One of the largest free trade zones in the world, the Dubai Multi Commodities Centre, struck agreements with South Korean governments and businesses to attract more Web3 and metaverse enterprises to the emirate. The goal of this action is to solidify Dubai’s position as the region’s leading international blockchain hub.
Embraces Dubai Free Trade Zone Web3 and Metaverse Collaboration With South Korean Organizations
Dubai is attempting to establish itself as a major global centre for decentralized technology. The Dubai Multi Commodities Centre, one of the biggest free trade zones in the area, has formed multiple collaborations with South Korean organizations as part of the expansion of Dubai’s operations in the Web3 industry.
These collaborations were signed by the zone, which is owned by the emirate’s government and has more than 20K registered enterprises, as the result of a series of roadshows held in several Korean towns. These Memorandums of Understanding (MoU) were signed with Seongnam City, a significant hub for innovation consortiums, and the Korea Blockchain Industry Promotion Association (KBIPA).
In accordance with these agreements, the Dubai Multi Commodities Centre pledges to assist Korean businesses in establishing themselves on its soil in the Web3 and metaverse sectors. CEO of the Dubai Free Zone Ahmed Bin Sulayem said:
As we continue to advance our policy of assisting companies in these areas, the signing of these MoUs with KBIPA and Seongnam City is timely. We are honored to support the robust and enduring trade ties between South Korea and the United Arab Emirates.
Dubai has been one of the first emirates to rally to use the technology as part of a structured governance approach, even if interest in and funding for the metaverse appear to be diminishing. The emirate established a metaverse task team in May 2022 with the goal of encouraging the development of a regional economy centered in the metaverse.
In July of last year, the emirate finally developed its metaverse strategy, anticipating that the industry would bring in $4 billion by 2030, draw 4,000 more businesses, and produce 40,000 new employment by 2025.
In July, it was reported that Dubai was looking to move some of its offices into the metaverse so that government agencies and ministries could carry out their functions online.