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Hedera has announced it sealed a five-year, $250 million deal for blockchain and Web3 initiatives in Saudi Arabia. HBAR price rose more than 5% following the major development. Hedera has secured a $250 million investment deal from the Saudi Arabia government, according to details the blockchain platform shared today. The deal is part of a five-year agreement The Hashgraph Association, a Swiss-based non-profit helping to develop the Hedera blockchain signed with the Saudi Ministry of Investment, Hedera posted on X. As part of a five-year agreement valued at $250m with the Saudi Ministry of Investment (@MISA), @The_Hashgraph Association has announced the launch of the DeepTech Venture Studio – empowering companies to develop innovative technological solutions. #web3https://t.co/wnqA9H4rm4 https://t.co/Yi6EJWqEh6 — Hedera (@hedera) February 6, 2024 Hedera launces DeepTech Venture Studio Per the announcement, The Hashgraph Association has laun...

Saudi Arabia is the second-largest oil-producing country in the world. However, of late, the nation has rebranded itself as a global force in international sports. In a move to reduce its overdependence on oil, the country has spent billions of dollars on high-profile sports deals. One such major deal was that of international football superstar Christiano Ronaldo joining Saudi Arabia ’s Al Nassr Football Club. Apart from its massive oil reserves, Saudi Arabia is also a major pilgrimage destination for people of the Islamic faith. Mecca and Medina attract thousands of pilgrims every year who visit for the Hajj and Umrah. Now, the country wants to step into the realm of international sports to further diversify its economy. Furthermore, it aims to increase tourism in the country. Also Read: BRICS: What Happens if Saudi Arabia Stops Accepting US Dollar for Oil? Apart from Ronaldo, Brazilian footballer Neymar Junior has also joined the Al Hilal Saudi Football Club. Frenc...