European crypto exchange WhiteBIT is making preparations to enter the Saudi Arabian market after reaching an agreement with private Saudi investment conglomerate Durrah AlFodah Holding.
European crypto exchange WhiteBIT has signed a strategic partnership with Durrah AlFodah Holding, a private Saudi investment conglomerate, to advance blockchain development, digital finance, and data infrastructure in the Kingdom of Saudi Arabia.
The partnership was facilitated by Seaside Arabia, a business enabler focused on facilitating the soft landing and market entry of startups in the Kingdom of Saudi Arabia. Seaside Arabia serves as the strategic consultant and subject matter professional throughout the agreement, providing the objectives and framework of the alliance.
Saudi Arabia advances blockchain development as part of its Vision 2030
The announcement detailed that the partnership aligns with Saudi Arabia’s Vision 2030, which aims to foster economic diversification, digital transformation, and technical innovation across the Kingdom of Saudi Arabia’s public and private sectors. On October 26th, Cryptopolitan reported that the Kingdom’s Minister of Investment, Khalid Al-Falih, stated that 85% of the Vision 2030 objectives had either been completed or were progressing on schedule as of the end of 2024.
The partnership is expected to yield key developments in the Kingdom at a national scale, including the tokenization of the stock market. The deal will introduce blockchain-powered virtual securities that enhance transparency, liquidity, and accessibility in the Saudi Financial market.
Per the announcement, it is also expected to support the infrastructure around the Central Bank Digital Currency (CBDC) development for the Kingdom. The agreement will also aim to build large-scale facilities that offer secure environments for blockchain computation, cryptocurrency mining, and data processing.
The official announcement from Durrah AlFodah highlights that the Saudi company will facilitate WhiteBIT’s entry into the Kingdom as a crypto exchange platform for buying and selling digital assets. The company will provide the legal requirements and regulatory engagement for WhiteBIT’s blockchain services.
On the other hand, WhiteBit is expected to provide technological expertise and infrastructure design to support the objectives laid out in developing Saudi Arabia’s blockchain ecosystem. The announcement also noted that the agreement between the exchange and the Saudi company envisions the formation of a joint venture entity to manage the agreed-upon operations.
Saudi Arabia spearheads tokenization and blockchain banking solutions
Saudi Arabia has made significant advancements in the blockchain ecosystem. Recently, Cryptopolitan reported that the Trump Group and South Arabian Dar Global plan to tokenize a hotel project in the Maldives.
The alliance will bring the Trump brand to the Maldives and introduce tokenization of the luxury hospitality project. The initiative also tokenizes the development stage itself, offering investors the opportunity to participate in the real estate project from its inception.
Saudi Arabian bank, Saudi Awwal Bank (SAB), also made significant steps in adopting blockchain technology by announcing the world’s first Islamic Repo on blockchain. Cryptopolitan reported in August that the bank launched the platform in collaboration with Oumla, a secure, scalable blockchain infrastructure provider for businesses and government institutions.
The blockchain-powered Islamic Repo enabled the Saudi-based banking institution to lend to other banks in compliance with Islamic finance principles, utilizing blockchain to facilitate the process more efficiently, securely, and transparently. The implementation came months after SAB’s cryptocurrency Summit.
In July of this year, the Saudi Ministry of Commerce revealed in its quarterly business sector bulletin that of the 80,000 new business commercial licenses registered in Q2 2025 in Saudi Arabia, most were in high-growth industries, such as blockchain, AI, and Big Data analytics.
The number of valid business records in the Kingdom reached 1.72 million. Saudi Arabia experienced a 34% growth in AI commercial registrations and a 51% growth in blockchain commercial registrations, with over 4,000 companies registered in the country at that time.
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