Riyadh - Sharikat Mubasher: Adaverse, Saudi Arabia’s first Web3 and blockchain fund and accelerator, forged a strategic partnership with the Ministry of Communication and Information Technology (MCIT) to accelerate the development of Web3 technologies and promote innovation in blockchains in Saudi Arabia.

Leveraging MCIT’s leadership in national digital transformation and Adaverse’s expertise in blockchain investments and technology infrastructure, this collaboration targets equipping local talent with access to the latest global advancements in this field, Adaverse announced in a press release today.

Vincent Li, CEO of Adaverse Saudi Arabia, said: "We take pride in contributing to Saudi Arabia’s digital transformation by sharing our global expertise and resources. This partnership will help build a strong Web3 community in the Kingdom and drive innovation in blockchain technology."

Under this partnership, both entities will work together on launching training and awareness programs to equip local talent with Web3 and blockchain skills, alongside organizing community meetups and hackathons to foster innovation and a dynamic tech ecosystem.

It also includes initiatives focusing on providing access to global expertise and cutting-edge technologies to support the Kingdom’s tech ecosystem growth and establishing startup accelerators to foster entrepreneurs and emerging Web3 companies.

Moreover, this partnership marks a significant step toward positioning Saudi Arabia as a leading regional digital hub for future technologies and strengthening its capabilities in Web3 and blockchain.