Adaverse

State of Web3 in Saudi Arabia

• Saudi Arabia captured 51% of all MENA Web3 venture capital funding in Q1 2024, totaling $429 million across 163 deals.
• The government has committed $37.7 billion to esports and $13.3 billion to gaming, supported by major investment vehicles like Wa’ed’s $500 million fund and 500 Global’s $2.4 billion under management.
• While the market is currently concentrated in consumer-facing sectors like DeFi, GameFi, and SocialFi, there is a significant supply gap for foundational infrastructure development.