Ghada Ismail

Saudi Arabia is racing toward a tech-driven future, with technologies like Web3 and blockchain leading the way. As the Kingdom reshapes its economy under Vision 2030, blockchain's promise of openness and security is gaining attention, with industries poised for change.

To explore this further, Sharikat Mubasher spoke with Dan Dimitriu, a seasoned consultant who has advised governments and major companies. Dan works with countries and business leaders worldwide at the forefront of innovation. He shares how the Metaverse could boost Saudi tourism and how Web3 can improve gaming, retail, and education. The discussion also covers new investment opportunities, the need for clear rules, and how Saudi startups are teaming up with global players to grow the Web3 scene.

1. What first sparked your interest in Web3 and blockchain technologies?

My fascination with Web3 and blockchain began with their potential to revolutionize traditional industries through decentralization and transparency. As a consultant to governments and FTSE 500 companies, I've witnessed firsthand how blockchain can streamline operations and enhance trust across various sectors. My background in music also instilled in me the value of creativity and innovation, which aligns perfectly with the disruptive nature of Web3.

2. Could you explain what the Metaverse is and how Saudi Arabia could leverage it across key sectors?

The Metaverse is a decentralized, immersive digital environment that enables new forms of interaction and engagement. In Saudi Arabia, I can see the Metaverse transforming tourism by creating virtual experiences of historical sites. With the tourism market projected to reach USD 110.1 billion by 2033, growing at a CAGR of 8.4%, the Metaverse can increase interest and drive physical visits through virtual tours of Al-Ula or the Red Sea resorts. This aligns with Saudi Arabia's Vision 2030 goals of economic diversification and technological advancement. Additionally, the Metaverse can enhance retail and education by providing immersive customer experiences and educational outcomes.

3. How do you see Web3 fitting into Saudi Arabia's rapidly advancing digital transformation?

Web3 is integral to Saudi Arabia's digital transformation, as evidenced - amongst other things - by the recent launch of the Web3 Alliance of Saudi Arabia, which aims to accelerate blockchain innovation in line with Vision 2030.

I strongly believe that Web3 can significantly impact industries like gaming, a strong industry in Saudi, which is projected to grow at a CAGR of 30% from 2024 to 2030, reaching USD 28.86 billion by 2030. Web3 can also enhance finance, education, and healthcare by providing decentralized solutions that increase transparency and efficiency.

4. How can policymakers create a balanced regulatory framework for blockchain innovation?

Creating a balanced regulatory framework for blockchain in Saudi Arabia requires policymakers to be tech-savvy pioneers, navigating innovation while safeguarding public interest. The Terra Luna collapse underscored the need for a global regulatory shift, whereby policymakers understand technology deeply and engage with industry stakeholders to develop clear guidelines that ensure investor protection and market stability whilst not stifling innovation. This includes setting AML and KYC standards and establishing regulatory sandboxes. By embracing innovation, Saudi Arabia can lead in blockchain regulation, similar to the UAE's approach.

5. What role could blockchain play in boosting trust, payments, or product authenticity in Saudi Arabia's e-commerce sector?

Blockchain is a powerful, yet still misunderstood technology in many circles. As a technology it can significantly enhance trust in e-commerce by providing transparent and secure transactions, ensuring product authenticity through immutable records, and streamlining payments with cryptocurrencies. This leads to faster, more reliable transactions, crucial for Saudi Arabia's growing e-commerce market.

6. Where do you see the strongest investment opportunities for Web3 startups in the Saudi market?

I would say the strongest investment opportunities lie in gaming, fintech, and e-commerce, where there is a growing demand for decentralized solutions. Additionally, foundational infrastructure and protocol startups present significant opportunities for entrepreneurs and investors.

7. How can Saudi startups collaborate with global Web3 innovators to accelerate adoption locally?

As with every ecosystem, it's a classic chicken and egg scenario: to attract more global investors, you need more startups, but startups require funding to grow. Despite this challenge, I've witnessed the Saudi Web3 ecosystem make steady progress, thanks to a diverse range of players. Global event brands like Outeredge are bringing their conferences to the market, while local startups like Takadao and investors like Adaverse are spearheading community-building efforts through meetups. Additionally, initiatives like the launch of WASA by The Sandbox, Animoca Brands, and Outlier Ventures are further boosting the ecosystem. It's a gradual but promising journey, and raising awareness about these developments is key to accelerating its growth.

8. What emerging trend in Web3 excites you most, and how could Saudi Arabia embrace it early?

One of the most exciting trends in Web3 is the rise of decentralized social media and community-driven platforms. Given Saudi Arabia’s strong cultural emphasis on privacy, this trend aligns well with local values by offering users greater control over their data and digital identities. Given the strong consumer appetite for new solutions, I believe Saudi startups have a unique opportunity to develop local decentralized social media solutions tailored to the region’s needs.

