Dubai’s web3 gaming sector gets a boost with Wemade collaboration
The collaboration is part of Crown Prince Hamdan bin Mohammed bin Rashid Al Maktoum's quest to make Dubai a global web3 gaming hub.
South Korean gaming giant Wemade has begun a collaboration with the Dubai Chambers, a non-profit public entity, to enhance the development of blockchain gaming ecosystems in Dubai and the wider UAE region, according to a Nov. 28 press release.
The deal was officiated through a meeting between Wemade CEO Henry Chang and Dubai Chambers President and CEO H.E. Mohammad Ali Rashed Lootah.
Dubai Chambers is known for championing the interests of the Dubai business community and plays a pivotal role in connecting businesses with the government and nurturing a conducive environment for business growth.
It consists of three separate entities – the Dubai Chamber of Commerce, Dubai International Chamber, and Dubai Chamber of Digital Economy; prior to 2021, all of these entities existed under one entity: the Dubai Chamber of Commerce and Industry. It was restructured in 2021 into its current arrangement of three distinct entities.
As the first major South Korean game developer to engage in formal discussions with Dubai Chambers, Wemade has set a precedent for international cooperation in the gaming industry.
Wemade said the venture is a testament to its commitment to fostering blockchain gaming ecosystems — an area where Dubai and the UAE have shown considerable dynamism. Under the deal, Wemade will leverage its expertise in gaming development to support key initiatives, including the Dubai Program for Gaming 2033.
Chang expressed enthusiasm about contributing to Dubai’s dynamic gaming sector and aiding in nurturing the next generation of gaming industry talent. From the perspective of Dubai Chambers, this alliance is a strategic move to innovate and advance Dubai’s digital ecosystem.
Dubai’s Digital Economy Ambitions
Dubai is one of a handful of jurisdictions that have established a comprehensive regulatory framework for the crypto industry in recent months, including setting up a regulator specifically for digital assets.
The Emirate has managed to attract major players in the industry, like Binance, through its proactive approach to regulating the sector and has continued to build upon that foundation as part of a larger goal to become a digital economy.
Earlier in November, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai, officially unveiled The Dubai Program for Gaming 2033, an ambitious plan that exemplifies the Emirate’s vision to establish a thriving new industry. The Emirate has set its sights on becoming one of the top 10 cities in the gaming industry. The city is particularly interested in the Web3 gaming sector.
Dubai believes establishing a strong gaming industry in the city can contribute an additional $1 billion to its GDP by 2033. The city wants to create 30,000 new gaming-related jobs within the next decade.