• The Dubai Multi Commodities Centre (DMCC) has partnered with South Korean Web3 firms to become a global hub for decentralized technology.
• As part of the agreement, DMCC will facilitate the formation of Korean Web3 and metaverse enterprises within its borders.
• Dubai is aiming to contribute $4 billion to its economy by 2030 through 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 a number of collaborations with organizations based in South Korea after holding roadshows in several cities throughout Korea. The emirate-owned zone, which is home to over 20,000 registered businesses, signed these agreements with the Korea Blockchain Industry Promotion Association (KBIPA) and Seongnam City.
Eyeing To Become Global Web3 Hub
As part of these agreements, DMCC has agreed to facilitate the formation of Korean Web3 and metaverse enterprises inside its borders as part of Dubai’s efforts to expand its presence in the Web3 sector and promote itself as a global center for decentralized technology.
Dubai’s Push Into Metaverse Technology
In order to encourage the development of a metaverse-based local economy, Dubai established a metaverse task committee in May 2022. In July 2022, the emirate created its metaverse plan anticipating that it will contribute $4 billion to its economy by 2030; drawing 4,000 more enterprises and generating 40,000 new employment opportunities in this sector.
Moving Administrative Operations To Metaverse
It was reported last year that Dubai government was looking at moving some administrative operations into digital environment or Metaverse platform.