DMCC, the Dubai-based free zone and government authority on commodities trade and enterprise, has signed two Memoranda of Understanding (MoUs) with South Korean entities to expand Dubai’s position as a hub for Web3 businesses worldwide. The agreements were made with the Korea Blockchain Industry Promotion Association (KBIPA) and Seongnam City during DMCC’s Made for Trade Live roadshows in South Korea. Both MoUs aim to advance the development and use of Web3 technologies globally by providing growth opportunities to South Korean Web3 companies. This includes supporting them in setting up at the DMCC Crypto Centre and its new Gaming Centre.
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DMCC addressed over 500 representatives of the South Korean business community during the two roadshow events in Seoul and Gyeonggi to highlight the opportunities available in Dubai. The South Korean Web3 sector represents a significant target market for DMCC, given South Korea’s growing significance in the global trade landscape and the significant growth seen by the DMCC Crypto Centre since its establishment. The South Korea roadshows were held in partnership with KBIPA, Middle East Marketing Korea (MMK) and Seongnam City.
Abdulla Saif Al Nuaimi, Ambassador of the UAE to the Republic of Korea, attended the event and discussed the potential for enhancing bilateral trade and business relations between the UAE and South Korea. Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said the MoUs come at a perfect time as they continue to accelerate their strategy of supporting businesses in the Web3 sector. He added that DMCC is proud to contribute to the strong and resilient economic relations between the UAE and South Korea.
