Dubai Free Trade Zone DMCC Collaborates With South Korean Web3 Firms
Dubai is actively promoting itself as a global center for decentralized technology. As part of Dubai’s efforts to expand its presence in the Web3 sector, the Dubai Multi Commodities Centre (DMCC), one of the largest free trade zones in the area, has formed a number of collaborations with organizations based in South Korea.
The emirate-owned zone, which is home to over 20,000 registered businesses, signed these agreements after holding roadshows in several cities throughout Korea. The Korea Blockchain Industry Promotion Association (KBIPA) and Seongnam City, a hub for many technological consortia, inked the respective memorandums of understanding (MoUs).
Eyeing To Become Global Web3 Hub
The Dubai Multi Commodities Centre has agreed to facilitate the formation of Korean Web3 and metaverse enterprises inside its borders as part of the aforementioned agreements.
Dubai is among the first emirates to employ the technology as part of an organized government strategy, despite the fact that interest and financing in the metaverse seem to be fading. In order to encourage the development of a metaverse-based local economy, the emirate established a metaverse task committee in May 2022.
In July of last year, the emirate created its metaverse plan, anticipating that the industry will contribute $4 billion to its economy by 2030, drawing 4,000 more enterprises and generating 40,000 new employment in the sector by 2025.
Moreover, it was also reported in July that the government of Dubai was looking at moving some of its administrative operations to the metaverse, where agencies and departments might carry out their work in a digital environment.