The Korea Institute of Startup & Entrepreneurship Development (KISED) has entered into a Memorandum of Understanding (MOU) with the Dubai Multi Commodities Center(DMCC), the United Arab Emirates’ (UAE) largest regulatory free zone, to facilitate exchange and cooperation between startups from both nations.

Established in 2002 in Dubai’s central district, DMCC is the largest among about 40 regulatory free zones managed by the UAE Ministry of Economy, hosting over 20,000 companies from 187 countries and employing more than 80,000 workers, contributing to nearly 10% of Dubai’s GDP.

The MOU aims to support mutual market entry and networking expansion for startups, enhance participation in international entrepreneurship events, and encourage the establishment of corporations and joint ventures by startups supported by KISED within the DMCC special regulatory zone.

Following this MOU, KISED and DMCC intend to continually identify cases of exchange and cooperation between startups from both countries and engage in activities to strengthen the startup ecosystem’s competitiveness. This includes fostering global partnerships with government, public, and private sectors in Korea and the UAE.

KISED remarked, “DMCC represents a cohesive ecosystem that includes ventures in emerging sectors such as gaming, blockchain, and NFTs, as well as global corporations. In light of this MOU, KISED is committed to actively facilitating numerous successful collaborations within the startup ecosystems of both countries.”