Web3: Sculpting The Middle Eastern Renaissance

Within the cradle of Lebanon, a radiant gem nestled in the Middle East, extends a warm embrace to all who wander its enchanting paths.

A land of timeless allure, where the Mediterranean breeze whispers ancient tales of love and resilience. An icon of beauty and grace, its majestic mountains stand tall like guardians of a forgotten era. The essence of Lebanon is like a delicate white flower, blooming amidst the chaos, symbolizing purity and hope. Every corner of this enchanting land exudes a sense of mystery and passion, drawing in wanderers and dreamers alike to unravel its poetic secrets.

Nestled amidst cedar-cloaked peaks, this diminutive sovereign state has shone as a beacon of history, culture and faith since antiquity. Revered as the "Flower of the Middle East", Lebanon exudes delicate beauty through verdant valleys and sparkling coastlines etched into scriptures and texts.

Safeguarding civilization for millennia, its name, meaning "white" in Semitism, has graced scriptures, appearing in Gilgamesh over 5,000 years ago - testifying to forests that supplied Solomon's temple and resonating across the verses of the Bible. The word "Lebanon" shines brightly 71 times in the Old Testament as a symbol of purity and strength.
It was here the Phoenician alphabet emerged, allowing Lebanon to birth the letters that shaped communication. From Byblos to Beirut, the Phoenicians' seafaring legacy spread across the Mediterranean.

Though "Switzerland of the Middle East" for its snowy mountains, geography has not favored this land - its situation at geopolitical fault lines has consistently courted calamity. Sandwiched between stronger neighbors, Lebanon's unfortunate placement has bred instability through the ages. Occupations, wars, conflicts and revolutions have been there forever in Lebanon’s history. Yet through upheavals, resilience defined this land. Beirut, renowned as the "Paris of the Levant”, has reconstructed itself seven times following each devastation.

In the eyes of an admirer, I eternally behold my cherished homeland, weathering the tempests that challenge its strength and resilience.

Today, a new calamity casts a long shadow over Lebanon's economic landscape. Entering a third year without a president, crises abound. Corruption has ravaged the economy and society, permeating every facet of the nation's well-being and forcing many to flee this beloved homeland in search of stability.

Still, in times of tumult, Lebanon endures. Technology offers hope. I resolve to remain - forging a path towards stability and prosperity through cooperation and good faith. Lebanon’s story remains unfinished.

You may have noticed, my name does not originate from the Arabic language so prevalent in Lebanon. Rather, it derives from an eclectic mix of Spanish, Old German and Romanian roots, blending linguistic influences that have long enveloped this region. Its meaning, “mighty guardian hands”, reflects the cultural richness Lebanon represents as a crossroads of expression.

I draw inspiration for my artistic passions from the natural beauty inherent to this land. In my free time you will find me lost in painting landscapes, dancing to Latin rhythms or classical ballet, or making melodies with my violin, guitar and piano. Beyond the art, I am devoted to community service and public speaking.

My education has been shaped by Lebanon’s legacy as an incubator of diverse thought. With training in software engineering, project management skills and recognition as a top-ranked global product manager from Meta’s rigorous training program, I apply analytical abilities to benefit all. Psychology also guided my master’s studies, as I strive to deeply understand humanity and how our subconscious influences guide behavior.

This varied learning has imbued me with patience and nuance in observing challenges. I now see promise in emerging technologies, hoping Web3 can safeguard Lebanon’s future integrity as corruption plagues many nations. You are welcome to visit my Web2 website at ramonaabimoussa.com, my Web3 website at ramona.siher.eth.limo and connect with me on twitter.

The digital world is evolving at breakneck speed, bringing with it a new iteration dubbed "Web3". Powered by blockchain and focused on decentralization over centralization, Web3 promises to upend traditional models and pave the way for a more inclusive digital future.

Within this burgeoning space, the Middle East in particular stands on the precipice of transformation. Long characterized as an oil-rich yet politically turbulent region, new technologies now offer alternative pathways for growth and prosperity and could drive prosperity for generations to come. Countries across the Gulf and Levant are actively working to establish themselves as Web3 hubs. Home to over 400 million citizens under the age of 30, the youthful demographics are primed to participate in the emerging digital economies of the future.

