The Dubai Multi-Commodity Center, one of the world’s largest free-trade zones, has signed an agreement with the South Korean government and companies to bring more Web3 and Metaverse businesses to the emirate. The move aims to strengthen Dubai’s position as an international blockchain hub in the region.
Dubai Free Trade Zone Signs Web3 and Metaverse Partnerships with South Korean Companies
Dubai is working to solidify its image as a global decentralized technology hub. The Dubai Multi-Commodity Center, one of the largest free trade zones in the region, he signed We have entered into several partnerships with South Korean entities as part of our Dubai business expansion in the Web3 industry.
The zone, which is owned by the Emirati government and has more than 20,000 companies registered in total, signed these partnerships as the culmination of a series of roadshows in several South Korean cities. These Memorandums of Understanding (MoUs) have been signed between the Korea Blockchain Industry Promotion Association (KBIPA) and Seongnam City, a key hub for the technology consortium.
As part of these agreements, the Dubai Multi-Commodity Center commits to assisting the establishment of Korean companies in the Web3 and Metaverse industries within its territory. Ahmed Bin Sulayem, his CEO of the Dubai Free Zone, said:
The signing of these MoUs with KBIPA and Seongnam City is timely as we continue to accelerate our strategies to support business in these sectors. We are proud to contribute to the strong and resilient economic relationship between the UAE and South Korea.
Interest and funding for the Metaverse appears to be waning, but Dubai is one of the first emirates to come together to embrace technology as part of a structured government approach. In May 2022, the Emirates created the Metaverse Task Force with the idea of facilitating the creation of regional economies based on the Metaverse.
The emirate finally formulated its Metaverse strategy last July, stating that the sector will contribute $4 billion to its economy by 2030, attract an additional 4,000 companies by 2025, and create 40,000 new businesses in the sector. We expect to create jobs.
Also in July, there were reports that Dubai was looking to join its offices in the Metaverse to allow government departments and ministries to carry out their duties in virtual worlds.
What are your thoughts on the actions Dubai is taking to become a global Metaverse and Web3 technology hub? Let us know in the comments section below.
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