Abu dhabi: UAE-based AG Company has entered into a strategic partnership with Akbar Investment Company from the Republic of Korea to explore the establishment of an industrial zone for Korean industries in the Emirate of Abu Dhabi. This initiative underscores the strengthening economic and investment collaboration between the United Arab Emirates and the Republic of Korea.
According to Emirates News Agency, the announcement coincided with the visit of a high-ranking Korean delegation to Abu Dhabi, led by Jung Min Kim, a member of the National Assembly of the Republic of Korea and the Committee on Trade, Industry, Energy, SMEs, and Startups. The delegation included representatives from government and semi-government sectors, as well as investors. The agreement resulted in the signing of 15 Memoranda of Understanding (MoUs) with several Korean companies and manufacturers across various industrial sectors. The proposed industrial zone is anticipated to host over 25 factories in its initial phase, with investments surpassing US$1 billion.
During their visit, the Korean delegation engaged in discussions with entities such as the Abu Dhabi Investment Office (ADIO) and Khalifa Economic Zones Abu Dhabi (KEZAD) to examine Abu Dhabi's investment landscape, infrastructure, and services that facilitate industrial and technological growth. They also met with Emirati business leaders and investors and conducted field visits to assess Abu Dhabi's operational readiness, enhancing its reputation as a global hub for high-quality industrial investments.
Jung Min Kim highlighted Abu Dhabi's appeal as an investment destination, attributing its success to its economic vision, legislative framework, and infrastructure. He emphasized that these factors, combined with the UAE's stability, make it an ideal partner for Korean industries looking to expand in the region. He stated that the project marks a strategic step in fortifying economic ties between the two nations.
Dr. Ahmed Abdullah, CEO of AG Company, emphasized that the project aligns with the UAE's strategic goals of building a diversified economy driven by knowledge, innovation, and autonomous artificial intelligence. He noted that attracting Korean industries is not only an economic investment but also an opportunity for expertise transfer and strengthening the UAE's position as an industrial and innovation hub.
Dr. Omar Najm, CEO of Baynouna Genetic Solutions, commended the advancement of Korean industries in artificial intelligence and healthcare technologies. He remarked that the project offers a platform for research and development partnerships, following the delegation's review of advanced industrial technologies.
Safwan Bals, Board Advisor of AG Company, mentioned the choice of Al Ain City as the potential site for the industrial zone, reflecting the UAE's vision to broaden economic development and diversify production centers. This, he noted, would positively impact Al Ain's economic and social landscape, creating employment opportunities for its residents.