In MENA nations, the application of blockchain varies considerably. Some rich Gulf States are leading this area in technology innovation, investing in start-ups, and fostering tech-centered communities and policies.However, across most of the MENA region, the use of cryptocurrencies is limited and mainly focused on remittances, combating hyperinflation, bypassing sanctions, or financing military strategies. This is due to the fact that six countries have absolute bans on cryptocurrencies and the majority of the others have issued government warnings (Papadaki and Karamitsos, 2021).

As expanding numbers of nations begin experimenting with the technology, changes are imminent. The adoption of this technology faces numerous difficulties, such as a lack of a taxation structure, a lack of regulations, a shortage of competent workers, and low levels of awareness. The absence of data protection legislation akin to those in the EU (GDPR) presents another difficulty for the Middle East region. Data protection legislation in Kuwait, Oman, the United Arab Emirates, and Saudi Arabia is less thorough compared to those in Bahrain and Qatar, which passed data protection regulations in 2019 and 2016 respectively. The free zones in the UAE, such as the International Financial Center (DIFC), are regulated by international privacy laws (Smith, 2020). In the absence of appropriate legal and regulatory frameworks, rapid blockchain implementation also increases the danger of cybercrime.

Much progress has been made in the MENA region thanks to the widespread use of blockchain and cryptocurrency technology in many Gulf States. Particularly making significant progress in creating their legal and policy frameworks for blockchain technology are the countries of Bahrain, Saudi Arabia, and the United Arab Emirates (UAE). It is now more important than ever to establish a new economic and sustainable future because long-term oil production prospects are deteriorating.

As a result, several nations have made substantial efforts to establish regulations and governance frameworks for both cryptocurrencies and blockchain technology. The Gulf states are ahead of the rest of MENA in adopting blockchain and cryptocurrency technology. By enacting progressive financial rules, they are enticing overseas investment to the region and encouraging entrepreneurs to form partnerships with traditional financial institutions. These countries have a history of following innovation trends rather than initiating new ones. However, this is changing in the financial technology sector, as they launch ground breaking legislative initiatives and become major players in digital transformation, bringing about radical change on a global scale. These governments are supporting new entrepreneurial ventures, providing practical work spaces, and allowing individuals to experiment with technology through "sandboxes." They are positioning themselves as leaders in the Fourth Industrial Revolution (Buller, 2020). Foreign investors and entrepreneurs are starting to pay attention to these pro-cryptocurrency regions as the ecosystem expands. For example, to support and legitimize cryptocurrencies, the US-based cryptocurrency payments company Ripple Labs is already partnering with banks in Saudi Arabia and the United Arab Emirates (Abdel-Qader, 2020).

Among MENA nations, United Arab Emirates has emerged as an early frontrunner. Dubai has entrenched its position as a global Web3 capital, attracting over $500 million in funding for blockchain startups in 2021 according to MENA Crypto Hubs. Under initiatives like the Dubai Blockchain Strategy and Dubai Metaverse Strategy, Dubai has big plans to solidify its role as a blockchain and metaverse powerhouse. The Blockchain Strategy aims for Dubai to be the world's top blockchain capital by 2030, making it the “happiest city on Earth.” Meanwhile, the Metaverse Strategy targets placing Dubai within the top 10 global metaverse economies. Dubai further hopes to establish itself as a global hub for the burgeoning metaverse community. To bring these ambitious visions to life, the Emirate is developing the regulatory framework and infrastructure needed to nurture thriving virtual economies and future technologies, including the metaverse, AI, blockchain, Web3, virtual reality (VR), augmented reality (AR), the Internet of Things (IoT), data centers and cloud computing. The Dubai Virtual Asset Regulatory Authority (VARA) is the world’s first regulator for virtual assets. The creation of VARA signals the government’s commitment to creating a regulatory environment that is both accommodating and predictable for blockchain companies. This approach has already been recognized by major players such as Binance and Crypto.com, both of whom have recently expanded their presence in the UAE. With clear strategic roadmaps and active development, Dubai is staking its claim as a global nexus for the technologies reshaping our increasingly digital world. Under initiatives like these, the United Arab Emirates looks poised to cement its status as a trailblazing Web3 capital.

