UAE and South Korea sign deal to develop a 51 million square feet project between Seoul and Incheon
The UAE and South Korea have signed an agreement to develop SmartCity Korea – a 51 million square feet project which will be strategically located between the two metropolitan cities of Seoul and Incheon.
SmartCity Korea combines the UAE’s experience in managing smart cities with South Korea’s tremendous technological advancements. The project was launched in the presence of Mohammed bin Abdullah Al Gergawi, UAE Minister of Cabinet Affairs and Future, and Chairman of Dubai Holding, in addition to a high-level Emirati delegation and South Korean government officials, businessmen and investors from South Korea and Asia.
“SmartCity Korea is the latest addition to Dubai Holding’s SmartCity Network, based on His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai’s vision to build a better and sustainable economy for the people of the UAE and the world. Through smart cities, governments provide their citizens a balanced and comprehensive living environment across all areas of life that include social, professional, economic and environmental,” said Al Gergawi.
“The SmartCity project is set to benefit from Dubai’s long-standing and unique expertise in developing smart communities and modern cities, equipped with the latest technological innovations to elevate people’s quality of life and boost their productivity,” he added.
“This international initiative between the UAE and South Korea will contribute positively to the economies of South Korea and the region, and will play a vital role in furthering friendly relations between the two countries. Transferring the SmartCity concept to South Korea is undoubtedly a significant step towards reinforcing the UAE’s leadership in urban development innovation and its commitment to knowledge transfer and experience exchange.”
“Dubai Holding’s guiding philosophy is based on building a global network of sustainable smart cities interconnecting capitals of economic opportunities, and as incubators for science, technology and knowledge-based economy in various parts of the world, providing opportunities for growth and prosperity for individuals, businesses and investors alike,” he explained.
SmartCity Korea marks another milestone in Dubai Holding’s efforts to build smart cities which began with the establishment of Dubai Internet City in 1999, to create a holistic environment that provides a comprehensive living, working and leisure experience supported by the latest urban technologies, making it one of the most attractive destinations for modern living.
The project is the culmination of the collaborative work between Dubai, the South Korean government and regional investors. SmartCity Dubai will provide guidance and consulting on how to launch and start comprehensive development work for the new SmartCity.
The UAE and South Korea enjoy strong economic and trade ties that date back to 1975. The total value of trade between the UAE and South Korea reached Dh122.7 billion from 2010 to 2015. The two nations demonstrate a unique model in sustainable growth and coniuous economic development based on modern technological capabilities, advanced knowledge and progressive infrastructure.
Last February, Dubai Holding inaugurated Phase 1 of SmartCity Kochi’s operation in Kerala, India; a city that is designed to cater to knowledge services and information technology. Dubai Holding have also inaugurated SmartCity Malta in collaboration with the Maltese government, back in 2014
Dubai Holding continues to implement its sustainable economic growth strategy, to diversify its investments into new innovation-led sectors that include knowledge, economic and technological zones, forming the foundation of a unique investment culture that adds value and supports national economy. The Group plays an integral role in developing Dubai’s non-oil economy and supports the emirate’s efforts to become the smartest city worldwide. It also supports the National Innovation Strategy that aims to position the UAE amongst the most innovative cities in the world.