News

Digital Tech Will Help Saudi Arabia Host 30 Million Pilgrims By 2030

For the last two decades, the Hajj pilgrimage has been typically attended by 2 to 3 millions of pilgrims.

Published

2 years ago

July 15, 2022

digital tech will help saudi arabia host 30 million pilgrims by 2030

This year’s Hajj pilgrimage was open to 1 million pilgrims from Saudi Arabia. By 2030, Saudi Arabia would like to host as many as 30 million pilgrims. To make this ambitious goal possible, the Kingdom is betting on digital technology.

One tech initiative that was launched by the Saudi Ministry of Hajj and Umrah earlier this year is Hajj Smart ID, a smart ID card with barcodes containing pilgrim’s personal information and documentation. The card frees pilgrims from having to carry official documents, and it also helps guide pilgrims to their residences, among other things.

Last year, Saudi Data and Artificial Intelligence Authority (SDAIA) and Doyof Al Rahman Program (DARP) launched the Pilgrim’s Smart Bracelet (NUSK) project. The bracelet is intended to help organizers track pilgrim’s health information and vaccination records.

Tech initiatives like Hajj Smart ID and the smart bracelet project are guided by the Pilgrim Experience Program, a core component of Saudi Vision 2030. The program strives to give as many Muslims as possible the opportunity to perform Hajj and Umrah to the fullest extent while working on enhancing their experience.

Also Read: Cisco Unveils Strategic Vision For Enterprise Cloud Security In MENA

“These technological solutions can help attract more Muslims to the two holy mosques, ultimately achieving the Kingdom’s goals in the Saudi Vision 2030 to welcome millions of pilgrims and help them with high-quality services and enrich their experience in the kingdom,” said Amr Al-Madah, Deputy Minister of Hajj and Umrah.

For the last two decades, the Hajj pilgrimage has been typically attended by 2 to 3 millions of pilgrims. The last three years were exceptions caused by the COVID-19 pandemic, with the year 2020 seeing a record low attendance of just 1,000 pilgrims. It will be interesting to see how this new digital technology will be able to effectively handle almost 30x the amount of pilgrims by the end of the decade.

News

Binance Receives Virtual Assets License To Operate In Dubai

As its user base nears 200 million, CEO Richard Teng believes crypto adoption will soar over the next half of the decade.

Published

23 hours ago

April 19, 2024

Nour Nasir

binance receives virtual assets license to operate in dubai

Global crypto exchange Binance has been granted a full operational license in Dubai, in a move that’s expected to accelerate digital asset adoption and strengthen the UAE’s regulatory landscape.

The virtual asset service provider license (VASP) was granted by the Dubai Virtual Assets Regulatory Authority (VARA) and will allow Binance to extend its current range of services to retail investors, the company announced yesterday.

The move by Dubai authorities will be critical to Binance’s strategy of growing its user base globally. The crypto exchange expects to pass the 200 million user mark “quite shortly”, according to Richard Teng, the company’s CEO.

Once that milestone is achieved, Binance will have around twice as many users as rival platform Coinbase. Meanwhile, Crypto.com, another popular exchange with 80 million users, received a Dubai VASP license last week.

“We’re seeing much greater institutional adoption and institutional money coming into this space [along with] much greater regulatory clarity and a lot more jurisdictions approving [digital asset] products that bring in new investor classes,” Binance’s Richard Tang explained, adding: “As of now, we stand at about 5% crypto adoption globally, but that will become much faster moving forward”.

Also Read: Microsoft Invests $1.5 Billion In Abu Dhabi AI Tech Firm G42

Dubai and the UAE are extremely supportive of technologies like digital assets, and have already launched initiatives to boost adoption. The UAE has ambitious plans to become a world leader in the crypto economy of the future, with Dubai in particular being noteworthy for passing a new law to regulate virtual assets to support investors and exchanges.

“Global crypto regulation is currently showing diverging signs. Some developed countries have long suffered from crypto-related frauds and illegal exchanges. On the other hand, emerging nations like the UAE and Singapore have enacted crypto laws at faced pace,” said Vijay Valecha, chief investment officer of Dubai-based Century Financial.

As the UAE gears up to become one of the fastest-growing crypto capitals worldwide, investors and talent are flocking to places like Dubai. During 2023, the Emirates as a whole realized $204 million in capital gains from cryptocurrency investments, according to blockchain data analysts Chainalysis.