Neighboring Saudi Arabia is also making waves, allocating $500 billion to its NEOM project which will experiment with decentralized identity and governance models. Over 150 local blockchain projects have launched, a sign that the Kingdom is serious about diversifying beyond oil.

In Palestine, israel's ongoing economic siege on Gaza since 2007 has severely restricted the passage of products, leading to a significant impact on the region's economy. Before the ongoing war, unemployment in the area had risen to close to 50% [Saqan, 2021]. In typical daily life, trade is conducted using Israeli shekels, US dollars, and Jordanian dinars, as Palestine lacks an official currency. The acceptance of cryptocurrencies as a reliable alternative is becoming popular across the country. At the request of the Palestinian Prime Minister, steps are being taken to replace the Israeli shekel with a digital currency [Gibbs, 2019]. At present time, CNN reported that significant sums of cryptocurrency have been transferred to Palestinians to fund their needs in the midst of the Israel-Gaza conflict.

Elsewhere, in countries like Lebanon and Jordan which grapple with instability, local entrepreneurs are cautiously optimistic about Web3's potential to empower communities. Governments remain wary of cryptocurrencies. In Lebanon, the National Digital ID program is exploring the use of blockchain technology for this purpose.

In the wake of the COVID-19 outbreak, US sanctions, and soaring inflation, the Iranian government began investigating the feasibility of establishing a legal structure for cryptocurrencies in May 2020. It was revealed at the beginning of October 2020 that mining would be legalized and used as a means of paying for imports. The Central Bank of Iran, in collaboration with the Ministry of Energy, has devised a scheme to buy bitcoin directly from miners. Iran is currently developing a blockchain-based banking platform.

Bahrain has taken the lead in supporting innovative fintech and blockchain projects. The Central Bank of Bahrain has promoted the Crypto-Asset Module, a framework for regulating and granting licenses to crypto-asset businesses. The government has also encouraged companies to trial cryptocurrency products and services in authorized sandboxes. Bahrain is now delving into blockchain for shipping supply chains.

In Iraq, cryptocurrency was outlawed by the Iraqi Central Bank in 2017. Citizens have resorted to seeking black market sources for cryptocurrency activities due to this limitation and the absence of any regulatory framework.

In Kuwait, cryptocurrency assets like Bitcoin, Ethereum, and Dogecoin have drawn criticism from the Central Bank of Kuwait due to their volatility and potential for fraud.

One of the most notable efforts to tackle the Syrian refugee crisis was launched in Jordan in 2017. This effort connects banks to the refugees' digital identity data while using Blockchain technology for payment transfers. The initiative enhances efficiency and transparency while aiding in the monitoring of funds used by the World Food Program, which officially reports that over 106,000 refugees are now receiving cash transfers.

Oman is also exploring the benefits of blockchain technology. The autonomous organization Oil and Orbit Group carried out the first financial transaction on the blockchain. Oman's government learned about blockchain technology in 2018 and recognized its potential in various industries. Dhofar, the largest bank in Oman, utilizes Ripple.

Qatar, a major oil and gas producer, is considering using technology in its energy industry. The recently named governor of the Qatar Central Bank (QCB) believes that blockchain technology has significant use in the energy sector through the adoption of the oil and gas supply chain, and in the infrastructure sector through the use-cases for strategic asset management. Additionally, the nation is reportedly loosening its cryptocurrency regulations as it investigates various use cases in the government system, including the Qatar residency permit.

Syria's civil conflict has severely damaged its political institutions, economy, and rule of law. There is a considerable degree of poverty and suffering among the institutions. Similar to other conflict-ridden regions of the world, cryptocurrency is being utilized to finance military operations. Al Qaeda and other local jihadist organizations were connected to the exchange Bitcoin Transfer (Chainanalyis, 2022). Syria has neither a clear policy on cryptocurrencies nor a clear restriction on them.