Ghada Ismail

Kuwait's largest online classifieds platform, 4Sale, has become a household name in the region's digital marketplace landscape. Spearheading the platform's technological evolution is Khaled Gomaa, Chief Technology Officer at 4Sale. 
 

A seasoned tech leader with 16 years of experience across all stages of business growth, Khaled has a strong passion for creating products that drive business value. He founded his first company at 18 years old and has since contributed to various technology-driven projects, including social media, marketplaces, AdTech, LegalTech, chatcommerce, and e-commerce sectors.
 

Throughout his career, Khaled has worked with systems and platforms handling billions of requests, and startups searching for the optimum product-market fit; providing him with vast experience in developing solutions meeting corporate and customer goals.
 

In this exclusive interview, Khaled shares insights into the platform's journey, its most popular features, and how it has evolved to meet changing consumer expectations. He also discusses 4Sale's innovative use of emerging technologies like AI and machine learning, while offering valuable advice for aspiring tech entrepreneurs in the region.

1.    For those who might not be familiar, can you share the story behind 4Sale and what inspired its creation?

4Sale was founded by our CEO - Tarek Sakr – in 2014, following his memorable – but incredibly frustrating - consumer experience, many years ago, of attempting to purchase a second-hand car in Kuwait.

He found the experience so challenging and non-user-friendly that it sparked an entrepreneurial idea. He took a particular interest in subsequently researching the then-embryonic online car sales market – before launching his own website. This grew into what is now Kuwait’s largest online classifieds platform – a platform where people come together to buy and sell goods and services.

Since its inception, 4Sale has supported over 2 million registered users in listing 14 million items and services. Over 7 million devices have accessed the platform through app downloads or website registrations, driving 30 million page views each month.

Trading is a way of life in Kuwait, and creating an online, localized marketplace was a compelling opportunity. Tarek believed technology could capitalize on these cultural strengths and – with online classifieds - there are also virtually no restrictions on product categories to integrate into the business model.

We are committed to the power of personalization. By using cutting-edge technology, we customize our products to match each user’s unique preferences, creating a seamless and tailored shopping experience. Our mission is clear: to make it easy for individuals to find and access the products they love.

2.    What categories or features are currently the most popular on 4Sale, and why do you think they resonate so well with users?          

Consumer tastes often shift with the seasons and annual events. For example, during Ramadan, our platform sees a major surge in gift sales, amid increased demand for items such as Misbah. This year - we expect the same pattern. Among the top five gifts in Kuwait were watches, Misbah, pens, leather bags, and wallets—each symbolizing enduring elegance and practicality.

Given 4Sale’s heritage in automotive, it is a core part of our DNA and remains one of the most popular verticals on our platform. Last year, our dominance was further cemented via partnerships with car dealerships.

In addition to that, our Contracting vertical grew 7% in revenue year over year, demonstrating shows how we're driving more customers to our service providers, boosting their business and their confidence in our platform.

3.    How has the platform evolved to meet the changing expectations of users over the years?    

We know—by paying close attention to the data—that today’s customers desire (i) highly specific, tailored interactions, (ii) to be genuinely understood, and (iii) easy and seamless access to purchases. By refining our processes through data collection, we can offer timely, relevant recommendations that create a more personal and enjoyable customer experience.

In this context, people are using the platform as a price reference; it has become essential for knowing what is sold where.

This evolution has also allowed local businesses to gain increased visibility—whether offline or online—by highlighting their services and showrooms, including certified listings from trusted sources offered by 4Sale.

As our rapid growth continues, we will scale up our entire infrastructure in line with our 2025 goal of reaching two million monthly active users across additional verticals. This would represent an impressive market share in a country of just five million people—and our infrastructure will be ready for it.

4.    In your opinion, what makes classifieds and e-commerce platforms like 4Sale essential in today’s economy?
People will always trade, even if their methods change. As digitization has increased, we have led in technology. Today’s customers also want effortless experiences - be it buying or selling – and we simplify the buying and selling process for users. Our cutting-edge technology powers advanced algorithms so the process is as tailored and easy as possible.

5.    Are there any new products or features in the making to be launched soon?

We are continuously working on new features and are currently preparing some very exciting updates to enhance our primary verticals—automotive and real estate.  These updates will allow users to compare prices and know more about the availability of products, as we are committed to helping service providers gain more market visibility in Kuwait. Obviously, we can’t reveal too much right now - but stay tuned!

6.    How do you see emerging technologies like AI, blockchain, or Web3 shaping the future of marketplaces like 4Sale?

We already use GenAI to identify distinct user groups based on demographics, behavior, cultures, nationalities, and preferences, enabling tailored marketing campaigns for events and cultural festivals. This approach enhances the overall customer experience by considering their interests, pastimes, hobbies, and collections.

