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I just discovered this. It's an Iranian game in development called Garshasp. Here's an exceprt from the developer blog:

Garshasp is an upcoming 3D action adventure game based on Persian Mythology. The story revolves around the hero Garshasp, whose stories can be found in ancient mythological texts.

There are some highly talented people working in the video game industry in Iran, mostly in independent studios and with very little funding. Their talent clearly comes through in these concept art and early models, all taken from the developer blog.