Eros Investments, run by India's Lulla family, plans to develop Web 3.0 and blockchain businesses out of Dubai as part of a partnership deal to operate under Dubai's new virtual assets regulator, the company said on Tuesday.
The deal is part of a push by the United Arab Emirates to become a global hub for the virtual asset sector and broaden its economy.
Dubai, one of the UAE's seven emirates and the region's trade hub, in March formed the Virtual Asset Regulatory Authority (VARA) to oversee the industry and is starting to bring companies such as cryptocurrency giant Binance under its purview.
Eros Investments, a media, sports, blockchain, digital commerce and gaming venture, wants to develop Web 3.0 and blockchain businesses from the Dubai World Trade Centre Authority (DWTCA). It plans an accelerator fund to support more than 100 start-ups by 2025, which will be regulated by VARA.
It aims to operate a regulated and decentralised distributed ledger technology platform for the global media, art and entertainment industry from Dubai.
"Eros is in advanced stages of readiness to launch a revolutionary multi-verse experience that bridges the physical and virtual world," said Kishore Lulla Chairman of Eros Investments, an investment company run by India's Lulla family known for founding Indian film and media company Eros.
VARA last week said it had set up a virtual headquarters within the metaverse, the world's first regulator to do so.