Neoply, a leading South Korean blockchain technology company, is setting up its global headquarters in Abu Dhabi Global Market (ADGM), reflecting the UAE capital’s appeal to attract innovation-driven companies.

Neoply is joining Abu Dhabi Investment Office’s (ADIO) Innovation Programme, which supports the growth of tech-focused industries in the UAE capital. Its global headquarters in ADGM will be called H-Lab and will benefit from the international financial centre’s advanced regulatory framework and thought leadership in the virtual assets space, according to a statement from the Abu Dhabi Media Office.

Abu Dhabi has proved to be a popular destination for innovative South Korean companies in recent years.

To support investors, ADIO opened an office in Seoul in 2021 and has worked with companies including Bespin Global, H2O and K-BTS Consortium to establish or expand their Abu Dhabi operations.

Founded in 2018, Neoply is the blockchain arm of Neowiz Holdings, a prominent South Korean gaming venture. The company will create specialised jobs in blockchain technology and further add to the development of the sector in the UAE capital and beyond.

H-Lab will also work with Abu Dhabi universities to develop programmes and scholarships related to blockchain, Web 3.0, and DeFi.

ADIO’s AED2 billion Innovation Programme supports businesses in sectors such as AgTech, financial services, health services and biopharma, the ICT, industry and tourism.

(Writing by Seban Scaria; editing by Daniel Luiz)