The interest in metaverse development in the Middle East region was emphasized at the recent LEAP conference in Riyadh, Saudi Arabia, where key players in the industry gathered to discuss and explore new opportunities.
The highlight of the conference was the partnership between The Sandbox and the Saudi Arabia Digital Government Authority (DGA).
The two organizations signed a memorandum of understanding to collaborate in metaverse development.
Though the specifics of the partnership have not been disclosed, both The Sandbox and the DGA have been actively pushing the boundaries in the Web3 space. The Sandbox has formed partnerships with several notable names in the industry, including Snoop Dogg, Gucci, TIME, Atari, HSBC, and Warner Music Group.
The Middle East is determined to establish itself as a hub for cutting-edge technologies. In November 2022, Abu Dhabi in the United Arab Emirates was selected as the location for the Middle East, Asia, and Africa blockchain associations.
Dubai, in particular, has taken the lead in the Web3 space, being the home of the first non-fungible token store and recently releasing its virtual asset provider regulations on February 7, 2023.
