Riyadh – Sharikat Mubasher: Saudi Arabia has emerged as the Middle East’s largest destination for cryptocurrency investment, attracting US$47.1 billion in inflows between July 2023 and June 2024, according to blockchain solutions firm Mining Grid.
The figure represents a year‑on‑year jump of 153 percent, outpacing all other GCC states and confirming the Kingdom’s growing status as a digital‑asset powerhouse.
Mining Grid’s report shows that institutional capital is now the dominant force in the regional market, with 93 percent of the Middle East’s US$338.7 billion inflows arriving through large‑scale transfers. Analysts say the shift signals rapid market maturity driven by strategic planning rather than retail speculation.
Demographics are a key advantage: 63 percent of Saudis are under 30, and social‑media influencers have helped bring 50 percent of new traders into the market in just six months. Regional peers are also stepping up: the UAE garnered US$34 billion in inflows under progressive regulations, while Oman is investing US$1.1 billion in clean‑energy crypto mining.
Rami Alsridi, CEO of Mining Grid, said that Saudi Arabia is positioning itself for long‑term leadership in digital assets, pointing to Vision 2030’s alignment with youth‑led financial innovation. With stablecoins making up two‑thirds of regional transactions and tokenized real‑estate products gaining traction, the Kingdom’s crypto economy appears set for continued expansion.