Universities across the region are preparing the next generation of talent through blockchain degrees.

On the grassroots level, crypto adoption is skyrocketing as platforms make digital assets accessible to millions. A Statista report estimates the Middle Eastern user base will reach 50 million by 2026 as platforms like BitOasis make crypto accessible. Early decentralized applications (DApps) in finance, art and gaming are also gaining traction.

Overall, geopolitical dynamics and the war for tech talent will influence how the Middle East navigates this new paradigm. But one thing is clear - Web3 is rewriting assumptions about the capabilities of the region and empowering a new generation to shape its destiny. With enabling policies, strategic location and a demographic dividend, the Middle East's Web3 industry is poised for exponential growth in the coming years as decentralization spreads worldwide.

The decentralized future is emerging here sooner than many may think.

Amid the Cryptocurrency surge, Lebanon's Central Bank, Bank of Lebanon, officially issued the first Bitcoin warning in the region on 19th December 2013 :

“As a result, and to avoid dangers and losses that might result from using e-money, the central bank of Lebanon warns against purchasing, keeping or using e-money.”

The warning outlined various risks linked with digital currencies.

However, crypto usage in Lebanon has become increasingly compelling in a situation where the value of the fiat is heavily eroded.

Let’s now regard Lebanon closely.

For decades, Lebanon's system was primed for disaster due to centralized power and lack of oversight. When external shocks hit, it had no buffers left to withstand the fallout.

In its post-civil war order, Lebanon remained politically fractured, with power divided along sectarian lines. Former warlords evolved into hereditary political elites, each presiding over militia-turned-political parties, governing more as feudal domains than a unified state. Lacking accountable governance, this system bred rampant corruption as factions prioritized personal interests at the expense of national welfare.

Against this unstable political backdrop, Lebanon adopted a laissez-faire financial system but as it grew unchecked, the economy stagnated with misguided central planning and no free market reforms.

This allowed banks to engage in high-risk activities under the Central Bank's unregulated watch. Through debt purchases, it created a classic Ponzi scheme disguised as economic growth.

As government borrowing ballooned without productivity, banks and the state became dangerously intertwined on lean foundations. When protests erupted in 2019 over new taxes, fault lines were exposed in the unsustainable system and people's frustrations.

Ever since, banks have been effectively closed, barely solvent and illiquid. Most deposits remain frozen and inaccessible. Savers cannot withdraw more than small weekly amounts, if at all. The government approved a capital control law to formalize the controls and haircut on deposits. This would amount up to a 42% haircut but depositors strongly opposed the haircut and many have filed lawsuits against the banks.

Depositors now have little to no trust or confidence left in the banks. Most economists see Lebanon's banks as effectively bankrupt with no clear path to resolution of the crisis in the near future. The Association of Banks in Lebanon estimates losses at $69 billion. The situation remains dire for ordinary depositors. Many 'bank robberies' took place where armed individuals, driven by personal humanitarian situations, invaded banks and demanded access to their own savings.

when COVID-19 struck, it strained the broken healthcare system and choked off vital hard currency inflows as global recession hit. The Central Bank burned through reserves propping up the pegged currency but confidence was lost.

Before recovery, the devastating Beirut port explosion in 2020 caused over $15 billion in damage - half of GDP. Imports ground to a halt just as shortages bit and inflation took off.

By the time another lockdown was imposed due to the pandemic's second wave, Lebanon had defaulted on its debt. The currency peg to the dollar was abandoned, sending the Lebanese pound into freefall. In just over a year, it lost over 90% of its value. Hyperinflation followed, falling in the triple digits (rising 290% during 2021) and impoverishing over 80% of the population overnight. Those who had life savings trapped in the banks were left destitute. Unemployment rose swiftly to almost 30% in 2022, and services have collapsed.

Today, as the crisis shows no signs of abating, ongoing warfare on the Palestinian territories and the Lebanese southern border poses yet another threat to instability and to an already battered population and economy.

Lebanon's economic and political crisis, deemed by the World Bank as one of the worst crisis witnessed globally since the 1850s, was years in the making. But it took a black swan event to expose the rot at its core and just how unsustainable its free-for-all financial model had become without meaningful reform.

