Insights from Outlier Ventures CEO | Airdrop Alert Pro

The Middle East and North Africa (MENA) region is rapidly becoming a well-known force in driving global cryptocurrency adoption. With the participation of institutions and businesses and the increasing number of regulations supporting Web3 technology, MENA will expand its impact.

Beincrypto interviewed Outier Ventures CEO Stephan Apel to explore the characteristics of these technology-driven economies and their expected innovations.

Web3 adoption and market growth

Mena has become a Important centers of web3 developmentpromotes it by the combination of population, technology and cultural factors. Entrepreneurship in the region also promotes an environment conducive to the adoption of decentralized technologies.

“The MENA market is about adopting next-generation technologies and leveraging them to improve their economic transformation. This is especially true for Web3 technologies. This is especially true for the region, which is aware of their potential, providing these projects with the resources needed to expand and thrive on a regional and global level.”

As a result, the region has witnessed an increase in startups, investors and developers exploring Web3 and its different applications.

2024 Chain Analysis Report Revealing that MENA is the seventh largest cryptocurrency market in the world. From July 2023 to June 2024, there were US$338.7 billion of online crypto transactions in the region, accounting for 7.5% of all crypto transactions worldwide.

and Overall cryptocurrency market size in the MENA region It may be smaller than others, and it has a lot of adoption within its boundaries.

It is worth noting that Türkiye and Morocco rank among the top 30 countries around the world that adopt cryptocurrencies. Türkiye finished 11th, while Morocco ranked 27th. These countries alone account for $137 billion and $12.7 billion in the value of cryptocurrencies received.

Additionally, crypto activities in the MENA region are driven primarily by institutional and professional participants, as 93% of all value transferred involve transactions over $10,000.

Meanwhile, members of the Gulf Corporation Commission (GCC) have made themselves famous through an ambitious technical program.

MENA’s strategic shift to AI

The outbreak of artificial intelligence (AI) prompts enterprises in governments and enterprises The Middle East wants to recognize global trends Going towards relevant advanced technology. Countries such as Qatar, Saudi Arabia and the United Arab Emirates (UAE) are considering their strategic position in this technological transformation.

according to Report PriceWaterHouseCoopers (PWC), AI contributed $15.7 trillion to the global economy in 2030. Consulting firms predict that the Middle East will bring 2% of the total global welfare, equaling $320 billion.

“Not surprisingly, MENA is now a major global hub for technological and economic activity in emerging fields such as AbuDhabi, Dubai, Qatar and Saudi Arabia, especially the scale of their ambitions and appeals, and the ambitions and appeals of their outstanding international players, as well as the shortcomings within the scope of these economic developments,” Apel said.

The PWC report also states that Saudi Arabia By 2030, AI will have the largest absolute return, with its economy estimated to increase by $135.2 billion, or 12.4% of GDP. However, in terms of GDP percentage, the UAE is expected to have the biggest impact, accounting for 14% of its 2030 GDP. Meanwhile, for the GCC, for Bahrain, Kuwait, Oman and Qatar, AI is expected to contribute 8.2% of its GDP.

These figures are no surprise given the region’s latest initiatives and investments in AI innovation.

Saudi Arabia’s AI development plan

In 2016, the Saudi Arabian government launched its Vision 2030, a program designed to promote economic, social and cultural diversity. What is indispensable for this vision is AI and data-driven innovation, which is a key component of the country’s economic diversification efforts.

Saudi Arabia is making significant progress In AI. The country aims to reduce its dependence on oil through targeted investment, infrastructure development and labor training to develop advanced technology areas.

“As its Vision 2030 initiative is driven, Saudi Arabia has created a thriving entrepreneurial ecosystem, invested heavily in emerging technologies and developed policies to attract global talent and entrepreneurship,” Apel told Beincrypto.

Saudi Arabia leads Saudi Arabia into AIshape and implement the country’s national data and AI strategies. The national database is the cornerstone of their efforts. It is designed as a central hub for data access and analytics, thus facilitating AI applications in the public and private sectors.

Last November, Saudi Arabia also revealed the project’s transcendence. The $100 billion investment plan focuses on accelerating the integration of AI and advanced technologies.

Similar to its neighbors, the UAE is actively pursuing the adoption of AI.

UAE’s AI Strategy and Investment

In 2017, the UAE launched its national AI strategy, which aims to enable the country to become a global leader in the field by 2031. The UAE AI and Blockchain Council oversees the strategy, which affects sectors such as education, energy and tourism.

“this Financial and regulatory support For AI development, new revenue sources will be released and the region’s international competitiveness will be enhanced. ” Apel explained.

The UAE is already reaping the benefits of AI programs. In April, Microsoft announced a $1.5 billion investment in G42, a technology holding company based in Abu Dhabi. G42 is known for its development in data centers and JAI, a leading Arabic AI model.

In September, G42 and NVIDIA teamed up to create AI-powered solutions to improve weather forecasts. The collaboration aims to advance climate-related technologies by using NVIDIA’s Earth-2 platform, which enables climate and weather simulations for AI.

Three months later, HUB71, a global technology ecosystem based in Abu Dhabi, partnered with Google to increase entrepreneurial growth in the UAE. This collaboration will bring Google’s “Google for Startups” program to the Abu Dhabiincluding dedicated accelerators for dedicated HUB71 startups in 2025.

“The Middle East is well-positioned to lead transformative technology. MENA’s strong support for entrepreneurial and fast AI adoption drives has made breakthrough changes across the industry. I think the Middle East is home to startups. There are pre-established policies, resources and investment opportunities that can scale businesses from the ground, adding.

He also drew attention to the planned integration of AI and Web3 technologies in these well-known regions.

Convergence of AI, Web3 and IoT

Integrate the Internet of Things (IoT), BlockchainAI technology is attracting attention among Middle Eastern companies. By combining these technologies, Organizations can gain new ways to growimprove efficiency and create a novel user experience.

“These technologies complement each other, allowing automation, transparency and efficiency to be largely scaled. Distributed ledger technology combined with AI unlocks new possibilities for decentralized systems, while IOT-driven data networks feed Advance Analytics and Advance Analytics and Machine Learning Model,” Apel told Beincrypto.

In 2018, Dubai Airport Freezer launched Dubai Blink, a platform that integrates AI, blockchain and virtual licensing to facilitate global trade. The system enhances supply chain innovation by accelerating trade using a unified online platform. Furthermore, it solves the tedious process of vendor identification by using AI algorithms to simplify and speed up the verification process.

“The region is already ahead of many global trends. Strategic investments in smart cities, renewable energy infrastructure, and advanced manufacturing industries emphasize the region’s ambition to build a sustainable technology-driven economy. These initiatives create the perfect ecosystem for scaling and building solutions for regional and global challenges,” Apple concluded. : : : : : : : : : : : : : : :

Ultimately, MENA’s proactive approach to technological advancement, coupled with its strategic focus on Web3 and AI, marks the future of the region becoming a key architect shaping the digital economy.