The Dubai Multi Commodities Centre, one of the most influential free trade zones in the world, has recently announced agreements with governments and businesses from South Korea to further expand its WeB3 and metaverse business. This move is seen as a way to solidify Dubai’s status as an international blockchain hub in the region.
Dubai Free Zone Strengthens Web3 and Metaverse Ties With South Korean Firms
Dubai is working to establish itself as an international decentralized technology hub. The Dubai Multi Commodities Centre, one of the most prominent free trade zones in the area, has entered into a series of partnerships with South Korean entities to boost the regional WeB3 industry.
The free zone, which is owned by the Emirates government, has registered more than 20,000 companies. The agreements came after a series of roadshows were conducted in various cities in South Korea. The Memorandums of Understanding (MoUs) were signed by the Korea Blockchain Industry Promotion Association (KBIPA) and the city of Seongnam, which is home to numerous tech alliances.
The agreements also involve the Dubai Multi Commodities Centre in supporting the creation of South Korean businesses in the WeB3 and metaverse industries. Ahmed Bin Sulayem, CEO of the Dubai Free Zone, commented:
By signing these MoUs with KBIPA and Seongnam City, we are taking a major step towards expanding the WeB3 and metaverse businesses. We are proud to be able to foster strong, resilient economic ties between the United Arab Emirates and South Korea.
Although interest and funding in the metaverse appears to be waning, Dubai was one of the first to embrace the technology in a structured government approach. In May 2022, the emirate established a metaverse taskforce with the goal of encouraging the development of a local metaverse economy.
The metaverse strategy was then formulated by the Emirates in July 2022. The sector is expected to generate $4 billion in economic growth by 2030, and last year it attracted 4,000 additional companies and created 40,000 jobs.
In July 2022, Dubai was looking to transfer part of its offices into the metaverse in order to allow ministries and government departments to carry out their duties in virtual reality.
What do you think about Dubai’s move to become a global Web3 tech hub? Let us know your thoughts in the comment section below.
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