The Dubai Multi Commodities Centre (DMCC), a leading free zone and trade authority in the United Arab Emirates (UAE), has signed a Memorandum of Understanding (MoU) with the Korea Institute of Startup and Entrepreneurship Development (KISED). This agreement marks a significant step towards strengthening collaboration between the two nations in fostering innovation and supporting the growth of startups on a global scale.
The strategic partnership encompasses a range of initiatives designed to empower entrepreneurs and unlock new avenues for collaboration. This includes facilitating cross-border development opportunities for startups through mentorship programs and participation in international events. Additionally, the agreement encourages the exploration of potential joint ventures and partnerships, fostering a dynamic environment for innovation to flourish.
DMCC, recognized as the world's flagship free zone, is actively contributing to the agreement by sponsoring a dedicated program for exceptional Korean startups seeking to enter the UAE market. This program, organized by the Arab Gulf Chambers of Commerce and Industry (AGCC), will provide Korean startups with valuable resources and support as they navigate the intricacies of establishing a presence in the UAE.
The signing ceremony, held at Investopia in Abu Dhabi, was attended by prominent figures from both countries. Representing DMCC was Ahmad Hamza, Executive Director – Free Zone, while KISED was represented by Janghoon Lee, Vice President. High-level government officials also graced the event, including H.E. Abdullah bin Touq Al Marri, Cabinet Member and UAE Minister of Economy, and Daehi Lee, Deputy Minister of the Ministry of SMEs and Startups in Korea.
This collaborative effort builds upon DMCC's previous endeavors in 2023, where the organization established key partnerships with the Korea Blockchain Industry Promotion Association (KBIPA) and Seongnam City. The combined efforts of these agreements and the newly formed partnership with KISED demonstrate a strong commitment from both the UAE and South Korea to fostering a vibrant ecosystem for entrepreneurship and innovation, ultimately propelling the growth of startups on a global scale.