South Korea explores $1bn Abu Dhabi industrial hub
UAE-based AG Company will partner with South Korea’s Akbar Investment Company as they plan to establish an industrial zone for Korean industries in Abu Dhabi.
The proposed zone is expected to house more than 25 factories in its first phase in Al Ain, with investments exceeding $1 billion, state-run Wam reported.
Fifteen memoranda of understanding were signed with Korean companies and manufacturers across various industrial sectors during a high-level Korean delegation’s visit to the UAE capital.
Ahmed Abdullah, AG Company’s CEO, said attracting Korean industries to the UAE will help transfer expertise, develop national competencies, and strengthen the country’s position as a regional and global hub for industry and innovation.
The industrial zone will have a positive impact on Al Ain’s economic and social development and create new high-quality employment opportunities, according to Safwan Bals, an adviser to AG Company’s board.
In February, the UAE and South Korea agreed to bolster bilateral economic ties through cooperation and investment projects worth $65 billion.
Further reading:
- South Korean EV maker to invest $250m in Oman project
- South Korea’s credit agency commits $2bn to Adnoc
- Defence at centre of UAE and South Korea $65bn investment deals
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