Dubai Holding launches multi billion dollar SmartCity in South Korea

Dubai Holding on Thursday launched the multibillion dollar SmartCity in Seoul, South Korea.Covering an area of 51 million square feet, SmartCity Korea will be strategically located between the two cities of Seoul and Incheon, close to two international airports.

It was launched in the presence of Mohammad Abdullah Al Gergawi, Minister of Cabinet Affairs and The Future, Chairman of Dubai Holding, in addition to high-level Emirati delegation and a large number of South Korean government officials, businessmen and investors from South Korea and Asia, according to a company statement.

“SmartCity Korea is the latest addition to Dubai Holding’s SmartCity Network, based on His Highness Shaikh Mohammad Bin Rashid Al Maktoum’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,” Al Gergawi said in a statement.

He added that the 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 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.”

This is the third SmartCity initiative by Dubai Holding. In February this year, Dubai Holding inaugurated Phase 1 of SmartCity Kochi’s operation in Kerala, India. It is a city that is designed to cater to knowledge services and information technology.

The company also inaugurated SmartCity Malta in collaboration with the Maltese government in 2014.Dubai Holding’s 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,” according to the company’s statement.

Its efforts to build smart cities began with the establishment of Dubai Internet City in 1999.The total value of trade between the UAE and South Korea reached Dh122.7 billion from 2010 to 2015. The two nations’ economic development is based on modern technological capabilities, advanced knowledge and progressive infrastructure.

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 an investment culture that adds value and supports national economy.

The conglomerate plays a 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 among the most innovative cities in the world.

It has operations in 24 countries, employing over 22,000 people. Established in 2004, Dubai Holding today manages a Dh130 billion portfolio of assets.