• Dubai Free Trade Zone DMCC has collaborated with South Korean Web3 firms to promote decentralized technology in the area.
• The emirate-owned zone is home to over 20,000 registered businesses and has signed multiple agreements after holding roadshows in Korea.
• Dubai is aiming to become a global Web3 hub by encouraging the development of a metaverse-based local economy.
Dubai Free Trade Zone DMCC Collaborates with South Korean Web3 Firms
The Dubai Multi Commodities Centre (DMCC), one of the largest free trade zones in the area, has formed collaborations with organizations based in South Korea as part of Dubai’s efforts to expand its presence in the Web3 sector. The emirate-owned zone, which is home to over 20,000 registered businesses, signed these agreements after holding roadshows in several cities throughout Korea.
Organizations Inked MOUs
The Korea Blockchain Industry Promotion Association (KBIPA) and Seongnam City have both signed memorandums of understanding (MoUs). These agreements are intended to facilitate the formation of Korean Web3 and metaverse enterprises inside DMCC’s borders.
Dubai Establishes Metaverse Task Force
Dubai is among the first emirates to employ blockchain technology as part of an organized government strategy. To encourage the development of a metaverse-based local economy, Dubai established a metaverse task committee in May 2022. In July last year, they created their plan which anticipated that this industry will contribute $4 billion to its economy by 2030 and create 40,000 new jobs by 2025.
Dubai Moves Administrative Operations To Metaverse
It was reported that Dubai was looking at moving some of its administrative operations such as agencies and departments into a digital environment within the metaverse realm. This would enable efficient and secure communication between departments while also allowing them to work more quickly than ever before.
With all these initiatives from DMCC and other organizations in place, it seems likely that Dubai will continue its push towards becoming a global hub for Web3 technology and decentralized applications