Blockchain has been networking across the Middle East, extending its reach through AI and cryptocurrencies. This time, Saudi Arabia witnessed a major blockchain integration after the blockchain infrastructure provider Chainlink (LINK) began providing services to the countryโs leading bank, Saudi Awwal Bank (SAB).
The Saudi Awwal Bank holds a record $100 billion worth of total assets. The bank is leveraging Chainlink services to facilitate the launch of next-generation on-chain applications across the Kingdom.
How is Saudi Awwal Bank leveraging Chainlinkโs services?
The innovative agreement allows the Awwal Bank to use Chainlinkโs technology to explore and support onchain finance. The bank is not just experimenting with the onchain services; they are fueling the adoption of onchain finance across the region, pushing developers to build new blockchain-based financial solutions leveraging Chainlinkโs tools.
SAB will utilize
- Chainlinkโs Cross-Chain Interoperability Protocol (CCIP)
- Chainlink Runtime Environment (CRE)
Cross-Chain Interoperability Protocol allows blockchains to interact with each other and transfer assets or data, whereas Chainlink Runtime Environment, a developer platform, makes it easier to create, test, and deploy smart contracts. This service also helps developers create innovative blockchain-based applications in finance.
Why it matters for Saudi Arabia
Well, Saudi Arabia is not far from adopting digital technology. Its Vision 2030 strategy highlights that the country has been investing in fintech, blockchain, and digital transformation. The government has proven its strength in the digital world, with the latest technologies adding to its presence.
- Saudi Arabiaโs Central Bank (SAMA) and the UAE Central Bank joined forces to explore a digital currency and blockchain technology for cross-border payments.ย ย ย ย ย
- The Communications, Space & Technology Commission released โGuidelines for Blockchain Adoptionโ in the region, guiding regulatory aspects of blockchain.ย ย
- The growth of blockchain-based firms in Saudi Arabia has surged by 51% year-on-year in Q2 2025.ย ย
- Saudiโs Rafal Real Estate and US-based droppRWA initiated a pilot project to tokenize real estate assets.ย
Growing blockchain adoption in GCC
Yes, several countries in the GCC have been experiencing unprecedented growth in blockchain and Web3 adoptions. Talking about the UAE, the government has ventured into several use cases of cryptocurrencies, like AE Coin used for taxi payment, booking flights, and supermarkets. Notably, Dubai’s stable crypto regulatory framework โ VARAโ gives a clear idea of digital assets in the region.
Bahrain is also a country with a passion for crypto. Bahrainโs Central Bank (CBB) has introduced a dedicated regulatory body for licensing and managing stablecoin issuers.
With several blockchain projects and partnerships coming into developing countries like Saudi Arabia and the UAE, there is more potential for financial inclusion, real estate tokenization, cross-border payment innovation, and digital finance that attracts global investors.
