Plans for $1bn Korean industrial zone in Abu Dhabi

UAE-based AG Company will partner with South Korea’s Akbar Investment Company to explore establishing an industrial zone dedicated to Korean industries in Abu Dhabi.

The proposed industrial zone is expected to house more than 25 factories during its first phase in Al Ain, with investments exceeding $1 billion, the state-run Wam reported.

Fifteen memoranda of understanding were signed with Korean companies and manufacturers operating across various industrial sectors during a high-level Korean delegation’s visit to the UAE capital.

Ahmed Abdullah, CEO of AG Company, said that attracting Korean industries to the UAE is an investment in transferring expertise, developing national competencies, and strengthening the UAE’s position as a regional and global hub for industry and innovation.

The industrial zone will have a positive impact on Al Ain city’s economic and social development and create new high-quality employment opportunities, according to Safwan Bals, AG Company board advisor.

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