Incheon Mayor Yoo Jeong-bok accepted the Letter of Intent directly from Khalifa Al Daboos, Deputy CEO of the IDC, on March 3 in Dubai.
Seoul, Mar. 4 (Korea Bizwire) — The Investment Corporation of Dubai (ICD) is talking with the city of Incheon to join a 3.6 billion dollar business town project called ‘Future City’ in Incheon’s Gumdan district. Incheon Mayor Yoo Jeong-bok accepted a letter from Khalifa Al Daboos, Deputy CEO of the IDC, on March 3 in Dubai.
Gumdan Future City will be the third city project undertaken by Dubai’s own investment and development firm, and the first planned city project in East Asia. The Dubai sovereign wealth fund will turn a 3.8 km2 site in Gumdan into an international ICT and content-business cluster with cutting-edge industrial facilities, educational institutes, tourist spots, housing and medical facilities.
The global cluster city project is expected to create 50,000 direct-employment jobs, and sales from businesses operating in the new city are expected to reach 1 trillion won (US$ 911 million). The project is also expected to have a positive effect on Incheon’s debt problems.
Incheon is also preparing to welcome additional investment from the Middle East, as the city is expecting the MOU to create a domino-effect, since the ICD has a significant presence among Middle East sovereign investment bodies. The city has been contacted by Kuwait and Saudi Arabian institutions to discuss various business opportunities, and Mayor Yoo is planning to open talks with a couple of Middle East corporations regarding investments in Incheon.
Gumdan Future City will be the third city project undertaken by Dubai’s own investment and development firm, and the first planned city project in East Asia.
By John Choi (johnchoi@koreabizwire.com)
