• Dubai Free Trade Zone DMCC has collaborated with South Korean Web3 companies to promote itself as a global center for decentralized technology.
• The agreements were made after roadshows in several cities throughout Korea, and the zone will facilitate the formation of Korean Web3 and metaverse enterprises inside its borders.
• Dubai established a metaverse task committee in May 2022, and it expects the industry to contribute $4 billion to its economy by 2030.
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 a number of collaborations with organizations based in South Korea. The emirate-owned zone signed these agreements after holding roadshows in several cities throughout Korea, such as with the Korea Blockchain Industry Promotion Association (KBIPA) and Seongnam City.
Facilitating Formation of Enterprises
As part of these agreements, DMCC will facilitate the formation of Korean Web3 and metaverse enterprises inside its borders. This is part of Dubai’s efforts to expand its presence in the Web3 sector and become a global center for decentralized technology.
Creating Metaverse Plan for Economic Growth
In order to encourage development of a metaverse-based local economy, Dubai established a metaverse task committee in May 2022. In July 2021, they created their own metaverse plan which anticipates that this industry will contribute $4 billion to their economy by 2030 and generate 40,000 new employment opportunities by 2025.
Moving Administrative Operations To Metaverse
It was reported last July that Dubai’s government was looking at moving some of its administrative operations to the metaverse; where agencies and departments might carry out their work more efficiently within a digital environment.
Physical NFT Store Opens At Extravagant Mall
Recently opening at one of Dubai’s most extravagant malls is physical NFT store ftNFT; this further emphasizes how serious they are about becoming a global hub for decentralized technology businesses and services.