DMCC collaborates with key South Korean entities in the blockchain and metaverse industries
DMCC partners with key South Korean entities in blockchain and metaverse industries during packed roadshows in Seoul and Gyeonggi
• Partnerships entered into in high growth areas with KBIPA and Seongnam City
• During the roadshows, DMCC highlighted the benefits of doing business in Dubai for 500 South Korean companies looking to expand internationally
• The Made for Trade roadshow comes after a state visit by the Korean president who attended the UAE-Korea Business Forum
DMCC – the world’s flagship free zone and the Government of Dubai Mercantile and Enterprise Authority – has signed two Memorandums of Understanding (MoUs) with key South Korean entities in the blockchain and metaverse fields as it seeks to expand Dubai’s leading position as a hub for Web3- companies from all over the world.
The MoUs were signed with the Korea Blockchain Industry Promotion Association (KBIPA) and Seongnam City during DMCC’s Made for Trade Live roadshows in South Korea. Both MoUs seek to promote the development and application of Web3 technologies globally, including by providing growth opportunities to South Korean Web3 companies by supporting them in their establishment at the DMCC Crypto Centre, and its new Gaming Centre.
During the two roadshow events in Seoul and Gyeonggi, DMCC leaders addressed over 500 representatives of the South Korean business community to highlight the opportunities offered in Dubai. Given South Korea’s increasing importance in the global trading landscape and the significant growth seen by DMCC Crypto Center since its establishment, South Korea’s Web3 sector represents a key target market for DMCC.
His Excellency Abdulla Saif Al Nuaimi, UAE Ambassador to the Republic of Korea, attended the event, where he discussed opportunities for the UAE and South Korea to strengthen bilateral trade and business relations. The roadshows in South Korea were held in collaboration with KBIPA, Middle East Marketing Korea (MMK) and Seongnam City.
Ahmed Bin Sulayem, Executive Chairman and CEO, DMCC, said: “DMCC is committed to supporting high-growth sectors such as the Web3 space, and we believe that South Korean businesses will greatly benefit from setting up and scaling their operations in Dubai .The signing of these MoUs with KBIPA and Seongnam City comes at a perfect time, as we continue to accelerate our strategy to support businesses in these sectors.We are proud to contribute to the strong and resilient economic relations between the UAE and South Korea , which reflects the warm and friendly ties that our countries have always shared.”
He added: “The recent visit of President Yoon Suk Yeol to the UAE and the 23 agreements signed during the UAE-Korea Business Forum further demonstrate the vitality of our relationship. DMCC supports the expansion of South Korean businesses through Dubai and we look forward to strengthening our bilateral ties and increasing trade flows.”
Hyeong-Joo Kim, Chairman, KBIPA, said: “The UAE represents one of the strongest economies in the MENA region, and Dubai in particular has emerged as a global hub for Web3 technologies. Therefore, our partnership with DMCC comes at a strategic time to discuss business opportunities for the South Korean companies operating in the blockchain space. DMCC will certainly provide these companies with an enabling ecosystem that allows them to thrive.”
A spokesperson for Seongnam City said: “Collaboration with DMCC will offer a wonderful opportunity for the many South Korean businesses operating in metaverse technologies. By fostering a closer partnership between our two countries, we are confident of improving the global Web3 landscape to the mutual benefit of Seongnam City and Dubai.”
With over 80 companies from South Korea already calling DMCC home, the roadshow strengthens the relationship between DMCC and South Korea and enhances foreign direct investment (FDI) into Dubai. DMCC visited Seoul and Busan in late 2022. Business partnerships were agreed with key stakeholders such as Busan Metropolitan City to connect the blockchain ecosystems of Dubai and Busan by hosting regular knowledge sharing events and connecting crypto, blockchain and web3 businesses in the two cities.
DMCC’s international roadshows play a key role in promoting Dubai as a prime foreign direct investment (FDI) destination. DMCC attracted a record 3,049 new companies for the 2022 offseason, an increase of 23% year-on-year, bringing the total number of member companies to over 22,000.
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