UAE and Saudi Arabia are all set to be the new crypto-hub in the middle east by launching their own Saudi-Emirati Pilot cryptocurrency. The Saudi-Emirati cryptocurrency is one of the seven initiatives that will be implemented by both countries. The use of the newly formed cryptocurrency is for Cross Border payments.

https://blockmanity.com/news/saudi-arabia-and-uae-launches-a-separate-cryptocurrency-for-banks-to-facilitate-cross-border-payments/