Dubai’s Free Trade Zone has partnered with entities in South Korea to expand the Web3 and metaverse businesses in the emirate, in an effort to solidify its position as an international blockchain hub.
The Dubai Multi Commodities Centre, which is one of the largest free trade zones in the region and is owned by the government of the emirate, signed memorandums of understanding with the Korea Blockchain Industry Promotion Association and Seongnam City.
As part of these agreements, Dubai will support the establishment of Korean companies in the Web3 and metaverse industries.
Dubai has been one of the first emirates to adopt the metaverse technology as part of a structured government approach, with the emirate creating a metaverse task force in May 2022 and formulating a metaverse strategy in July of that year.
The sector is expected to contribute $4 billion to Dubai’s economy by 2030, attracting 4,000 more companies and creating 40,000 new jobs by 2025.