The Paju City Government signed a memorandum of agreement (MOA) with the UAE’s Al Ahli Holding Group and Gateway Investments for an investment in a Paju project.

Al Ahli Holding Group and Gateway Investments will buy a more-than-30 percent share of the special purpose company, which is in charge of the Paju project.

The Paju City Government anticipated that its negotiations with domestic investors will also end soon, thanks to the recent agreement.

The Paju project entails the construction of Ferrari World, a smart town, and urban facilities on a 3,720,000㎡ site by 2017, with a private investment of KRW 1.6 trillion.

Construction will begin in 2014 with facilities scheduled to open in 2016. A small new town will also be built to accommodate 20,000 visitors.

Source: Yonhap News (Mar. 8, 2013)

** This article was translated from the Korean.