The Dubai Multi Commodities Centre (DMCC) has partnered with the Korea Blockchain Industry Promotion Association (KBIPA) and Seongnam City to promote Web3 and metaverse businesses in Dubai. This partnership was established during DMCC’s Made for Trade Live roadshows in South Korea, and their objective is to solidify Dubai’s position as a global blockchain hub.

DMCC is a government-owned entity that was established in 2002. It is the largest free-trade zone in the UAE and operates as a commodities exchange that deals in precious commodities, energy, steel and metals, and agricultural commodities. The center has a strong track record of investing in innovative infrastructure, frameworks, and services to support businesses.

During Made for Trade Live roadshows in South Korea, the KBIPA and Seongnam City signed memorandums of understanding (MoUs) with DMCC. These MoUs seek to advance the development and application of Web3 technologies globally, including supporting South Korean Web3 companies in setting up at DMCC's Crypto Centre and Gaming Centre.

Dubai is cementing its reputation as a decentralized tech hub with the latest partnerships signed between the free trade zone and South Korean entities. The agreements follow a series of roadshows held in multiple cities in Korea. South Korea's thriving gaming industry and cultural popularity make the country a significant player in the crypto community. The partnerships are expected to create new job opportunities in VR, AR, and MR industries.

Ahmed Bin Sulayem, CEO of Dubai Free Zone, said that the MoUs' signing with KBIPA and Seongnam City comes at an opportune time as they accelerate their strategy of supporting businesses in these sectors.

The UAE and South Korea have both shown enthusiasm and progress toward Web3 and metaverse industries. While UAE has committed to the metaverse several times, South Korea is developing a blockchain-based identification system to replace physical cards by 2024.