• Dubai Free Trade Zone DMCC has signed a number of agreements with South Korean Web3 firms in order to expand its presence in the Web3 sector.
• The emirate aims to become a global hub for decentralized technology and has established a metaverse task committee and created its own metaverse plan.
• Dubai is looking at moving some of its administrative operations to the metaverse, where agencies and departments might carry out their work in a digital environment.
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 as part of Dubai’s efforts to expand its presence in the Web3 sector.
Memorandums Of Understanding Signed
The emirate-owned zone, which is home to over 20,000 registered businesses, signed memorandums of understanding (MoUs) with the Korea Blockchain Industry Promotion Association (KBIPA) and Seongnam City, a hub for many technological consortia.
Efforts To Become Global Web3 Hub
As part of these agreements, Dubai has agreed to facilitate the formation of Korean Web3 and metaverse enterprises inside its borders. The emirate is among the first to employ this technology as part of an organized government strategy.
Metaverse Plan Established
In May 2022, Dubai established a metaverse task committee. In July of last year, it created it’s own Metaverse Plan which anticipates that the industry will contribute $4 billion to its economy by 2030.
Administrative Operations Moved To Metaverse
It was reported that the government was looking at moving some of its administrative operations to the Metaverse as well where agencies and departments might carry out their work digitally.
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