The Dubai Multi Commodities Center, one of the largest free trade zones in the world, has signed an agreement with the Korean government and companies to bring more Web3 and Metaverse business to the Emirate The purpose of this move is to bring international business to the region. The purpose of this move is to solidify Dubai’s position as an international blockchain hub in the region.
Dubai Free Trade Zone signs partnership with South Korean companies on Web3 and Metaverse
Dubai is looking to solidify its image as a global distributed technology hub. The Dubai Multi Commodities Center, one of the region’s largest free trade zones, has signed several partnerships with South Korean entities as part of Dubai’s business expansion in the Web3 industry
The zone, which is owned by the Emirati government and has a total of more than 20,000 registered businesses, concluded these partnerships as the culmination of a series of roadshows that took place in several Korean cities. These MOUs were signed with the Korea Blockchain Industry Promotion Association (KBIPA) and the city of Seongnam, a key hub for the technology consortium.
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 in its territory. Ahmed Bin Sulayem, CEO of Dubai Free Zone, stated.
This MoU between KBIPA and Seongnam City comes at an opportune time as we accelerate our strategy to support businesses in these sectors. We are proud to contribute to the strong and resilient economic relationship between the UAE and Korea.
Metaverse Background
With interest and funding for metaverse seemingly waning, Dubai was one of the first emirates to rally to adopt the technology as part of a structured government approach. in may 2022, the emirate established a metaverse task force, and a regional economy based on metaverse The idea was to promote the creation of a
Last July, the emirate finally developed its Metaverse Strategy, which foresees an economic contribution of $4 billion in this sector by 2030, attracting 4,000 companies and creating 40,000 new jobs by 2025.
Also in July, it was reported that Dubai is moving some of its offices to the Metaverse, allowing government agencies and ministries to perform their duties in a virtual world.
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