Now as centralization failed the nation, decentralization through emerging technologies like web3 offers hope. By removing centralized control of currency, identity and data and promoting transparency outside any authority's grasp, Lebanon could leapfrog to a more equitable system, not reliant on a dysfunctional currency or institutions.

Recognizing Web3's potential in empowering communities, a nationwide renaissance is unfolding.

Legislation aside, as the economy is so uncertain and distrust defines the banking sector, a straightforward need to hold, store, and transact value in the context of such intense inflation.

In the capital, Beirut, the Lebanese people are now trading hard currency for cryptocurrency with over-the-counter traders. Reports suggest there are even two bitcoin ATMs, which convert cash into bitcoin, but not vice versa.

Citizens are swapping crypto for US dollars to buy groceries and other staples. Some are relying on crypto either to supplement their income or as their sole source of income, with mining crypto powered by renewable energy becoming increasingly popular.

Although the hardware required for mining can be expensive, there are growing bitcoin mining centers in Lebanon. A report released in August suggested that Lebanon was one of the world’s cheapest places to mine one bitcoin.

Small-scale mining centers have developed in the Chouf Mountains (about 30 miles south of Beirut). Here miners are taking advantage of a green, reasonable and reliable source of hydroelectric power, which powers the region’s towns. The mines offer locals a means of regular employment and are contributing to the area’s longer-term development.
At least one entrepreneur in the region is also looking at harnessing the heat generated from the mining operations to be used as a heat source for the local community.

As the situation stands, the IMF is developing a $3 billion loan facility, with which will come with economic and political reform demands, including the restructuring of the banking sector. Estimates place the financial shortfall at $72 billion, underlining the enormity of the task.

For many years, Lebanon was regarded as having a stable and investment-friendly banking system. Whatever means the authorities and international community use to stabilize, reform and redevelop the country’s financial system, one thing is certain, a return to fiscal health will take years.
In the interim, the use of crypto in Lebanon is expected to develop, offering a financial lifeline for the country’s beleaguered population, much as it has in countries like Turkey and Venezuela.

If trusted and regulated by that time, could decentralization potentially serve as the new country's legislation?

The day of October 17, 2019, drew to a close with a momentous turn of events for Lebanon. The "Arabic Dreams" protests erupted following the Lebanese government's announcement of financial measures, sparked by proposed taxes on gasoline, tobacco, and VoIP calls on platforms like WhatsApp. What began as a response to economic policies quickly transformed into a nationwide denunciation of sectarian governance, economic stagnation, soaring unemployment rates (peaking at 46% in 2018), pervasive corruption in the public sector, laws perceived as shielding the elite from accountability (including banking secrecy), and the government's failure to deliver essential services such as electricity, water, and sanitation. Lebanon found itself adrift in a sea of despair, seeking solace through emigration.

Amidst this backdrop of change, I bid farewell to most of my friends and colleagues who chose to start anew abroad, leaving their families behind in pursuit of opportunities and stability.
As I pondered my own future, the question loomed large: Would I be willing to uproot myself, leaving behind my family and current life? Despite enticing offers from renowned companies like Google, Amazon, and Hacker One, which necessitated relocation, I found myself at a crossroads.

Following introspection, I realized my heart yearned to remain close to my family. This realization led me to embrace remote work for the first time. Soon after, an opportunity arose for me to assume the role of Founding Frontend Developer at Advanced Blockchain, marking my entry into the realm of Web3—a domain unexpectedly brimming with potential for my country.

Now, let's rewind to before this pivotal moment. I stood as a versatile web2 software engineer with a decade of varied experience. My skill set spanned various disciplines, including Computer Science, Project Management (certified by the Project Management Institute), Product Management (ranked highly nationally and globally among 500 learners from the Middle East in a 6-month program at Meta), Rehabilitation Psychology, NLP, and Life Coaching. Throughout my professional journey, I garnered invaluable insights from roles in startups, mid-sized enterprises, and Fortune 500 companies, each offering distinct perspectives on organizational frameworks. At times, I also found gratification in educating students with special needs in their academic subjects.

