The Sandbox and the Saudi Arabian government signed an MOU at a partnership ceremony at the Leap 2023 conference in Saudi Arabia for future metaverse development.
As the Leap conference in Riyadh, Saudi Arabia highlights important themes in the industry, initiatives toward the creation of the metaverse continue to be a big emphasis and a major interest in the Middle East.
A partnership ceremony honoring a new memorandum of understanding (MOU) between The Sandbox and the government of Saudi Arabia was conducted during the conference on February 7.
Sebastien Borget, the co-founder and COO of The Sandbox, has posted on social media that the MOU with the Saudi Arabia Digital Government Authority (DGA) is for the goal of "exploring, advising and assisting" one another in the creation of the metaverse.
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
There have been significant efforts by both sides to push the limits of the Web3 realm in relation to their respective skills, yet there have been no more updates about the partnership's scope.
Snoop Dogg, Gucci, Tim, Atari, HSBC, Warner Music Group, and other well-known figures from both inside and outside the Web3 industry have collaborated with The Sandbox.
The meeting in Saudi Arabia takes place as the Middle East solidifies its position as a center for cutting-edge technology. The newly established Middle East, Asia and Africa blockchain association picked Abu Dhabi in the United Arab Emirates as its base of operations in November.
A crypto token regulation was recently established by the Dubai International Financial Centre and is applicable to all tokens accepted in the region. When it comes to regional innovation in the Web3 sector, the city has long served as a lighthouse.
It launched the first non-fungible token store on February 7 and it unveiled its long-awaited rules for companies that offer virtual assets.
Saudi Arabia was found to be a key market for the adoption of digital currencies in a survey done by KuCoin in July as a result of regional restrictions. The possibility of a digital currency issued by a central bank is now being investigated by the government.
