During a partnership ceremony at the LEAP 2023 conference in Saudi Arabia, The Sandbox signed a memorandum of understanding with the Saudi government for future metaverse development.
Metaverse development initiatives continue to attract strong interest in the Middle East region, as evidenced by the LEAP conference in Riyadh, Saudi Arabia, which highlighted key issues in the sector.
A partnership between Sandbox and the Government of Saudi Arabia
A partnership ceremony was held at the conference on February 7 to recognize a new memorandum of understanding between The Sandbox and the government of Saudi Arabia.
Sebastien Borget, the co-founder of The Sandbox, released the memorandum of understanding he signed with the Saudi Digital Governance Authority during the #LEAP 2023 conference.
It was a true honor to sign our MOU partnership ceremony between @TheSandboxGame and the Saudi Arabia Digital Government Authority (DGA) during #LEAP 2023 conference, and we look forward to exploring, advising and supporting mutually each other in activations of the Metaverse pic.twitter.com/mTBYqlwvUa
— Sebastien 🏞 (@borgetsebastien) February 7, 2023
While there is no further information on the scope of the partnership, both parties have been actively pushing the boundaries of the Web3 space in relation to their areas of expertise.
Middle East and Web3
The Saudi conference comes at a time when the Middle East continues to consolidate its position as a hub for emerging technologies. Last November, Abu Dhabi, United Arab Emirates, was chosen to host the newly formed Middle East, Asia, and Africa Blockchain Association.
Shortly before that, the Dubai International Financial Centre established a cryptocurrency token regime, which will apply to all tokens recognized in the area.
The city has long been a beacon of regional innovation in the Web3 space.
It opened its first non-fungible token store and on February 7 published the long-awaited regulations for virtual asset providers.
In a survey conducted by KuCoin last July, Saudi Arabia appeared as an important market for digital currency adoption due to local regulations.
The government is currently studying the possibility of creating a central bank digital currency.