Building Saudi Arabia's Web3 Future: Inside the Web3 Alliance of Saudi Arabia

In the heart of Saudi Arabia's digital transformation journey, a powerful new alliance is taking shape to propel the Kingdom into the Web3 era. The Web3 Alliance of Saudi Arabia (WASA), launched in February 2025, represents a watershed moment for blockchain adoption in a region where 100% of the population is connected to the internet.

This initiative brings together founding organizations including The Sandbox, Animoca Brands, and Outlier Ventures, alongside a distinguished board of industry pioneers committed to creating a sustainable ecosystem aligned with Vision 2030.

At the helm of this ambitious initiative is Billal Yamak, Head of Growth GCC at The Sandbox and the key architect behind WASA's creation.

Among the founding board members is our very own, Vincent Li, Founding Partner at Adaverse, whose expertise complements the collective leadership team driving Saudi Arabia's Web3 revolution.

The launch of WASA

The Birth of an Alliance

The story of WASA begins with a simple dinner conversation that sparked a movement. When asked about the alliance's origins, Billal recalls the moment vividly.

"The idea for WASA emerged during a conversation over dinner in Dubai with Sebastian Borget, Co-founder and COO of The Sandbox," Billal explains. "We were discussing how to accelerate the Web3 ecosystem in Saudi Arabia, given the significant interest but the long road ahead in terms of education, technology adoption, and real-world applications."

This vision comes at a critical time, as the global Web3 market - valued at $3.32 billion in 2022 - is projected to reach $38.14 billion by 2029, growing at a staggering CAGR of 41.9%. Billal recognized that Saudi Arabia needed a coordinated approach to capture this opportunity.

"Since The Sandbox is a portfolio company of Animoca Brands, we already had a close working relationship. I was also collaborating with Outlier Ventures on their Web3 cohort in Saudi, so I reached out to them, and they immediately saw the potential," Billal continues. "We realized that to make Web3 adoption smoother for newcomers, we needed to unite the key early players, creating a collaborative force that could drive the industry forward."

For Vincent, who joined as one of several founding board members at Billal's invitation, the formation of WASA represents more than just an organizational milestone. "The creation of WASA is a significant milestone for Saudi Arabia, representing a crucial step in the growth of the Web3 ecosystem," he notes. His personal commitment to the initiative reflects a hands-on approach to ecosystem building. "I'm excited to contribute by supporting startups through mentoring, providing funding, and facilitating connections with government entities. Additionally, I'm eager to play a role in shaping policies that benefit the startup community."

Building on Four Pillars

WASA's approach is systematic and comprehensive, built around four foundational pillars designed to address the multifaceted challenges of Web3 adoption. When considering which area demands immediate attention, Billal is unequivocal.

"While all these pillars are critical, education is the most immediate priority," he emphasizes. "Raising awareness and fostering understanding is the first step toward meaningful adoption. If we can equip people with the knowledge and skills they need, everything else - innovation, regulation, and business opportunities - will follow naturally."

This educational focus is particularly relevant given Saudi Arabia's demographic profile, where a remarkable 63% of the population is under 30 years old - a generation primed for technological innovation. "Internally, we've also established a mandate to ensure WASA's strategy and vision remain aligned through a general committee that will oversee its direction," Billal adds.

King Abdullah Financial District, Ryadh

Aligning with Vision 2030: Creating Economic Opportunities

The alliance's timing couldn't be more strategic, as Saudi Arabia accelerates toward its Vision 2030 goals with significant momentum in key tech sectors.

The gaming industry, currently valued at $2.19 billion in 2024 and is expected to grow at a CAGR of 8.9%, reaching $4.74 billion by 2033 represents just one of several thriving digital domains alongside fintech ($746 million), e-commerce ($10 billion with 34.5 million Saudis shopping online), and proptech ($763 million).

"I firmly believe that Web3 has the power to drive economic growth in line with Vision 2030," Billal states. "Blockchain technology has the potential to transform industries ranging from finance and healthcare to supply chain and government services."

The job creation potential is particularly exciting, as Billal elaborates: "One of the key ways it can create jobs is by fostering a Web3 startup ecosystem - incubators, accelerators, and companies that generate employment. For example, Outlier Ventures is already connecting promising startups with tailored programs to help them scale."

This ecosystem development is building upon an already robust foundation, as evidenced by recent funding trends. In Q1 2024 alone, MENA startups secured $429 million across 163 deals, with Saudi startups capturing an impressive 51% of this funding - a testament to the Kingdom's growing prominence as a technology hub.

What's particularly encouraging is the enthusiasm Billal has witnessed from the next generation. "I recently spoke to students at the American School of Jeddah about careers in Web3, and the enthusiasm from 13- and 14-year-olds was incredible. There's a clear appetite for this technology among the next generation, and it's our responsibility to nurture it."

Overcoming Challenges: Changing the Narrative

Despite the optimism, both leaders acknowledge the hurdles ahead. Chief among them is the need to reframe public perception of blockchain technology.

"One of the main challenges has been overcoming misconceptions about blockchain," Billal reflects. "In the past, blockchain was often misunderstood due to its association with speculative crypto projects, which slowed down its adoption. If that hadn't been the case, we'd be much further ahead today in terms of real-world blockchain applications."

This is where WASA's strategic focus comes into play. "Our goal at WASA is to change this narrative by showcasing the tangible benefits of Web3 beyond cryptocurrency. Through education, industry collaborations, and government engagement, we aim to highlight how blockchain can enhance transparency, efficiency, and economic growth across multiple sectors."

The Road Ahead: Measuring Success

As WASA embarks on its inaugural year, clear metrics for success have been established. The alliance has ambitious goals that extend far beyond mere organizational growth.

"In its first year, WASA aims to make significant strides in Web3 awareness and adoption across Saudi Arabia," Billal outlines. Success parameters include establishing a public roadmap, securing industry champions for each pillar, opening membership, forming strategic partnerships, and securing participation from educational institutions and the public sector.

Billal's vision for WASA's prominence is unambiguous: "Ultimately, if you're interested in Web3 and come to Saudi Arabia, you should immediately know about WASA. That's the level of presence we aim to build."

As Saudi Arabia stands at the crossroads of digital transformation, WASA represents more than just an industry alliance - it embodies a coordinated effort to position the Kingdom at the forefront of the next technological revolution. Through education, collaboration, and strategic engagement, Billal, Li, and their fellow board members are laying the groundwork for a Web3 ecosystem that could fundamentally reshape Saudi Arabia's digital landscape for decades to come.

"It won't be easy," Billal acknowledges, "but with the right partnerships and commitment, we believe WASA can become a cornerstone of Saudi Arabia's Web3 future."

Billal Yamak