During a partnership event at the LEAP 2023 conference in Saudi Arabia, the Sandbox and the government of Saudi Arabia signed a memorandum of understanding for future metaverse development.
As the LEAP conference in Riyadh, Saudi Arabia emphasizes major industry concerns, initiatives for metaverse development continue to be a prominent emphasis and area of keen interest in the Middle East region.
The Sandbox and the Saudi Arabian government signed a new memorandum of agreement (MOU) during a cooperation ceremony conducted at the conference on February 7.
According to social media postings by Sebastien Borget, co-founder and chief operating officer of the Sandbox, the MOU is with the Saudi Arabia Digital Government Authority (DGA) for “exploring, advising, and assisting” each other in metaverse development.
While there are no more updates about the partnership’s scope, both sides have been aggressively expanding the Web3 sector within their respective areas of competence.
The Sandbox has teamed with some of the greatest brands in Web3 and beyond, including Snoop Dogg, Gucci, TIME, Atari, HSBC, and Warner Music Group.
The meeting in Saudi Arabia occurs as the Middle East continues to position itself as a centre for developing technology. Abu Dhabi, United Arab Emirates, was selected as the venue for the newly founded Middle East, Asia, and Africa blockchain organisation in November.
Prior to this, the Dubai International Financial Centre enacted a crypto token policy applicable to all tokens recognized inside the zone. The city has been a beacon of regional innovation in the Web3 field for many years.
It announced its long-awaited rules for virtual asset service providers on February 7. It also established the first non-fungible token shop.
According to a poll done by KuCoin in July of last year, Saudi Arabia is a key market for the adoption of digital currencies owing to local legislation. Currently, the government is investigating the feasibility of a central bank digital currency.