March 19, 2023

DMCC, South Korean Firms Ink MoUs on Metaverse, Blockchain

DMCC, South Korean Firms Ink MoUs on Metaverse, Blockchain Featured Image

Dubai Multi Commodities Centre (DMCC), the largest free-trade zone in the UAE, inked two memorandums of understanding with key South Korean entities specializing in the metaverse and blockchain on the sidelines of the DMCC’s Made for Trade Live roadshows in South Korea.

The two deals aim to enhance the presence of South Korean firms in DMCC and strengthen Dubai’s position as a leading hub for Web3 businesses from across the world, according to a statement released by the UAE center. 

The two South Korean entities are the Korea Blockchain Industry Promotion Association (KBIPA) and Seongnam City. The MoUs aim to bring the two South Korean entities to the DMCC Crypto Center and its new Gaming Center to expand the development of Web3 applications. 

During the event, senior officials of the DMCC highlighted that the South Korean Web3 sector represents a key target for DMCC. 

DMCC Executive Chairman and Chief Executive Officer Ahmed Bin Sulayem noted that South Korean firms would greatly benefit from expanding their operations in Dubai, saying: “DMCC is committed to supporting high-growth sectors such as the Web3 space. The signing of these MoUs with KBIPA and Seongnam City comes at a perfect time as we continue to accelerate our strategy of supporting businesses in these sectors. We are proud to contribute to the strong and resilient economic relations between the UAE and South Korea, which reflect the warm and friendly ties that our countries have always shared.” 

Meanwhile, officials from KBIPA and Seongnam City lauded Dubai as a leading position globally in Web3 technologies, noting the partnership with DMCC will create an amazing opportunity for many South Korean businesses operating in the area of metaverse technologies. 

It is worth noting that about 80 South Korean companies are operating in DMCC, located in the Jumeirah Lake Towers district of Dubai, which hosts more than 20,000 members. 

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