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According to Yonhap News,
(DUBAI=Yonhap News) Dubai, of the United Arab Emirates, will invest KRW 4 trillion (USD 3.55 billion) in Geomdan-dong, Incheon to build a corporate city called “Future City.”
Incheon Mayor Yoo Jeong-bok met with Khalifa al-Daboos, the Deputy CEO of the Investment Corporation of Dubai (ICD) and the CEO of Future City, on March 3 and received a letter of intent to establish a corporate city in Geomdan.
The ICD executives will soon visit Incheon to sign a memorandum of understanding (MOU) with Incheon City.
Incheon explained that the two parties are in the final stage of signing the MOU, which is not a conventional comprehensive business agreement but a legally binding quasi-agreement that includes a detailed investment plan and business contents.
"We hope that Future City will become a successful business model that will bring more opportunities for Incheon. The establishment of Future City will be a win-win for both Incheon and Dubai," said Yoo.
"We are eager to invest in Incheon. We will visit Incheon and have meetings to smoothly carry out the project," said al-Daboos.
The ICD will invest USD 3.6 billion (KRW 4 trillion) in the establishment of a global corporate city on 3.86 million㎡ of land in Geomdan, Incheon.
The corporate city will be a future-oriented knowledge cluster that integrates advanced industries, including ICT & media contents, and educational institutions.
The ICD chose Geomdan for its demand for tourism and regional infrastructure.
The ICD had been interested in Incheon not only because it is a transportation hub, but also because more Chinese tourists are coming to Korea thanks to the Korea-China free trade agreement.
Once Future City is established, Geomdan will emerge as a new base for Incheon.
Incheon expects Future City to accelerate its slow regional development project, create 50,000 new jobs and contribute to revitalizing the regional economy.
The city also hopes to resolve some of its debt issues, as the asset value of its region will increase due to the rise in real estate value.
"We have been closely cooperating with the Blue House since learning of the ICD’s intention to invest in Incheon. The establishment of Future City will become a leading success model for cooperation between central and local governments," said a city official.
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Source: Yonhap News (March 03, 2015)
** This article was translated from the Korean.