Adaverse Launch in Riyadh Bridges Web3 Innovation with Saudi Vision 2030; Saudi Ministerial Delegate Graces the Event

Adaverse Accelerator
5 min readFeb 12, 2024


Riyadh, Saudi Arabia
In an inspiring convergence of innovation and vision, Adaverse celebrated its official launch in Riyadh on February 6th, marking a significant milestone in the journey towards integrating Web3 technologies with the economic and digital transformation goals of Saudi Vision 2030. The event, witnessed by the National Technology Development Program (NTDP) among other dignitaries, set a new benchmark for collaborative innovation in the Kingdom of Saudi Arabia (KSA).

“Today is not just about celebrating a new chapter for Adaverse in the Middle East but reaffirming our commitment to driving forward the Web3 ecosystem in alignment with the Saudi Vision 2030,” remarked Vincent Li, founding partner of Adaverse, in his keynote. He stated that Adaverse is entering into Saudi startup scene with $10 million fund backed by Cardano and EMURGO. His words underscored Adaverse as a champion of innovation, highlighting strategic investments already made into Middle East startups like Nuqtah, Oumla, and Takadao and more in the talks.

The event convened a broad spectrum of participants, emphasizing the transformative potential of Web3 for economic growth and sustainability. A panel discussion, enriched by the presence of experts like Shogo Ishida, Co-CEO of EMURGO MEA, provided profound insights.

Ishida expressed admiration for the unique support Adaverse received, particularly from NTDP

“I’m impressed with @ntdpsa support for Adaverse. You don’t get such government support anywhere in the world. For sure, Saudi will be the Web3 hub of the world.” This highlights the unparalleled governmental backing that sets KSA apart as a burgeoning hub for Web3 innovation.

The following day’s tour of Riyadh’s tech landscape, including a visit to The Garage and interactions with NTDP representatives and government officials, showcased the supportive ecosystem for innovation in KSA. Omar Al-Shabaan, CEO at The Garage KSA, had the opportunity to host the Adaverse team in the company of EMURGO officials, and the tour received a delegation of ministerial officials from the Saudi Government. The entourage also visited NTDP, the agency driving sustainable innovation growth in KSA. The day ended with a dinner in the company of Core Vision team welcoming Adaverse and EMURGO to chart the path of innovation together, underlining the collaborative spirit and shared vision for the future of tech in the region.

This event not only marked the launch of Adaverse in Riyadh but also celebrated the collaborative spirit driving the future of Web3 in the region.

“We are immensely thankful to everyone who joined us, including NTDP and our esteemed guests, for sharing in this pivotal moment. Your support and insights are invaluable as we work together to realize the promise of Web3 for Saudi Arabia and beyond,” — Vincent Li

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Adaverse is a Venture fund and Cardano accelerator fostering blockchain innovation in Asia, Middle East, and Africa.