Saudi Arabia Invests in The Sandbox’s Metaverse Vision

The metaverse’s development continues to be a hot topic in the Middle East region, as evidenced by the recent LEAP conference in Riyadh, Saudi Arabia.

The conference provided a platform for key players in the industry to discuss and explore new opportunities in the field.

The highlight of the conference was the partnership ceremony between The Sandbox and the Saudi Arabia Digital Government Authority (DGA).

The two organizations signed a memorandum of understanding (MOU) for the purpose of “exploring, advising, and supporting” one another in the development of the metaverse.

While the details of the partnership have not been disclosed, both The Sandbox and the DGA have been making significant contributions to the Web3 space.

The Sandbox has established partnerships with well-known names, such as Snoop Dogg, Gucci, TIME, Atari, HSBC, and Warner Music Group, among others.

The Middle East region is making a concerted effort to establish itself as a hub for emerging technologies. In November 2022, Abu Dhabi in the United Arab Emirates was selected as the newly-formed Middle East, Asia, and Africa Blockchain Association location.

Dubai, in particular, has been a leader in the Web3 space, having established the first non-fungible token store and releasing its virtual asset provider regulations on Feb. 7, 2023.