Dubai’s Multi Commodities Centre, one of the largest free trade zones in the world, has signed agreements with governments and companies in South Korea to expand Web3 and metaverse businesses in the emirate. This move aims to reinforce Dubai’s position as a global blockchain hub in the region.
As part of Dubai’s expansion into the Web3 industry, the government-owned zone, which has registered over 20,000 companies, signed memorandums of understanding with the Korea Blockchain Industry Promotion Association (KBIPA) and Seongnam City, a city with a significant base of tech consortiums. These agreements commit the Dubai Multi Commodities Centre to support the establishment of South Korean companies in the Web3 and metaverse industries in its territory.
Ahmed Bin Sulayem, CEO of the Dubai Free Zone, stated that these MoUs come at the perfect time as they accelerate their strategy of supporting businesses in these sectors. He further stated that the Dubai Multi Commodities Centre is proud to contribute to the strong and resilient economic relations between the UAE and South Korea.
Dubai has been one of the first emirates to adopt metaverse technology as part of its structured government approach, creating a metaverse task force in May 2022. The emirate 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. Reports also suggest that Dubai is planning to move some of its offices to the metaverse to enable government departments and ministries to perform their duties in the virtual world.