We are also enhancing our machine-learning-driven content moderation system. A key challenge we are tackling involves customers either (i) unintentionally providing incorrect ad details or (ii) misusing the ad modification feature. For example, when users edit their listings, they may significantly alter the content—at times, effectively creating an entirely new ad under the guise of an update.

To mitigate this, we are developing a model that evaluates ad modifications, determining whether changes are routine or substantial enough to require blocking. Additionally, the model helps filter inappropriate content across text, images, and other media, ensuring our platform maintains high-quality standards.

As you can see, the use cases of AI are very broad, and we are excited about these developments. They will enhance marketplaces, making them increasingly appealing to customers.

7.    What’s your vision for 4Sale’s future, within Kuwait?
We want to increase the number of verticals we operate in – having now expanded to 197 categories. We will continue to drive innovation - elevating our technology to maintain (and enhance) our status as the leading classifieds service in Kuwait.
As a highly trusted brand that is integrated into users’ everyday behavior, we also want to get closer to transactions and offer even more value-added services during those transactions.  This includes a strong focus on business sustainability for our service providers, helping them get more customers and visibility.
If we can keep doing all these things, as we have been doing, then the future will be very exciting.

8.    Is there anything you’d like to share with aspiring tech entrepreneurs or those looking to create similar platforms in the region?  

I'd start by saying that instead of building from scratch, focus on optimizing and improving what already exists to accelerate development, control costs, and enhance reliability. This approach is crucial for capitalizing on the incredible pace of technological advancements in our region, which has enormous growth potential that can benefit from these developments. This situation is both a privilege and a responsibility. Entrepreneurs need to be hardworking, thoughtful, and creative to capitalize on these trends. Hard work pays off—just be patient and keep going.
 

Noha Gad

As the digital landscape continues to evolve, Saudi Arabia is positioning itself at the forefront of Web3 and blockchain technologies, driven by a strategic vision to harness innovation for economic growth. The Kingdom's commitment to advancing these technologies is evident through various initiatives, including the establishment of dedicated hubs and partnerships aimed at fostering a vibrant ecosystem. 

As part of Vision 2030, the Kingdom has been actively investing in emerging technologies, recognizing blockchain's potential to enhance transparency, security, and efficiency in both public and private enterprises.

In this rapidly evolving ecosystem, Web3 has emerged as a transformative force that reshapes industries and creates new opportunities for innovation and entrepreneurship in Saudi Arabia.

Adaverse, a prominent player in the Web3 investment landscape, is actively contributing to this burgeoning market. As one of the leading venture funds and blockchain accelerators in the region, Adaverse invested in several startups, such as Takadao, UmrahCash, Tharawat Green Exchange (TGE), and Grintafy, as part of its mission to empower local entrepreneurs and facilitate the growth of decentralized technologies across the region.

In this regard, Sharikat Mubasher held an interview with Vincent Li, Founding Partner at Adaverse, to learn more about the company’s activities in Saudi Arabia and his insights on the future of Web3 and blockchain technologies in the Kingdom and the region.

What sets Adaverse apart from other venture funds and blockchain accelerators in the region?

What sets us apart is our unique approach to building the Web3 ecosystem through a venture-building partnership model. We have successfully invested in around 100 founders across multiple regions, including Asia, Africa, and now Saudi Arabia. Our philosophy is centered on supporting persistent founders with necessary web3 knowledge throughout the whole startup journey, and valuable experiences and resources from other markets in the globe.

Unlike traditional venture funds, we focus on projects that solve real-world problems and drive mass adoption of blockchain technology. Our flat organizational structure and partnership-based approach allow us to work closely with founders, empowering them rather than simply providing capital.

What motivated Adaverse to commit $10 million to Saudi Web3 startups?

Our decision to commit to Saudi Arabia was driven by extensive market research and field visits that highlighted Saudi Arabia's significant potential for Web3 development. This commitment aligns with Saudi Vision 2030 and the country's digital transformation goals. 

We have already invested in several promising Saudi ventures, including Grintafy, UmrahCash, TGE (Tharawat Green Exchange), TakaDAO, and others, with more investments in the pipeline. 

The unique government support we have received has reinforced our conviction that Saudi Arabia is positioned to become a global Web3 hub. This investment represents our long-term commitment to fostering innovation and supporting the local ecosystem.

In your opinion, what are the unique opportunities that blockchain and Web3 technologies offer in Saudi Arabia?

