Dubai Holding, a state-run investment company, has announced the launch of a multi-billion-dollar SmartCity project in South Korea covering a 51-million-sq-ft area.

The project will be strategically located between the two metropolitan cities of Seoul and Incheon, close to two international airports, said a statement from Dubai Holding.

SmartCity Korea combines UAE's experience in managing smart cities with South Korea’s tremendous technological advancements.

It marks another milestone in Dubai Holding’s efforts to build smart cities which began with the establishment of Dubai Internet City in 1999, to create a holistic environment that provides a comprehensive living, working and leisure experience supported by the latest urban technologies, making it one of the most attractive destinations for modern living.

The project is the culmination of the 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 SmartCity.

On the launch, Mohammad Abdullah Al Gergawi, the Minister of Cabinet Affairs and The Future and chairman of Dubai Holding, said this was the latest addition to the company’s SmartCity Network.

"Dubai Holding’s business model is founded on building networks of international partnerships that stimulate innovation and provide new investment opportunities for us and our partners," he noted.

"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. The SmartCity project is set to benefit from Dubai’s long-standing and unique expertise in developing smart communities and modern cities, equipped with the latest technological innovations to elevate people’s quality of life and boost their productivity," stated Al Gergawi.

He was speaking in the presence of a high-level Emirati delegation and a large number of South Korean government officials, businessmen and investors from across Asia.

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, stated the minister.

"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," he added.

Dubai Holding’s guiding philosophy, he stated, was 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 alike.

According to him, 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 a unique investment culture that adds value and supports national economy.

It plays an integral role in developing Dubai’s non-oil economy and supports the emirate’s efforts to become the smartest city worldwide, he added.-TradeArabia News Service