Dubai Free Trade Zone Partners With South Korean Companies to Expand Web3 and Metaverse Business

Dubai Multi Commodities Centre, one of the largest free trade zones in the world, has signed agreements with South Korean governments and companies to bring more Web3 and Metaverse businesses to the emirate. The purpose of this move is to solidify Dubai’s status as an international blockchain hub in the region.

Dubai Free Trade Zone signs Web3 and Metaverse partnerships with South Korean organizations

Dubai is working to solidify its image as the world’s decentralized technology hub. Dubai Multi-Commodity Centre, one of the largest free trade zones in the region, signed several partnerships with South Korean organizations as part of Dubai’s business expansion in the Web3 industry.

The zone, which is owned by the emirate’s government and has more than 20,000 registered companies, was the culmination of a series of roadshows held in several cities across Korea. These Memorandums of Understanding (MoU) were signed with the Korea Blockchain Industry Promotion Association (KBIPA) and Seongnam City, a city with an important technology consortium base.

As part of these agreements, the Dubai Multi-Commodity Center is committed to supporting the establishment of Korean companies in the Web3 industry and the Metaverse on its territory. Ahmed bin Sulayem, CEO of the Dubai Free Trade Zone, said:

The signing of these MoUs with KBIPA and the City of Seongnam comes at an ideal time as we continue to accelerate our strategy to support businesses in these sectors. We are proud to be contributing to a strong and sustainable economic relationship between the UAE and South Korea.

Metaverse background

While interest and funding for the metaverse appears to be waning, Dubai was one of the first emirates to rally behind the technology in a structured government approach. In May 2022, the emirate created a Metaverse Task Force with the idea of ​​promoting the creation of a local economy based on the Metaverse.

The emirate finalized its metaverse strategy last July, expecting the sector to inject $4 billion into its economy by 2030, attract another 4,000 companies and create 40,000 new jobs by 2025.

Also in July, it was reported that Dubai is looking to move some of its offices into the metaverse to allow government departments and ministries to carry out their duties in the virtual world.

What do you think of the steps Dubai is taking to become the global metaverse and Web3 technology hub? Tell us in the comments section below.