Joining the Web3 space at Advanced Blockchain was a transformative experience for me. The timing couldn't have been better. I was introduced to a technology that held the promise of revolutionizing sectors and contributing to the betterment of my country. This newfound inspiration solidified my decision to wholeheartedly transition into the world of Web3 without hesitation.

This was just the beginning of my journey!

Immersing myself in this technology, I delved deep into its intricacies through exploring online courses, tutorials, and educational resources. This initial exploration prompted me to enroll in the Full Stack Blockchain Specialization offered at The State University of New York by Bina Ramamurthy, the Metaverse course by Meta, and the Web3 and Blockchain Leadership for Transformation course by Don Tapscott, Alex Tapscott, and Alisa Acosta at Insead.

My aim was twofold: to broaden both my technical expertise and my business acumen simultaneously. Subsequently, I engaged with industry professionals by participating in developer communities, contributing to open-source projects and attending regional events and conferences.
In my quest for knowledge, I further immersed myself in studying whitepapers, and delving into technical documentation pertaining to web3 projects, protocols, and innovations. This continuous learning and exploration have been instrumental in my growth in this field.

Having witnessed the unique devastation stemming from centralized governance in my nation, the time is now ripe to delve into the potential benefits that decentralization can bring.
Taking it a step further, perhaps decentralization can rectify the shortcomings engendered by the misuse of centralized systems as well!

In the burgeoning landscape of Web3, where novel products emerge incessantly, I now shoulder the responsibility of perpetually expanding my knowledge, evaluating its societal impact, seeking solutions to address the multifaceted challenges confronting my country, and actively engaging in its advancement, all with the aim of revitalizing societal sectors that have grown weary. I view this as a pivotal juncture. Ultimately, I envision myself well-equipped to establish my own startups and drive tangible efforts towards building a stronger nation.

Women-led startups are transforming the Middle East's economy and society. They are a testament to the region's growing entrepreneurial spirit and the increasing opportunities for women in business. They are shaping the future of the Middle East, one innovation at a time.

Here are a few examples of their success:

MIRAI DAO – Dubai, Middle East

MIRAI DAO is a venture capital and advisory firm in Web3, focusing on Layer 0s, Layer 1s, Layer 2s, EVM, DeFi, Zero-Knowledge, soft and hardware infrastructure, as well as DeFi on the Bitcoin Network nowadays.

Founder & CEO of MIRAI DAO, Amalia Irena Grochal, is a Blockchain Technical Advisor. She has been an early Bitcoin miner since 2010 and transformed a post-production studio into an experimental mining rig. The discovery of decentralized currency propelled her into researching smart contracts and further developments in the space.
Specializing in Decentralized Finance and its architecture, Amalia believes that all Web3 assets and smart contract interactions should be gradually legalized. She has been recognized as one of the Top 25 Women in FinTech and Blockchain MENA 2022 and served as a Judge at ETH Barcelona Hackathon 2023.

Queen Mode Labs - Dubai, Middle East

QM Labs, founded by Hajar Ouhsine, serves as a hands-on digital, creative, and strategic partner for brands and businesses embracing digital solutions, Web3, and the metaverse. Positioned at the intersection of the physical world and digital spaces, they specialize in crafting digital fashion collections, digital twins, and metaverse wearables.
In 2022, QM Labs launched Queen Mode NFTs, a collection of utility NFTs aimed at fostering a vibrant community of women for connection, inspiration, and growth. This community is the first of its kind in the MEA region and has garnered numerous accolades and awards for its innovative features, utility, and inclusive approach.

Hajar Ouhsine, the visionary Founder & CEO of QM Labs, unveils her aspirations for the future of fashion:

“The future of fashion is digital, and I am excited to be a part of shaping that future. Fashion is a powerful tool that can be used to express oneself, connect with others, and create change. I believe that digital fashion has the potential to democratize the fashion industry and make it more inclusive.We want to create a world where everyone can feel confident and beautiful, regardless of their body type, gender, or background. I am passionate about empowering women and girls through fashion and technology."

