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<p class="is-style-lead">Hedera, a leading Proof of Stake (POS) blockchain platform, has entered into a five-year partnership with the Saudi Ministry of Investment (MISA) to help companies develop web3 technologies in the region.&nbsp;</p>
<p>The collaboration, valued at $250 million, was announced during the Saudi-Swiss Roundtable Meeting, marking a milestone in KSA’s efforts to enhance its investment landscape. This initiative will introduce advanced solutions across various sectors, including AI, blockchain, and other deep technologies.</p>
<p>The Hashgraph Association has also launched the DeepTech Venture Studio, dedicated to empowering technological advancements for Saudi companies, aligning with the kingdom’s vision to become a global hub for innovation.</p>
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   <p lang="en" dir="ltr">In the presence of Their Excellencies, <a href="https://twitter.com/hashtag/MISA?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#MISA</a> &amp; Hashgraph association, have signed an MoU during the <a href="https://twitter.com/hashtag/SaudiSwissRoundtableMeeting?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#SaudiSwissRoundtableMeeting</a>, aiming to foster innovative investment opportunities in KSA through partnering locally and globally to support the entrepreneurship ecosystem. <a href="https://t.co/E8sfKK49qO" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/E8sfKK49qO</a></p>— وزارة الاستثمار (@MISA) <a href="https://twitter.com/MISA/status/1754806918311240048?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">February 6, 2024</a>
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<p>Following the announcement, Hedera’s native token, HBAR, witnessed a 5% surge in price, reflecting the market’s positive reception to this significant collaboration. HBAR’s trading volume has soared by nearly 400% in the past 24 hours, according to <a href="https://coinmarketcap.com/currencies/hedera/" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a>.&nbsp;</p>
<p>Since last year, Saudi Arabia has invested in web3 and blockchain projects to support the region’s global vision. In November, the Kingdom invested $50 million in <a href="https://crypto.news/c1-fund-targets-animoca-brands-chainalysis-in-investment-strategy/" rel="noopener noreferrer nofollow">Animoca Brands</a> to support web3 gaming and metaverse projects.</p>
<p>The country’s central bank has also been exploring <a href="https://www.trade.gov/market-intelligence/saudi-arabia-blockchain-technology" target="_blank" rel="noopener noreferrer nofollow">blockchain</a> use cases for the past two years.&nbsp;</p>
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Hedera, Saudi Ministry ink $250m deal to drive web3 development

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