official said the deal represents a step forward to achieving Saudi national goal of being a hub for games and electronic sports, in line with its national strategy for games and e-sports.

Meanwhile, WeMade CEO Henry Chang hailed the MoU signed with the Saudi ministry, noting it represents a milestone in the company’s plan to expand in the Kingdom.

“This partnership is our ambitious sustainable vision of cooperating with leading strategic partners across the Middle East and North Africa,” Chang noted.

The Saudi blockchain market is expected to grow by 41% by 2025, according to estimates by the country’s telecom regulator.

Earlier this month, WeMade was the exclusive blockchain game partner of Nine66, a Savvy Games Group company, of the Saudi Public Investment Fund at the first edition of the University Gamedev League.

Also, the gaming industry in Saudi Arabia is predicted to go up by 250% by 2030, according to a study by market research firm YouGov.

In January, Seoul-headquartered Wemade opened its Middle East headquarters in Abu Dhabi in a bid to pay attention to the region and take advantage of the two booming sectors in the region which are gaming and blockchain.

Earleir this month also, the Saudi Food and Drug Authority (SFDA), in collaboration with the Digital Government Authority (DGA), was exploring ways to see the possibility of the use of blockchain technology to track the movement of agricultural products.

Author profile

Whether you want to learn about NFT, Blockchain, Web3.0, Metaverse, or any other emerging technologies, we have the vital resources that will enlighten and help you make an informed decision.