BitOasis - Dubai, Middle East

BitOasis is the MENA region & North Africa’s largest cryptocurrency exchange. They serve as the go-to platform for first-time cryptocurrency buyers and professional traders alike. They are trusted by traders, institutions, and authorities across the region and the world. As the leading crypto asset platform in the region, they continue setting the standard for the industry on regulatory compliance and providing the ability for our customers to buy, sell and trade crypto assets in a safe and regulated environment. BitOasis has processed over $1 billion in transactions. their clients can trade using local currencies like AED and SAR!

Founder & CEO of BitOasis, Ola Doudin, reveals her vision:

"We believe that blockchain technology has the potential to revolutionize the financial industry, and we are excited to be a part of this transformation. We are committed to providing our customers with a safe and secure platform to buy, sell, and trade cryptocurrencies. We believe that the future of finance is digital, and we are excited to be a part of this revolution. We are committed to providing our customers with the best possible experience, and we are constantly working to improve our platform. We believe that everyone should have access to the benefits of blockchain technology, and we are working to make this a reality."

Nuqtah MENA – Saudi Arabia, Middle East

Nuqtah MENA is a platform for local artists to create digital NFTs based on their artworks. They are the first digital asset infrastructure builder on the blockchain in Saudi Arabia. This groundbreaking startup aligns perfectly with the region's growth in the arts and technology sectors. It provides a secure and transparent ecosystem for artists and businesses to tokenize their work, establish ownership rights, and engage in digital asset transactions. This innovative endeavor not only empowers creators but also contributes to the overall growth and development of the culture and technology landscape in the Saudi region.

Salwa Radwi, Founder & CEO of Nuqtah MENA, brings extensive experience in the art, culture, and technology arena. As an artist, she exhibited at the British Museum at only 16. Salwa now explores the intersection of art, culture, and digital innovation, playing a crucial role in enabling the culture tech economy within the Saudi region. She supports emerging talents, fosters collaboration, and promotes Saudi culture through her work in both the entrepreneurship and art realms.

CoinMENA – Bahrain, Middle East

Under the leadership of Dina Sam’an, CoinMENA is a crypto-assets trading platform licensed and regulated by the Central Bank of Bahrain (CBB) and Dubai's Virtual Asset Regulatory Authority (VARA). On CoinMENA, investors can buy, sell, send, receive, and store digital assets safely and securely, as well as deposit and withdraw in their local currency. Through competitive fees, high liquidity, and an educational approach, CoinMENA aims to be the simplest and most trusted digital assets platform in the region.

Web3 women-led communities in the Middle East are a force for empowerment and innovation. They are cultivating a thriving ecosystem where women can learn, grow, and succeed in the rapidly evolving Web3 industry. They are a force to be reckoned with, and their impact will continue to grow in the years to come.

Women Do Crypto – Dubai, Middle East

"It is wonderful how a world-changing technology can bring all resources for women under one umbrella and create opportunities to build equity in the financial world. Women Do Crypto has the mission to create a powerful network of women through learning events, workshops, meetups and business connections. I want to see the Women Do Crypto community expanding internationally, and increase female involvement in the field of computer science in general. But mostly I wish to help women from those countries, where their access to money is restricted or supervised. And I’m sure that cryptocurrency can help women around the world gain financial independence. Most people do not have much knowledge about crypto and the little knowledge they might have would paint a negative picture because of the large number of scams and frauds prevalent in this space. It is very challenging to get people to see through all the noise and understand the ground breaking technology and how it has the potential to vastly improve our lives.”

“We are aware that the blockchain energy consumption and its carbon footprint are causing significant environmental damage. I wish tech companies work together on this issue and, hopefully, lead to the creation of ecologically friendly crypto mining equipment.” - Founder of Women Do Crypto, Cristina Ceban.

Women Do Crypto, spearheaded by Cristina Ceban, is a community created to empower women with the knowledge and skills needed to thrive in a blockchain and Web3 future. They provide essential digital literacy and support through educational meetups, learning events, and networking opportunities. They provide a collaborative environment with experts and professionals from the industry and encourage women to enter the tech field. Their aim is for women to obtain leading roles in the industry.

