SBI Holdings, a Japanese crypto firm, penned a basic agreement to form a business partnership with the Saudi oil behemoth Saudi Aramco. Per the Dec. 11, 2023 , the deal could result in the construction of semiconductor factories in Japan and Saudi Arabia. Furthermore, the collaboration entails mutual investment into digital asset portfolios, including cryptocurrency.
This is a demonstration of SBI’s bullish stance on the Middle East, stepping further into the region with the creation of a “SBI Middle East” branch in Riyadh. The Saudi Kingdom also followed in the footsteps: aiming to establish themselves as one of the hubs of the crypto world in the Middle East, competing with the neighbouring UAE. According to a report from June 2023, Saudi Arabia ranked first globally in crypto transaction volume growth during the past year, amounting to almost $31 billion.
Meanwhile, according to Chainalysis, Middle Another Eastern and North African (MENA) blockchain users leverage a market worth of around $390 billion — ranking sixth in the world between July 2022 and June 2023. It’s worth noting that this figure is still relatively lower, when compared to similar figures from Europe and North America.
