The Dubai Multi Commodities Centre, one of the world’s largest free trade zones, has signed agreements with South Korean governments and companies to bring more Web3 and metaverse business to the emirate. The aim of this move is to consolidate Dubai’s status as an international blockchain hub in the region.
Dubai Free Trade Zone partners Web3 and Metaverse with South Korean entities
Dubai is working to consolidate its image as a global decentralized technology hub. The Dubai Multi Commodities Centre, one of the largest free trade zones in the region, has signed various partnerships with South Korean entities as part of expanding Dubai’s business into the Web3 industry.
The zone, which is owned by the emirate government and has registered more than 20K companies in total, signed these partnerships as the culmination of a series of roadshows held in various cities across Korea. These memorandums of understanding (MoU) were signed with the Korea Blockchain Industry Promotion Association (KBIPA) and the city of Seongnam, a city with a significant technology consortium base.
As part of these agreements, the Dubai Multi Commodities Center is committed to supporting the establishment of Korean companies in the Web3 and metaverse industries on its territory. Ahmed Bin Sulayem, CEO of Dubai Free Zone, stated:
The signing of these MoUs with KBIPA and the City of Seongnam comes at a perfect time as we continue to accelerate our business support strategy in these sectors. We are proud to contribute to the strong and resilient economic relations between the United Arab Emirates and South Korea.
metaverse background
While interest and funding from the metaverse appears to be waning, Dubai has been one of the first emirates to come together to embrace the technology as part of a structured governance approach. In May 2022, the emirate created a metaverse working group, with the idea of promoting the creation of a local economy based on the metaverse.
The emirate finally formulated its metaverse strategy in July last year, expecting the sector to contribute $4 billion to its economy by 2030, attracting 4,000 more companies and creating 40,000 new jobs in the sector by 2025.
Also in July, reports reported that Dubai was looking to move part of its offices into the metaverse, to allow government departments and ministries to carry out their functions in the virtual world.
What do you think of the steps Dubai is taking to become a global hub for metaverse and Web3 technology? Tell us in the comment section below.
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