Dubai Free Trade Zone partners with South Korean companies to expand Web3 and Metaverse business – Metaverse

The Dubai Multi Commodities Centre, one of the largest free trade zones in the world, signed agreements with governments and companies in South Korea to bring more Web3 and Metaverse companies to the emirate. The aim of this step is to establish Dubai’s status as an international Blockchain-Consolidate the center in the region.

Dubai Free Trade Zone signs Web3 and Metaverse partnership with South Korean companies

Dubai is working to cement its image as a globally decentralized technology hub. The Dubai Multi Commodities Centre, one of the largest Free Trade Zones in the region, has signed several partnerships with South Korean companies as part of the expansion of Dubai’s business in the Web3 industry.

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

As part of these agreements, the Dubai Multi Commodities Center is committed to supporting the establishment of Korean companies in the Web3 and Metaverse industries on its territory. Ahmed Bin Sulayem, CEO of Dubai Free Zone stated:

The signing of these MoUs with KBIPA and Seongnam City comes at the perfect time as we continue to accelerate our strategy to support companies in these sectors. We are proud to contribute to the strong and resilient economic relationship between the United Arab Emirates and South Korea.

Metaverse Background

While interest and funding for the metaverse appear to be waning, Dubai was one of the first emirates to band together to adopt the technology as part of 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 finally formulated its Metaverse strategy in July last year and expected the sector to contribute $4 billion to its economy by 2030, attract 4,000 more companies and create 40,000 new jobs in the sector by 2025.

Also in July, reports informed that Dubai was aiming to move part of its offices to the Metaverse so that departments and ministries could carry out their duties in the virtual world.

What are your thoughts on the steps Dubai is taking to become a global Metaverse and Web3 technology hub? Tell us in the comment section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game and entered the cryptosphere when the price surge took place in December 2017. He has a computer engineer background, lives in Venezuela and is socially affected by the cryptocurrency boom. He offers a different take on crypto’s success and how it’s helping those who are unbanked and underserved.

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