Dubai Free Trade Zone Unleashes Web3 and Metaverse Revolution

Sandra SanchezSandra Sanchez März 18, 2023März 18, 2023 0 Comments

• The Dubai Multi Commodities Centre, one of the biggest free trade zones in the world, has signed agreements with South Korean entities to expand its Web3 and metaverse business.
• These partnerships were made as part of Dubai’s strategy to become an international blockchain hub in the region.
• The zone expects these new businesses to contribute $4 billion to its economy by 2030 and create 40,000 new jobs by 2025.

Dubai Free Trade Zone Partners With South Korean Companies

The Dubai Multi Commodities Centre (DMCC), one of the biggest free trade zones in the world, has signed agreements with governments and companies in South Korea to bring more Web3 and metaverse businesses to the emirate. This move is intended to consolidate Dubai’s status as an international blockchain hub in the region.

Objective of Expansion

The objective of this expansion is to strengthen Dubai’s image as a global decentralized tech hub. DMCC has signed memorandums of understanding (MoUs) with the Korea Blockchain Industry Promotion Association (KBIPA) and Seongnam City, a city with an important base of tech consortiums. As part of these agreements, DMCC commits to supporting the establishment of Korean companies in their respective industries within its territory.

Dubai’s Metaverse Strategy

In May 2022, the emirate created a task force focused on promoting a local economy based on metaverse technology. In July last year, reports informed that Dubai was looking into taking some offices into virtual reality as well so that government departments could perform their duties there too. Finally, they formulated their metaverse strategy also in July expecting it to contribute $4 billion to its economy by 2030 and create 40,000 new jobs by 2025.

Ahmed Bin Sulayem’s Comments

Ahmed Bin Sulayem, CEO at DMCC stated: “The signing of these MoUs with KBIPA and Seongnam City comes at a perfect time, as we continue to accelerate our strategy of supporting businesses in these sectors. We are proud to contribute towards strong economic relations between UAE and South Korea.“

Conclusion

These partnerships between DMCC and South Korean entities will help promote business opportunities for Web3 and metaverse companies within Emirates‘ territory while consolidating Dubai’s status as an international blockchain hub globally.