No. The two-letter ISO 3166-2 country code "ME" is for Montenegro. Hreflang can only use actual ISO language and country codes. There are no regional codes such as EU, EMEA, APAC, or ME. Many sites have regional sites targeting Latin America (LatAm), European Union (EU), or the Middle East (ME), which represent multiple countries and often languages in a region but try to co-opt one of the ISO country codes to represent the region. You can follow these recommendations for using hreflang on regional websites.