European cryptocurrency exchange WhiteBIT is preparing to enter the Saudi market after reaching an agreement with Saudi private investment conglomerate Dura Alfodah Holding.
European cryptocurrency exchange WhiteBIT has entered into a strategic partnership with Dura Alfodah Holding, a Saudi private investment conglomerate, to promote blockchain development, digital finance, and data infrastructure in the Kingdom.
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 will serve as strategic consultant and subject matter expert throughout the agreement, providing the purpose and framework for the partnership.
Saudi Arabia promotes blockchain development as part of Vision 2030
WhiteBIT has signed a strategic agreement with the Holding of His Highness Prince Naif bin Abdullah bin Saud to advance blockchain and digital infrastructure in Saudi Arabia.
Together, we are not just tokenizing existing assets, we are effectively…
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The announcement details that the partnership is in line with Saudi Arabia’s Vision 2030, which aims to foster economic diversification, digital transformation and technological innovation across the public and private sectors in the Kingdom. October 26th, Cryptopolitan reported Saudi Investment Minister Khalid al-Falih said that 85% of Vision 2030 goals have been completed or are on track by the end of 2024.
The partnership is expected to bring important developments on a national scale to the Kingdom, including the tokenization of the stock market. The transaction will introduce blockchain-powered virtual securities that will increase the transparency, liquidity, and accessibility of Saudi financial markets.
According to the announcement, it is also expected to support infrastructure related to the development of the Kingdom’s Central Bank Digital Currency (CBDC). The agreement also aims to build a large-scale facility that will provide a secure environment for blockchain computation, cryptocurrency mining, and data processing.
The official announcement from Dura Alfodah highlights that the Saudi company will facilitate the entry of WhiteBit into Saudi Arabia as a crypto exchange platform for buying and selling digital assets. The company provides legal requirements and regulatory commitments for WhiteBIT’s blockchain services.
Meanwhile, WhiteBit is expected to provide technical expertise and infrastructure design to support the stated goals in developing Saudi Arabia’s blockchain ecosystem. The announcement also said that the agreement between the exchange and the Saudi company envisages the creation of a joint venture entity to manage the agreed operations.
Saudi Arabia takes the lead in tokenization and blockchain banking solutions
Saudi Arabia has made great strides in the blockchain ecosystem. Recently, Cryptopolitan reported The Trump Group and South Arabia Dar Global plan to tokenize a hotel project in the Maldives.
The partnership will bring the Trump brand to the Maldives and introduce tokenization of luxury hospitality projects. The initiative will also tokenize the development stage itself, giving investors the opportunity to participate in real estate projects from the very beginning.
Saudi Awal Bank (SAB), a Saudi Arabian bank, has also taken an important step in implementing blockchain technology, 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 and scalable blockchain infrastructure provider for enterprises and government agencies.
Islamic repository using blockchain valid The Saudi-based banking institution uses blockchain to facilitate processes more efficient, secure and transparent in lending to other banks in accordance with the principles of Islamic finance. This implementation comes a few months after SAB’s Crypto Summit.
In July this year, the Saudi Ministry of Commerce revealed in its quarterly business sector report that of the 80,000 new business commercial licenses registered in Saudi Arabia in the second quarter of 2025, most of them belong to high-growth industries such as blockchain, AI, and big data analytics.
The number of valid business records in the Kingdom reached 1.72 million. In Saudi Arabia, AI commercial registrations increased by 34% and blockchain commercial registrations increased by 51%, with over 4,000 companies registered in the country at the time.
