Summary
- The Dubai Multi Commodities Centre (DMCC) has signed agreements with South Korea to expand Web3 and metaverse businesses in the emirate.
- The DMCC has signed memorandums of understanding (MoUs) with the Korea Blockchain Industry Promotion Association (KBIPA) and Seongnam City.
- Dubai is working to establish a local economy based on the metaverse, expecting it to contribute $4 billion by 2030.
Overview of Dubai Free Trade Zone Partnership
The Dubai Multi Commodities Centre (DMCC), one of the largest free trade zones in the world, recently signed partnerships with South Korean entities to bring more Web3 and metaverse businesses to the emirate. The agreements were made as part of a series of roadshows held in various cities in South Korea. The DMCC committed to supporting Korean companies in setting up their business operations within its zone. Ahmed Bin Sulayem, CEO of the Dubai Free Zone, expressed his enthusiasm for this move: “We are proud to contribute to the strong and resilient economic relations between the UAE and South Korea.”
Background Information on Metaverses
Interest and investment into metaverses have seen a decline over recent years; however, Dubai was one of the first places that embraced this technology as part of its structured government approach. In May 2022, a task force was created with an emphasis on promoting a local economy based around metaverses. By July last year, reports indicated that Dubai was looking towards taking some offices into these virtual worlds so government departments can operate there effectively. As part of this initiative, plans were set in motion for the sector to contribute $4 billion by 2030 while also creating 40,000 new jobs by 2025.