Riyadh, Saudi Arabia : Saudi Arabia-based company Quara Holding has recently partnered with B.A.M Ticketing, a blockchain-based ticketing technology provider that enables event organisers to issue tamper-proof tickets and manage the entire ticketing lifecycle.
The new partnership between Quara Blockchain, a subsidiary venture to Quara Holding, aims to empower all event organisers in the Kingdom with complete ticket control to eliminate ticket fraud and keep track of the tickets sold. Each ticket is created using the latest blockchain and NFT technology (Non-Fungible Token). They are securely linked to the purchaser with 100 per cent traceability removing fake tickets from the secondary market. All tickets are issued on a blockchain network to eliminate the possibility of scalping, unfair pricing, and fraudulent transactions using smart contracts while adding value from secondary trading.
Ziad El Chaar, C.E.O., Quara Holding, said: "We are delighted to work with B.A.M Ticketing to provide tamper-proof tickets with the latest blockchain and NFT technology to the Kingdom. This partnership is a major milestone for the Saudi entertainment event industry, enabling them to set ticketing rules, control the full ticketing lifecycle and enhance the user experience."
He added: "Nowadays, it's relatively easy to forge tickets and resell them to secondary markets. There is also limited care in identifying each participant entering events. It is a strategic imperative to provide blockchain-based tickets to ensure security, increase trust and transparency that will further support the growth of the entertainment sector in the Kingdom."
George Mueller, Managing Director, B.A.M Ticketing, said: "We are incredibly proud to work with Quara Holding to offer the latest blockchain and NFTs ticket service to increase security and control the ticketing ecosystem. Ticket scalpers buy large numbers of event tickets with the sole aim of reselling them at a high profit with an average of 70 per cent markup above the initial purchase price. Blockchain technology is being leveraged as a solution to control the entire ticket cycle while NFT tickets offer an easy way to gather information about how and where your tickets are being (re)sold."
The entertainment sector is growing exponentially in Saudi Arabia, and with the growing number of large-scale events in the Kingdom, Quara Holding's new digital ticketing service will be a game-changer for event organisers across the Kingdom enabling them with a secure ticketing solution. This will further contribute to achieving the goals for the tourism, leisure and entertainment sector outlined in Saudi Vision 2030 and the Digital Transformation Programme.
About Quara Holding:
Quara Holding was established in 1996 as a strategic investment ecosystem for real estate and financial technology ventures led by several established Saudi families. The Saudi-based investment entity incubates, sponsors, provides strategic vision, and invests in businesses that demonstrate high potential in Saudi Arabia, the GCC, and abroad. Present in 11 countries, Quara Holding is committed to innovation and impact by leveraging its advanced digital capabilities and integrating modern technology solutions, including Blockchain and FinTech, across traditional sectors. Quara Holding investments include Dar Al-Arkan Real Estate Development Company; Dar Al-Arkan Properties; Al Khair Capital; Saudi Home Loans; Bahrain Financing Company (BFC); Quara Finance; Independent Logistics Company; Taj Lifestyle Center; T'azur Insurance Company; and Quara Blockchain ventures.
About B.A.M Ticketing:
B.A.M was established in 2019 and serves the live event industry with Ticketing as a Service based on blockchain technology. The solution is specifically designed to cover the high performance requirements of NFT Ticketing on a pure Layer-1 blockchain without the need for adding additional scaling layers. Sports events, concerts, music festivals and other live events benefit from tamper-proof ticketing as well as the elimination of scalpers, bots and black markets. The technology generates additional revenue for the organizers from secondary markets and at the same time increases ticket availability and guarantees fair prices for the fans.
© Press Release 2022
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