Women In Crypto Arabia - Dubai, Middle East

Women in Crypto Arabia serves as a community dedicated to assisting women in taking their initial steps into the dynamic and relatively new sphere of Blockchain and crypto assets. Recognizing that women may approach the crypto space with caution due to its origins in traditionally male-dominated industries like finance and technology, they provide a range of online and in-person workshops. These sessions are designed to introduce women to the revolutionary technology of Blockchain, laying a solid foundation that boosts their confidence and addresses any concerns that may hinder their entry into this market.

NoonDao – Saudi Arabia, Middle East

NoonDao is a decentralized autonomous community of Arab women dedicated to empowering women in the blockchain industry. Their mission is to provide a supportive and inclusive environment for women in the MENA region to learn, collaborate, and grow in the web3 ecosystem.

Let's take a closer look at some of the inspiring Web3 companies.

MenaPay – Dubai, Middle East

MenaPay is the first fully-backed blockchain-based non-bank mobile payment solution and Super Application in the Middle East & Africa region, digitalizing cash through a network of offline & online resellers. MenaPay focuses on becoming the digital bank of the region with the vision of connecting new potential consumers with the digital economy. Established in Dubai, UAE, by well-known business leaders like Burak Günsev and Bora Sahinoglu, MenaPay creates a gateway for merchants worldwide to onboard potential consumers in the MENA region. It is a blockchain-based payment gateway focused on the MENA region, aiming to provide a digital payment solution tailored to the needs of users in the Middle East.

Flare Network – Dubai, Middle East

Led by Hugo Philion, Flare is a powerful new blockchain with the first consensus protocol for external data. Decentralized applications on Flare can trustlessly acquire and use information from other blockchains and real- world data sources, solving the oracle problem and opening the door to a new era of utility. This means secure decentralized bridging, full cross-chain composability with assets and information able to flow freely between all chains, and seamless decentralized integration of Web2 data in Web3 dApps.

Cheelee – Dubai, Middle East

Cheelee, spearheaded by Ruslan Sharov, is a short video platform with SocialFi mechanics that rewards all users for watching their feed. Users can enjoy their favorite content on a smart feed based on preferences. Cheelee's mission is to provide everyone with the opportunity to monetize their time on social networks, attract the audience of social media, and transform it into an audience for the cryptocurrency market.

ITHEUM – Dubai, Middle East

Founded by Mark Paul, Itheum is the world’s first decentralized multi-chain data brokerage platform powered by the Elrond blockchain. It has been in development for the last three years with a vision to unlock data silos created and closely guarded by Web2 organizations. Itheum's team recognizes that data is a highly tradable asset with immense worth for its controllers, and hence aims to empower users by helping them own and trade their data in the Web3 and Metaverse era.

Behold the dawn of Web3! This next evolution not only pledges to amplify the achievements of Web2 and address its vulnerabilities but also offers a fresh perspective, setting the stage for a new era in the global landscape. Worldwide, there is a growing recognition of the advantages of Web3, with society deeply immersed in the unfolding narrative of where this groundbreaking technology may lead us.

Startups worldwide are venturing into diverse sectors, spanning from finance to gaming and beyond, showcasing limitless potential for disruptive innovation across all corners of the economy. Embracing this paradigm shift without exception, the Middle East welcomes this new era with open arms. As a fusion of economic terrains, the Middle East intertwines a spectrum of awareness and actualization. While nations grappling with conflicts and political instabilities stand to gain the most from integrating this technology into their infrastructure and services, other affluent economies are proactively embracing it, crafting a conducive regulatory environment and embarking on this transformative journey.

As I witness global advancements, especially in the Middle East, my commitment to my conflicted homeland remains unwavering. Motivated and vigilant, I keenly observe the evolving landscape, holding faith in the capacity to diagnose, learn, and enact solutions — a noble pursuit for every patriot who treasures their nation. My vision for Lebanon is to emerge as a global exemplar, harnessing Web3 to its fullest potential. Through collaboration with our skilled professionals, I aim to transition towards a revitalized future, underpinned by a comprehensive regulatory framework.

It all begins with a dream and a resolute determination.