Dubai Multi Commodities Centre Signs Web3 and Metaverse Agreements with South Korea to Boost Blockchain Hub Status The Dubai Multi Commodities Centre, one of the world’s largest free trade zones, has signed several agreements with governments and companies in South Korea to expand Dubai’s presence in the Web3 and metaverse industries. The aim of this move is to further cement Dubai’s position as a leading international blockchain hub in the region.
The partnership includes the Korea Blockchain Industry Promotion Association (KBIPA) and Seongnam City, a city with a significant base of tech consortiums. As part of these agreements, the Dubai Multi Commodities Centre pledges to support the establishment of South Korean firms in the Web3 and metaverse industries in its jurisdiction.
The CEO of the Dubai Free Zone, Ahmed Bin Sulayem, said, “We are proud to contribute to the strong and resilient economic relations between the UAE and South Korea.” Metaverse Background While interest and funding in the metaverse industry appear to be waning, Dubai has been one of the first emirates to embrace the technology as part of a structured government approach. The emirate established a metaverse task force in May 2022 with the goal of promoting the development of a local economy based on the metaverse. Dubai finally formulated its metaverse strategy in July of last year, with expectations that the sector would contribute $4 billion to its economy by 2030, attract 4,000 more businesses, and create 40,000 new jobs in the sector by 2025. Dubai also planned to move some of its offices to the metaverse in July, allowing government departments and ministries to perform their duties in the virtual world.