THE WASA PULSE
Issue 01
Welcome to the first edition of The WASA Pulse: a short read on what is moving in Web3 in Saudi Arabia. Each month we cover the news, the money, the rules and the people building here. If you are working on something we should know about, reply or message us on LinkedIn.
IN THIS ISSUE
From the Board
Omar Sharif, Board Member, WASA
Each month, one WASA board member shares their view on where Web3 in the Kingdom is heading.
Real estate tokenization is everywhere in Saudi Arabia right now. The Kingdom completed its first tokenized title-deed transfer this year, Tether has entered the market starting with property, and Cityscape will put the topic center stage again in February.
But most of the conversation stops at the moment a property becomes a token. The harder questions come after. How do owners and investors actually use these assets? How do they earn on them, borrow against them, or exit when they need to? Who protects investors when markets move? And can regulators verify what happened, rather than take someone’s word for it?
Tokenization only creates value if what happens next is just as clear: transparent rules, systems that can prove what they did, and real protection for investors.
Getting this right will take developers, banks, regulators and builders working from the same playbook. That is why Saudi Web3 needs one voice, and why WASA exists: to bring those groups together so the Kingdom sets the standard for the region.
Saudi Web3 Pulse
Tether brings tokenization to Saudi real estate. In August, Tether announced its Hadron platform will provide the technology to issue and manage tokenized real estate for institutional investors in the Kingdom, working with Saudi partners First Data and BKN301.
Tokenized property is moving from pilot to practice. Saudi Arabia completed its first sovereign-native tokenized title-deed transfer earlier this year.
Major Riyadh events move to 2027. The FII Institute has postponed the 10th Future Investment Initiative, originally set for October 26 to 29, to 2027, with new dates to be announced. Cityscape Global, the Kingdom’s main real estate event, has also moved from November 16 to 19 to February 1 to 4, 2027.
Funding roundup
The big picture. MENA startups raised $1.1 billion in September 2026, the first month above $1 billion in a while. Saudi Arabia led with 40 startups raising a combined $947.2 million, about 86% of the region's total, though overall funding was still 68% below September 2025.
barq
$329.5M at a $1.85B valuation
Series A
Noon Investments, Sohar International Bank, M20 Fund
Tabby
$233M at a $6.5B valuation
Series F
Led by Blue Pool Capital, with HSG, Wellington Management, Arbor Ventures
Lendo
$200M
Debt financing
—
Rize
$50M
Asset-backed Murabaha facility
Jadwa Investment
FlyAkeed
$25.2M
Equity round and sukuk
Led by Sanabil, with Artal
erad
$22M
Series A
Led by MEVP
Sirdab
$10M
Series A
Elm and BECO
barq, Tabby and Lendo alone brought in $762.5 million, nearly 70% of all capital raised in MENA in September. barq became Saudi Arabia’s newest fintech unicorn about two years after launch, while Tabby’s round is still subject to regulatory approvals, including from the Saudi Central Bank.
Numbers of the month
$947.2M
Raised by 40 Saudi startups in September
86%
Saudi Arabia’s share of all MENA startup funding in September
15M+
barq users, from more than 210 nationalities, two years after launch
SAR 440B
Funds processed through barq since launch, about $117 billion
$18B+
Tabby’s annualized transaction volume, across 25 million registered users
In Saudi Arabia, Web3 venture funding is still early: Tracxn counts $2.85 million raised by Saudi Web3 startups to date, while adoption is being led by institutional and government-backed initiatives.
Policy Watch
CMA consultation on algorithmic trading.
The Capital Market Authority’s consultation on draft rules for algorithmic trading, including a cap of 20 orders per executed trade for Main Market securities, closed on October 24. Watch for the final rules.
Events
December 1 to 3, Riyadh: Black Hat MEA 2026 at the Riyadh Exhibition and Convention Center in Malham.
February 1 to 4, 2027, Riyadh: Cityscape Global, rescheduled from November, and one to watch for tokenized property.
2027, Riyadh: FII10, new dates to be announced.
More on WASA’s plans for early 2027 soon.
From WASA
WASA is stepping up its activity with regular updates here and on LinkedIn, and more to share soon on events and ways to get involved.
We are also starting WASA Live: short LinkedIn Live conversations of 15 to 20 minutes with one or two guests every few weeks.
If you are building in Web3 in the Kingdom, tell us what you are working on. Starting next issue, we will feature a Saudi builder each month and share open opportunities for founders, so send us your nominations.
Sources
Tether expands tokenization business into Saudi Arabia (CoinDesk, August 2026)
Saudi Arabia is tokenizing its economy (cryptonews.net)
MENA startup funding surges to $1.1 billion in September 2026 (Wamda)
barq becomes latest Saudi unicorn with $329.5 million raise (Fintech News)
Tabby raises $233 million at $6.5 billion valuation (Tabby)
Saudi startup funding news, September 2026 (Wamda)
Saudi funding rounds, September 2026 (FWDstart)
Tabby raises $230 million to expand BNPL offering (PYMNTS)
FII Institute postpones FII10 to 2027 (Entrepreneur Middle East, The National, Asharq Bloomberg)
Cityscape Global 2026 rescheduled to February 2027 (Cityscape Global, Entarabi)
Black Hat MEA 2026 event listing
Web 3.0 startups in Saudi Arabia (Tracxn)