Dubai Holding kicks off smart city initiative in Korea
The new smart city initiative will be located between Seoul and Incheon
Dubai Holding has launched its smart city initiative in Korea which will cover an area of 4.7 square kilometers, and will be located between the two metropolitan cities of Seoul and Incheon.
Under the multi-billion dollar project, Dubai Holdings and the Incheon government will build an industrial hub in the Geomdan area located between the two Korean cities.
The initiative required 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 smart city project in Korea.
“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,” Mohammad Abdullah Al Gergawi, Minister of Cabinet Affairs and Chairman of Dubai Holding, said. “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.”
Meanwhile, Incheon Mayor Yoo Jeong-bok said the smart city initiative will provide a next-generation growth engine for the city. “Dubai’s knowhow in the smart city business and the favorable conditions of Incheon will combine for success. This project is significant not only for Incheon but also for relations between the two countries,” Yoo said.
Al Gergawi added that the new city would accommodate more than 150,000 residents and attract around 50 million visitors a year.
Incheon and Dubai Holding started talks towards the implementation of this smart city initiative in 2015 through a memorandum of understanding (MoU). The two parties have already finished talks on land prices but discussions are still underway concerning other details, Korea press reported.
Dubai Holding is expected to channel more than KRW 10 trillion ($8.9billion) into the smart city project including KRW 5 trillion to procure the land.
In February, Dubai Holding launched its Kochi Smart City project in Kerala, India, developed in collaboration with the Kerala state government. Dubai Holding had also launched a similar initiative in Malta in 2014.