Saudi Arabia presents unique opportunities for blockchain and Web3 technologies, particularly in solving real-world challenges. Let me share some concrete examples from our portfolio with the disclaimer that the list is non-exhaustive: 

We have invested in TGE, which is revolutionizing carbon offsetting by connecting carbon offsetters with local nurseries and land projects via blockchain technology, directly supporting Saudi Arabia's ambitious goal of planting 10 billion trees by 2040. 

In the sports sector, we have backed Grintafy, which is transforming football talent discovery through blockchain technology, serving over 2 million users across its ecosystem.

We are also seeing great potential in projects like Mithu App, which addresses the underserved loyalty program market in Riyadh, where only 2.5% of restaurants currently offer such programs. 

Similarly, solutions like UmrahCash demonstrate how blockchain can revolutionize financial services for the 21 million migrant workers and religious visitors in Saudi Arabia.

What makes Saudi Arabia particularly exciting for Web3 development is the strong government support for technology innovation, combined with the Kingdom's strategic position and vision for digital transformation.

These opportunities align perfectly with our focus on practical applications that drive mass adoption. The diversity of use cases, from environmental sustainability to sports tech to financial services, shows how Web3 can create real value across multiple sectors in the Saudi economy.

What key challenges has Adaverse faced in adopting blockchain technologies in the Kingdom, and how has the company tackled them?

The key challenges we have faced primarily revolve around achieving mass adoption and educating the market about Web3's potential. While blockchain technology is still consolidating its foundations, we have tackled these challenges by focusing on projects that address tangible problems. Our approach has been to invest in startups that make blockchain technology accessible and practical for everyday users. We have also worked closely with regulatory bodies and government institutions to ensure our initiatives align with local requirements. 

What are the company’s strategic plans for further expansion in Saudi Arabia and the region?

Our strategic plans for expansion in Saudi Arabia and the region focus on three key areas. First, we are continuing to identify and invest in promising Web3 startups that solve real-world problems. Second, we are actively building partnerships with local institutions and government bodies to strengthen the ecosystem. 

Third, we are organizing events and initiatives to promote Web3 adoption locally and connect valuable investment and market resources internationally.

We are particularly excited about upcoming projects in the social network and real estate markets, which we believe have significant potential in the region. Our strategy remains aligned with our long-term perspective of supporting persistent founders and nurturing projects over time.

How do you see the long-term impact of Web3 technologies on Saudi Arabia's economic and social landscape?

Looking at the long-term impact of Web3 technologies on Saudi Arabia's landscape, I believe we are at the beginning of a transformative journey. Based on our experience across multiple markets, we see Web3 playing a crucial role in achieving Saudi Vision 2030's goals. The technology will enable new models of value exchange, enhance transparency in various sectors, and create new economic opportunities. We are already seeing this impact through our portfolio companies, which are addressing real challenges in areas like financial services, loyalty programs, and digital asset management. The key is to focus on practical applications that can drive mass adoption and create tangible value for the Saudi economy. 

How does Adaverse contribute to the development of a vibrant Web3 community in Saudi Arabia?

Adaverse contributes to the Web3 community development through multiple strategic initiatives. Most recently, we released our landmark report, "State of Web3 in Saudi Arabia," which serves as a comprehensive guide for entrepreneurs, investors, and talent looking to participate in the Kingdom's Web3 ecosystem. The report highlights tremendous opportunities in sectors like gaming, fintech, e-commerce, and proptech, demonstrating our commitment to building knowledge in the ecosystem.

Beyond research, we actively organize events and knowledge-sharing sessions, bringing together founders, investors, and technology enthusiasts. We work closely with local institutions to create opportunities for collaboration and innovation. 

Our approach is not just about providing capital – we are helping to shape Saudi Arabia's transformation into a tech-driven powerhouse by building alliances and partnerships that strengthen the entire ecosystem. Through these efforts, we are positioning the Kingdom as a premier destination for Web3 innovation, attracting both local and international talent to contribute to this growing community.

What are Adaverse’s plans to nurture Saudi talent in the blockchain and Web3 space?

During our extensive research for the "State of Web3 in Saudi Arabia”, one of the key findings was that we need more Web3 talent in Saudi, and we are committed to helping achieve that! We are implementing a multi-faceted approach that encourages young entrepreneurs to be curious and experimental with frontier technologies. 

First, we are creating opportunities for hands-on experience through our portfolio companies, where Saudi talent can join startups and immerse themselves in the ecosystem. 

Second, we have a plan to develop partnerships with local educational institutions and tech hubs to provide training and mentorship programs. 

As I often tell aspiring youth in the Web3 landscape, do not be afraid to experiment, fail, and learn from your experiences. 

This practical approach, combined with our long-term commitment to the region, will help develop the next generation of Web3 innovators in Saudi Arabia. The key is to empower local talent by asking questions rather than giving assignments, maintaining our philosophy of partnership-based growth.